30-A Market Summary and Analysis for April 2010

April 2010 in South Walton Beach was an interesting month. The Real Estate Market ran full steam through spring break and into Easter and right into May. The market correction we are going through in South Walton Beach is a fascinating dynamic to watch and analyze. Let's look at WaterColor and Rosemary Beach who have done a complete shift in their market from 2009 to 2010.

In 2009 WaterColor experience dramatic price drops and the number of sales transactions increased and WaterColor was the top selling community on 30-A. During this time, Rosemary Beach sales languished and were almost non-existent in 2009. One year later WaterColor prices have increased…or the great buys have been purchased and the current available inventory is at a higher price point…a 31% increase in average selling prices year to date for 2010 in WaterColor has created a 44% decrease in transaction volume compared to the same period a year ago or a 69% decrease from April of 2009!

On the other hand, Rosemary Beach had a 29% decrease in average sale price and a 750% increase in transaction volume year to date compared to the same period a year ago!

Fascinating how market dynamics work and how simple economics are at play along the Emerald Coast. Was 2009 the market bottom for WaterColor? Maybe. Is now the time to buy in Rosemary Beach? Absolutely!

We have one more big surprise that has the potential to literally muck things up…the oil spill. We are watching the situation very closely. As of right now the media impact has caused more damage than the actual oil spill in South Walton Beach. Currently, they are estimating that the oil spill will not reach our shores. But this can change daily and we will keep you updated.

The Good

• Rosemary Beach 300% increase in pending sales and 250% increase in homes sold for April 2010 and 750% increase in homes sold year to date! WOW!
• Residential Land pending listings are up 98% year to date and lots sold are up 97% year to date compared to 2009.
• Scenic 30-A Combined Residential sales up 31% year to date and pending sales for April are up 36% compared to April 2009
• WaterColor is finding its way out of the market correction with a 31% in sales prices and 13% increase in price/sf
• Emerald Coast Single Family Residential  pending listings are up 25%

The Bad and Unknown Territory

• The impact of the Deepwater Horizon Oil Spill is yet to be determined on our Real Estate Market
• Distressed property is up in every category with increases in short sale and REO transactions
• WaterColor's sales transactions are down 44% year to date representing a shift in their market. Is it premature?
• Residential land prices are experiencing a significant downward price correction
• First time home buyer tax credit is over. Will this impact home sales?

Scenic 30-A & Emerald Coast Market Summary and Analysis for April 2010 pdf Version

30-A Market Summary and Analysis for March 2010

March is the grand kick off for the Summer Real Estate surge that occurs every year. This March the numbers are very positive. It is exciting to see that our market is slowly rebounding and trending in a positive direction as we have predicted. If March is a benchmark for the rest of year, it would be fair to say that 2010 will be an outstanding year for Real Estate! An outstanding year would be a significant decrease in inventory, continued increase in transactions, a continued stabilization of sales prices, surviving the foreclosure surge and the new HAFA program streamlining short sales…that would be an outstanding year!

But don't take our word for it…let's look at the numbers! We are seeing much more GREEN in my monthly spreadsheets than RED…so this is a good thing.

1. Distressed Property continues to be a significant portion of sales and inventory as the number of foreclosures rise. Distressed property represented 32% of all transactions for combined residential sales in March of 2010 down from 62% in February!

2. Scenic 30-A Combined Residential Pending sales are up 19%, and sold transactions are up 58% compared to March of 2009 and up 56% year to date from 2009!

3. Single Family Homes for all of the Emerald Coast had a 36% decrease in inventory year to date compared to 2009 with only 12.48 months of inventory on hand! This is HUGE as we are closely approaching equilibrium for inventory! If you are a buyer, you have seen that your inventory choices are depleting rapidly! Once the great buys are gone…they are gone.

4. 2010 continues to be the Year of Land! I said this back in October of last year, land sales and prices are getting blown to pieces. Year to date pending sales compared to the same period in 2009 are up 129%, lots sold up 136%..Distressed land sales are up 321%…Average price sold is down 37%...percent of selling price to list price is 77%. This means land prices are still too high and will continue to adjust downward until we decrease inventory. We have 3,741 parcels for sale along the Emerald Coast with only 205 parcels selling YTD in 2010. If you looking to purchase land, now is the time to start searching for some fantastic deals!

