Home Prices Increase along the Emerald Coast in Florida
According to data released by the Emerald Coast Association of Realtors, home prices have increased by six percent along the Emerald Coast in Florida. This may be due in large part to a continuously low inventory and high demand from buyers.
Though homes sales were down in May 2012 from May 2011, this data does not appear to be indicative of the overall housing market’s condition – again, due to the extremely low inventory. Single family homes sales in May 2012 dropped 1.7 percent from 12 months ago, while townhomes and condos dropped 7 percent. Pending sales, however, have increased – 5.4 percent for single family homes and 13.1 percent for townhomes/condos.
Realtors in the Emerald Coast are reporting that many homes are receiving multiple offers. This makes a strong argument that the market is beginning to transition into a seller’s market. As multiple offers continue to roll-in, values will continue to improve. As values improve, many homeowners will begin to get out of the red and can consider selling their Emerald Coast homes.
“Frankly, this is basic theory of supply and demand,” said Rutland. “As the supply goes down and the demand continues to rise, the prices will rise. While this is still a buyer’s market the pendulum is not swinging as far into the buyers’ favor as it was just two and three short years ago. A buyer who believes sellers are desperate to sell may be surprised.”
Another bit of good news is that foreclosures and short sales are decreasing. In Okaloosa County, closed foreclosure transactions decreased by 46.2 percent over May of last year, while completed short sales decreased by 33.3 percent. While short sales and foreclosures continue to be a force in the real estate market, the reduction in their numbers leads real estate experts to believe that the housing market is recovering.
If you are interested in selling or searching homes in the Emerald Coast, Florida, contact Kerry Veach. Kerry is an experienced Realtor who can help you buy or sell Emerald Coast, FL 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.