HOMES SALE UP ON THE EMERALD COAST

Folks, if you think this is good news in the building industry, you haven’t seen anything yet. Remember in most cases, the military transfer after their kids get out of school, which is in June and this is when they begin to arrive. Also, many of our rental companies are running out of inventory. Many of the new arrivals are not only the 7th Specials Group, we also have the normal transfer of about 25-30% of the military population here, which are thousands. Another FACTOID, is many of the new arrivals are panicking because of the supply of quality homes available are low and renting is becoming very hard. For of this is predicated on the NATIONAL NEWS that the housing is plentiful and prices LOW. OOPS. Wrong answer here. Oh, yea did we forget the Military has appropriately 1800 homes less than normal because of their new NEEDS ANALYSIS. So what I am saying and continue to say, because of the banking world, we have not positioned ourselves very well to provide housing to our military forces arriving and with the many military personnel coming along with the other industries growing in our area, it will get interesting.

Home sales up on Emerald Coast
Average price was up in Okaloosa County, but down in Walton, Santa Rosa
By DUSTY RICKETTS
Northwest Florida Daily News 315-4448 dricketts@nwfdailynews.com  
Property values for single-family homes and condominiums in Okaloosa County increased in May, and local Realtors credited the improvement to the arrival of the Army’s 7th Special Forces Group. Metro Market Trends released its May real estate sales reports for Okaloosa, Santa Rosa and Walton counties earlier this week. The number of single-family homes sold in all three counties increased compared to May 2010. However, Okaloosa County was the only one to have the average home value increase. “We have more people wanting to live in Okaloosa County with the BRAC realignment and with the Special Forces coming in,” said Jean Floyd, a local Realtor and president of the Emerald Coast Association of Realtors. “The Special Forces, they’re going to be here by September. Those people are coming in, buying in Crestview, buying in Niceville, Fort Walton Beach. We are almost at a seller’s market in Okaloosa County. “Houses are selling that are priced right and they will continue to do so because we have a very desirable area, but we also have a huge population that’s transferring,” Floyd added. In Okaloosa County, 294 single-family homes were sold in May, an increase of more than 16 percent from May 2010. Walton County’s home sales increased by nearly 8 percent and Santa Rosa County was up 10.5 percent. Condominium and townhome sales were up 29.17 percent in Okaloosa County, with 93 units sold last month compared to the 72 units sold in May 2010. Walton County was up 36.62 percent in May, with 97 units sold versus 71 a year ago. Santa Rosa County was up 125 percent in May, with nine units sold compared to four the year before. “We have every reason to be optimistic that the current measured trend will continue,” Angela Campbell, association executive for the Navarre Area Board of Realtors, wrote in an email. “A ripple effect will be felt throughout the tri-county area as the huge influx of military personnel arrives and either buys a home or chooses to rent, which, in turn, will attract investors to the market to satisfy their housing needs.” Property values in the three areas continued to fluctuate in May. Okaloosa County showed signs of improvement while values were still down in Santa Rosa and Walton counties. According to Metro Market Trends, the average price of each home sold in Okaloosa was $208,527, a slight increase from last May’s average of $206,004. Average townhome and condominium prices saw an even larger increase, from $263,100 last year to $319,991.29 this May. Walton County had the largest decrease in single-family home prices, according to Metro Market Trends. The average home sold last month cost $419,530 compared to $540,680 last May. Values for townhomes and condominiums also suffered, with the average price dropping more than $80,000 compared to May 2010. The average price of a single-family home sold in Santa Rosa County was about $6,000 less last month than in May 2010. The average sale price of townhomes and condominiums was $133,800, down more than $52,000 from last May. “Pricing is key to a successful transaction,” Campbell wrote. “Buyers are wanting to see everything on the market in their price range and then to use a Realtor’s savvy negotiating skills to garner the best possible deal. If their schedule permits, buyers are taking advantage of great deals, with over one-third of this year’s sales (combined residential) attributable to a distressed sale.”