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 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