Distressed Lots and Land under $235K

Distressed Lots and Land over $235K

The Good

Scenic 30-A Combined Residential sales up 56% year to date

WaterColor – our benchmark for 30-A is almost all GREEN with increases in Sales prices, Price/sf and reduced days on market

Emerald Coast Single Family Residential  Inventory on hand is down 36% to 12.48 months!!

Single Family Residential Pending sales are up 26% year to date compared to 2009. 

Residential land pending sales are up 129% and lots sold are up 136%

Panama City Beach Condo pending sales are up 24% and condos sold are up 37%

 

 The Bad

Residential Land is still struggling with only 205 lots sold out of 3,741 lots available

Distressed property represented 32% of all transactions for 30A Combined Residential

Distressed property sales including short sales and foreclosures are up 103% YTD

Residential land prices are experiencing a significant downward price correction

 

Scenic 30-A & Emerald Coast Market Summary and Analysis for March 2010 pdf Version

30-A Market Summary and Analysis for February 2010

February is always a volatile month for Real Estate…it is after the holidays…just starting the new year…before spring break…and can set the tone for the year for Real Estate. I have been looking deep into the crystal ball to see what 2010 will shape up to be and so far I have been spot on with my assessment:

1. Distressed Property is making up a significant portion of sales and inventory as the number of foreclosures rise. Distressed property represented 62% of all transactions for combined residential sales in February of 2010!

2. 2010 is the Year of Land! I said this back in October of last year and land sales and prices are getting blown to pieces. Year to date pending sales compared to the same period in 2009 are up 177%, lots sold up 135%..Distressed land sales are up 310%…Average price sold is down 42%...percent of selling price to list price is 78%. What this means is land prices are still too high and will continue to adjust downward until we decrease inventory. We have 3,674 parcels for sale along the Emerald Coast with only 120 parcels selling YTD in 2010. If you looking to purchase land, now is the time to start searching for some fantastic deals!

Distressed Lots and Land under $235K

Distressed Lots and Land over $235K

The Good

New inventory is down from February of last year by 25%

Scenic 30-A pending sales are UP 46% for Combined Residential

Single Family Residential Inventory on Hand along Emerald Cost is down 18%

 

The Bad

Residential Land is still struggling with only 120 lots sold out of 3,674 lots available

Distressed property represented 62% of all transactions for 30A Combined Residential

Distressed property sales including short sales and foreclosures are up 283% for February and 140% YTD

Residential land prices are experiencing a significant downward price correction

 

Scenic 30-A & Emerald Coast Market Summary and Analysis for February 2010 pdf Version

30-A Market Summary and Analysis for January 2010

2009 set a solid foundation for a slow market recovery for the South Walton Beach and Scenic 30-A areas. January 2010 was an excellent kick off to hopefully a year of solid recovery to our ailing Real Estate Market. Rental bookings, rental rates and buyer activity have been very promising so early in the year. Savvy buyers are getting excellent deals on premium properties. Look for a steady increase in sales volume throughout 2010 and watch as we should be tracking strong market numbers all year! Also take a look at the most expensive homes sold on 30-A for January.

The Good

New inventory is down from January of last year by 26%

Scenic 30-A pending sales are UP 75% for Combined Residential

Scenic 30-A median sales prices are up 80%

Single Family Residential Inventory on Hand along Emerald Cost is down 28%

Rosemary Beach Luxury Home sales outperformed all other luxury markets with 5 homes selling over $1million in January.

 

The Bad

Residential Land is still struggling with only 50 lots sold out of 3,716 lots available

Distressed property including short sales and foreclosures are up as expected

Residential land prices are experiencing a significant downward price correction

Pristine gulf front, waterfront, and luxury lots sold for a steal in January

 

Scenic 30-A & Emerald Coast Market Summary and Analysis for January 2010 pdf Version