July 2010 in South Walton Beach generated some interesting numbers…especially due to the oil spill. The Real Estate Market had a slight hick-up in transaction volume mainly due to buyers waiting to see what would happen with the BP Oil Spill. Once the oil leak was capped our phones began ringing off the hook with buyers jumping back into the market. Feedback from other Realtors was a similar experience. We continue to witness a full cycle market correction in many of the key anchor communities of WaterColor, WaterSound and Rosemary Beach. The market shift in WaterColor and Rosemary Beach continues as we predicted in early 2010.
In 2009 WaterColor experience dramatic price drops and the number of sales transactions increased. During this time, Rosemary Beach sales languished and were almost non-existent in 2009. One year later WaterColor has witnessed a 39% decrease in transaction volume compared to the same period a year ago!
On the other hand, Rosemary Beach had 300% increase in transaction volume year to date compared to the same period a year ago!
If you want to buy in Rosemary Beach…NOW is the time!The Good
- Rosemary Beach 300% increase in homes sold year to date!
- Residential Land pending listings are up 59% year to date and lots sold are up 69% year to date compared to 2009.
- Scenic 30-A Combined Residential sales up 10% year to date
- WaterColor is finding its way out of the market correction with a 5% in sales prices and 5% increase in price/sf year to date
- The OIL SPILL IS CAPPED AND NOAA SAYS OIL NO LONGER THREAT TO SOUTH WALTON BEACH!!!!
- The impact of the Deepwater Horizon Oil Spill impacted transaction volume in June and July softening our year to date numbers
- Distressed property is up in every category with increases in short sale and REO transactions
- WaterColor's sales transactions are down 39% year to date representing a shift in their market
- Residential land prices are experiencing a significant downward price correction of 30% year to date
- First time home buyer tax credit is over and impacted inventory moved from 11 months on hand in June to 19 months in July!