How Does South Walton Real Estate Compare to Florida as a Whole?
Posted 05-28-2009 at 12:26 PM by murray
Tags comparison, real estate, sales
How Does South Walton Real Estate to Florida as a Whole?
by Murray Balkcom, GRI, Realtor
murraybalkcom@yahoo.com
based on sales reported to Emerald Coast Association of Realtors (deemed to be reliable, but not guaranteed)
May 28, 2009
Yesterday, Florida Association of Realtors released sales data for Florida, comparing sales for the last twelve months to the previous twelve months. (http://media.living.net/releases/052...ts-release.htm)
“Florida’s existing home sales rose in April – the eighth consecutive month that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). April’s statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets….
…Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in April; existing condo sales last month increased 6.2 percent over the total units sold in March…..”
In that report linked above, they show continued increases in the number of sales through the end of April 2009 for both Condos and Single Family Detached Homes for all Realtor reported sales in Florida. That is useful information, but real estate is local in nature, so I thought I would see how the area of South Walton (Walton County, FL) compares. I created some attached charts to see at a glance how real estate in South Walton Compares, and I included a graph showing residential land, as well.
For Single Family Detached (SFD) Homes in South Walton, we have seen four consecutive months of increases compared to the previous years sales for the same months. With the exception of sales in Nov and Dec 2008, we would have, like the rest of Florida, seen eight consecutive months of increases.
Looking at the graph of SFD Homes, we see a month to month increase from Jan 2009 through March 2009, but a slight taper for April.
Condos sales for South Walton are a bit different than SFD Homes. Looking at the second graph attached below, we do see a similar increase in month to month from Jan 2009 through March 2009, with a slight taper for April 2009. However, overall, 2008 sales were slightly higher than 2009 sales for the first four months of the year.
Looking at the graphs, you can also see that SFD Homes outnumber the Condo sales by about double. What does that mean for the buyers in today’s market? It means that with Condos in less demand than SFD Homes, you may find some really good buys on the condo market, as sellers get more realistic in asking price.
On that topic, it seems that every buyer wants a good deal. They all expect to take the average list to sale price to calculate their hopeful purchase price. While that sounds reasonable, it doesn’t work. Currently, prices fluctuate greatly for similar properties. Bank Owned (aka- REO) properties typically come onto the market at a heavily discounted price compared to the majority of listings, in order to make a quick sale, while similar a similar property may be listed at a price where the seller hopes to break even, even though they bought during the peak of the market. The Bank Owned property is likely to sell at a price fairly close to list price, while the other property will likely be discounted greatly if it is sold. So, typically speaking, a Bank Owned property is likely to already be a “great buy,” and you will know it by the asking price. Don’t expect to buy it at that average “discount.” However, keep in mind if it is a particular property you want, and the seller is asking much more than market value, you might see a great discount, if you put in an offer with reasonable terms.
Looking at Residential Land Sales in South Walton, in the graph attached, you will see four consecutive months of increase sales beginning in Jan 2009. For the last three months, you will also see that sales are higher than those from the previous year for those months. Inventory remains high for residential land, and buyers are beginning to take notice, as that means the selection is great, and prices are getting more competitive.
It is a buyers’ market! Many of the sellers have unfortunately taken great losses, but many of today’s buyers could be getting the other side of that fortune. Remember, a home at the beach isn’t just a place to park money. It is a place to park your car for the summers. Many people actually buy a vacation home to enjoy, and to those end-users who enjoy sunsets on the beach, cocktails on the porch, vacations with family and friends, a beach home in South Walton is always worth the expense.
Please feel free to contact me with your real estate needs.
Murray
by Murray Balkcom, GRI, Realtor
murraybalkcom@yahoo.com
based on sales reported to Emerald Coast Association of Realtors (deemed to be reliable, but not guaranteed)
May 28, 2009
Yesterday, Florida Association of Realtors released sales data for Florida, comparing sales for the last twelve months to the previous twelve months. (http://media.living.net/releases/052...ts-release.htm)
“Florida’s existing home sales rose in April – the eighth consecutive month that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). April’s statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets….
…Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in April; existing condo sales last month increased 6.2 percent over the total units sold in March…..”
In that report linked above, they show continued increases in the number of sales through the end of April 2009 for both Condos and Single Family Detached Homes for all Realtor reported sales in Florida. That is useful information, but real estate is local in nature, so I thought I would see how the area of South Walton (Walton County, FL) compares. I created some attached charts to see at a glance how real estate in South Walton Compares, and I included a graph showing residential land, as well.
For Single Family Detached (SFD) Homes in South Walton, we have seen four consecutive months of increases compared to the previous years sales for the same months. With the exception of sales in Nov and Dec 2008, we would have, like the rest of Florida, seen eight consecutive months of increases.
Looking at the graph of SFD Homes, we see a month to month increase from Jan 2009 through March 2009, but a slight taper for April.
Condos sales for South Walton are a bit different than SFD Homes. Looking at the second graph attached below, we do see a similar increase in month to month from Jan 2009 through March 2009, with a slight taper for April 2009. However, overall, 2008 sales were slightly higher than 2009 sales for the first four months of the year.
Looking at the graphs, you can also see that SFD Homes outnumber the Condo sales by about double. What does that mean for the buyers in today’s market? It means that with Condos in less demand than SFD Homes, you may find some really good buys on the condo market, as sellers get more realistic in asking price.
On that topic, it seems that every buyer wants a good deal. They all expect to take the average list to sale price to calculate their hopeful purchase price. While that sounds reasonable, it doesn’t work. Currently, prices fluctuate greatly for similar properties. Bank Owned (aka- REO) properties typically come onto the market at a heavily discounted price compared to the majority of listings, in order to make a quick sale, while similar a similar property may be listed at a price where the seller hopes to break even, even though they bought during the peak of the market. The Bank Owned property is likely to sell at a price fairly close to list price, while the other property will likely be discounted greatly if it is sold. So, typically speaking, a Bank Owned property is likely to already be a “great buy,” and you will know it by the asking price. Don’t expect to buy it at that average “discount.” However, keep in mind if it is a particular property you want, and the seller is asking much more than market value, you might see a great discount, if you put in an offer with reasonable terms.
Looking at Residential Land Sales in South Walton, in the graph attached, you will see four consecutive months of increase sales beginning in Jan 2009. For the last three months, you will also see that sales are higher than those from the previous year for those months. Inventory remains high for residential land, and buyers are beginning to take notice, as that means the selection is great, and prices are getting more competitive.
It is a buyers’ market! Many of the sellers have unfortunately taken great losses, but many of today’s buyers could be getting the other side of that fortune. Remember, a home at the beach isn’t just a place to park money. It is a place to park your car for the summers. Many people actually buy a vacation home to enjoy, and to those end-users who enjoy sunsets on the beach, cocktails on the porch, vacations with family and friends, a beach home in South Walton is always worth the expense.
Please feel free to contact me with your real estate needs.
Murray
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