Florida Realtors® has just released their housing figures for the month of September, and so far it’s looking good.
While the number of sales of single-family homes in Okaloosa County, FL stayed about the same, home values improved. In September 2011, the average sales price of a single-family home was $219,634. In September 2012, this average increased to $227,440. Another component boosting values is low inventory.
“The local market is continuing its recovery, aided by cash buyers, investors and buyers who can get credit,” wrote Judi Rutland, president of the Emerald Coast Association of Realtors®, in an email. “There are fewer listings on the market and levels are finally coming down to what’s considered a healthy market. Investors are buying up property to rent and fewer sellers are coming on to the market; both contribute to a lowering of inventory.” Rutland continues to add, “The outlook for the local market continues to be positive. Agents are reporting that some listings are receiving multiple bids and are going under contract shortly after hitting the market.”
The strong home-buyer demand has been given great momentum thanks to historically low interest rates and historically high home affordability. The inventory of homes for sale in Okaloosa County, FL has been insufficient to meet this demand, therefore driving up values. In addition to increasing prices, this lack of supply has incited bidding wars for homes that are competitively priced.
If you would like to search homes in Okaloosa County, FL, contact Kerry Veach. Kerry is an experienced Realtor who can help you buy or sell Okaloosa real estate. With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.