Homes sales in all of our various markets on the Emerald Coast are up significantly over 2010 and Condo Sales are surpassing 2010! Our Average sales price is basically mirroring last year which shows the stabilization.
Our inventory just keeps falling and falling! We’ve been asked how close our market is to turning to a Sellers Market but first we have to define the difference. A buyers market is when there is more than 7 months supply of homes in a given market, a seller’s is when there is less than 6 months supply of homes in a given market and 6 months supply is called a neutralmarket.
Here’s where we are:
HOMES: Destin, Miramar Beach, SanDestin, Santa Rosa Beach North, and Point Washington all have 14 months supply – we are about half way there to returning to a Seller’s Market. Let’s not forget that at some points during the downturn we had a supply of 60+ months!
14 months is tremendously low!
30A is a strong buyers market.
Ft Walton Beach and Navarre – only an 8 month supply. Niceville has only a 7 month supply. These markets could be moving back to a Seller’s market soon. I would start considering your purchases if you are thinking of buying a home in one of these cities.
CONDOS: All areas still buyer’s markets but the prices have stabilized and the inventory continues to fall. Now again, the supplies are less than 20 months! Our peak ran easily at 70+ months! Don’t confuse a buyer’s market with “I can wait to purchase.” We are back in multiple offer situations especially on condos.
Short Sale, Foreclosure, or REO Properties: This year, distressed property sales equaled 33% of all home/condo sales in our local area. Many people think distressed properties are great deals when actually short sales usually sell for market value or up to 10% off market value – and REOs usually sell at list price or higher. If you want a short sale property and you are patient, and have time to wait, due to the normal closing time of 4-6 months, you might find the exact property you are looking for. These types of deals take experienced agents as you are dealing with ’AS IS’ sales. We are trained in short sales, and I hold a certification in this – many Realtors do not like to get involved with or show short sales. If this is the type of property you want, we are the Realtors to help you with it. Contact us: Robbie Fenn: 850-496-2150 RobbieJFenn@gmail.com Or Lisa Norton: 850-621-4525 lisa@LisaNortonRealEstate.com