Team Baranowski July 2011 Market Summary and Analysis for Scenic 30A
2011 has been a record breaking year for Real Estate along the Emerald Coast and especially Scenic 30A. This time in 2010 we were seeing the full affects of the BP Oil Spill hit our market. We still had some excellent numbers for July 2010. However, in 2011 we are crushing the numbers across the board not in only real estate but also in visitors to the beach, and rental bookings and revenue. Small local businesses are reporting that they are smashing all time revenue records as well during this peak season. With all the uncertainty in our economy and our national debt, it is refreshing to see that our little slice of paradise is slowly crawling out of the death spiral we have been experiencing since 2006.
Team Baranowski is having our best year on record and are very fortunate to work with fantastic clients! Let’s get down to the numbers and look at the 30A market Summary and Analysis for July 2011.
Overall the gains are huge! Contracts are up 45% YTD for Single Family Homes, Inventory on Hand is DOWN 46% to 10.75 months on hand! This is an incredible number as this time last year we had just under 20 months of inventory and a few years back over 36 months of inventory. The market is shifting slowly from a buyers market to a sellers market…however we still have a ways to go. We need to see a steady 6-8 months of inventory on hand to make it official.
Our two benchmark communities on 30A: WaterColor and Rosemary Beach are experiencing fantastic sales numbers. Rosemary Beach has 48 properties sold year to date versus 32 in 2010 and 8 in 2009! Over 6 homes have sold over $3mil in Rosemary Beach so far this year. Average sales prices are up 38% and price/sf is up 27% from $416/sf to $530/sf. There were a large number of gulf front homes sold in Rosemary Beach that are driving the price/sf up.
WaterColor is experiencing an excellent year for sale growth. Although there is mostly red on the chart, the most important number is the Green one that shows combined residential properties sold is UP 85% from 2010 with 61 transactions YTD 2011 versus 33 YTD in 2010.
Average sales price is down 6%, however from 2009 to 2011 the price has held steady right at approximately $1mil. WaterColor’s Phase IV is selling very well and offers a much lower price point for buyers looking to buy into the WaterColor Community.