Florida Realtors Report Improving Housing Market
Florida Realtors recently released a report concluding that real estate in Northwest Florida has improved since last year. Several variables play into this result, including low inventory, low interest rates and strong buyer demand. Buyer demand remains supported in large part by investors, but first-time homebuyers have begun dipping into this pool. Another new member to this group are buyers who are using this opportunity to move up into a more desirable home, now that housing affordability is at an all-time high.
Okaloosa County, home to Destin Beach, had 2,498 properties — single-family homes, townhomes and condominiums — on the market in March. That’s a 27.43 percent decrease from March 2011, when 3,442 properties were up for sale. Neighboring counties Walton and Santa Rosa are reporting similar figures.
“There are plenty of other signs of improvement,” Judi Rutland, president of the Emerald Coast Association of Realtors, said in an email. “A positive sign for Okaloosa and Walton counties is a decrease in inventory levels for all property types…It’s basic economics: supply and demand,” she added. “As the supply goes down, the demand will go up. Once demand increases, the prices will begin to go back up.”
Sales are also up in Okaloosa County. 238 single-family homes were sold in March at an average sales price of $207,649, and 70 townhome/condo units were sold at an average price of $271,671. Compare this to March, 2011 when 221 single-family homes were sold at an average of $205,451 and 52 townhome/condo units were sold for an average of $266,578. In addition, single-family homes are also spending less time on the active market and receiving strong offers much faster than this time last year.
With such positive findings based on real estate market data, the future housing climate appears to provide hope to homeowners in Destin Beach.
If you or anyone you know is interested in searching for homes in Destin Beach, contact Kerry Veach. Kerry is an experienced Realtor who can help you buy or sell Destin Beach 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.
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