LOCAL HOME SALES ON THE INCREASE IN NORTHWEST FLORIDA

As I have noted in the past, the Perfect Storm has begun to happen. We are just in February and the military transfers have yet to begin in full force. Throw that with the movement of 7th Special Forces Group, F-35 Training Squadron, Vision Airlines growth, Crestview Industrial Airport growth, and the migration of folks wanting to make Northwest Florida a home, and you have the makings of a dynamic real estate market. So, stand ready, and prepare yourself for some heavy seas and long days.

P.S. - Didn't I mention, the local military housing inventory was reduced by over 1500 homes in the last year or so. SUPPLY LOW - DEMAND HIGH. Easy as that.


By DUSTY RICKETTS
Northwest Florida Daily News 315-4448 dricketts@nwfdailynews.com  

Local real estate markets are off to a strong start in 2011, with sales of single family homes and condominiums greatly outpacing last year’s numbers. Metro Market Trends recently released January sales figures for Okaloosa, Santa Rosa and Walton counties, and all three areas posted large increases in the real estate market. “This is very good news and it’s even a little better news than I thought (it was going to be),” said David Goetsch, a local economist and Northwest Florida State College’s vice president for community relations. “I’m out there talking with builders and I’m out there talking with the condominium folks. I knew it was going to be up, but I didn’t realize it would be as up as it is.” Total single-family home sales in Okaloosa County were up 35.88 percent in the first month of the year compared to January 2010. Walton County was up 18 percent, while Santa Rosa County was up 59.68 percent. Condominium and townhome sales for each of the three counties also showed double-digit increases, with sales in Okaloosa County jumping 41.38 percent, Walton County up 21.67 percent and Santa Rosa County 66.67 percent. Goetsch said the primary reason for the large increase in sales is the early arrival of the first soldiers from the 7th Special Forces Group and personnel related to the F-35 Joint Strike Fighter program. He also credits a return in consumer confidence for people buying a second home and others who are taking advantage of low prices brought on by the recession. “What is happening is consumer confidence is coming back enough that people are buying up the inventory, and until that inventory is cleared out, you’re not going to see a lot of new home sales and new home building,” Goetsch said. While the majority of the Metro Market Trends report was positive, foreclosures continued to rise in most areas. Foreclosures in January 2011 rose 300 percent compared with January 2010 in Okaloosa County, and Walton County had a 94.12 percent increase. Santa Rosa County was the exception in the area, with foreclosures dropping 45.65 percent.