Archives for February 2016

January 2016: A Slow Start for Real Estate in the New Year

The news for real estate sales along the Emerald Coast was not great for January. Both single family home and townhouses/condo sales were down, as were pending sales and median prices. In some parts of Okaloosa County, we may be looking at what happens when the inventory shrinks too low. It’s a seller’s market but there may not be enough inventory to satisfy buyer demand. All data is a comparison of January 2016 to January 2015.

 

               Single Family Home Sales

 

Emerald Coast

• Closed sales decreased 10.4%
• Pending sales decreased 5%
• Median prices decreased 9.6%
• Inventory decreased 9.5%
• Months supply decreased 20.4% to 5.7 months of inventory

 

Okaloosa County

• Closed sales decreased 8.7%
• Pending sales decreased 3%
• Median prices decreased 3.9%
• Inventory decreased 10.5%
• Months supply decreased 22.1% to 4.7 months of inventory

 

Walton County

• Closed sales decreased 3.8%
• Pending sales decreased 13%
• Median prices decreased 20.9%
• Inventory decreased 7.6%
• Months supply decreased 18.3% to 6.9 months of inventory

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales decreased 13.4%
• Pending sales decreased 23.9%
• Median prices decreased 2.7%
• Inventory increased 3.4%
• Months supply decreased 7.7% to 9 months of inventory

 

Okaloosa County

• Closed sales increased 6.3%
• Pending sales decreased 24.4%
• Median prices decreased 8.9%
• Inventory decreased 1.6%
• Months supply decreased6% to 9.8 months of inventory

 

Walton County

• Closed sales decreased 33.3%
• Pending sales decreased 36.4%
• Median prices increased 28.7%
• Inventory increased 1.3%
• Months supply decreased 8% to 7.9 months of inventory

 

 

A few things to remember…

 

Single family homes along the Emerald Coast are either in a seller’s market or close to it. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months. Townhouses and condos are in the upper levels with Okaloosa close to 10 months of inventory. Below six months means that inventory is scarce and can drive up prices. Above 8 months means there is too much inventory which can drive prices down.

 

With pending sales so far down when compared to January last year, it won’t be surprising is February and possibly March sales are a little sluggish when compared to 2015 levels. There are plenty of factors that play a part in housing sales: inventory, financing, and new rules for closings are just a few.

 

It’s best to look at the data as part of an on-going trend. One month does not dictate the entire market. If you view the data collected since 2011 for the Emerald Coast, Okaloosa County, and Walton County as a whole, you can get a good feel for what’s happening in the local housing market. Overall, the market has improved greatly.

 

All sales data is from the Emerald Coast Association of Realtors® (ECAR) Multiple Listing Service (MLS) and is compiled by Florida Realtors®, the state association for Florida. The Emerald Coast statistics cover both Okaloosa and Walton counties as well as surrounding areas based on the listings entered into the MLS by ECAR MLS participants.

5 Things You Might Not Know About Home Insurance

Homeowner’s insurance isn’t an option for most new buyers. If you have a mortgage, you’re going to need homeowner’s insurance. Even if you don’t have a mortgage, it’s a good idea to have protection. What about renters? Should they be covered, too?

 

Take a look at these five things you might not have known about home insurance.

 

Note: For details about specific costs and policies or for more complex questions, contact your insurance provider.

 

Renters Need Insurance, Too

 

Your landlord’s property insurance covers the building, not your possessions. If a pipe breaks and your rental floods, your personal property isn’t covered unless you have renter’s insurance. It’s not as expensive as most people fear, averaging about $12 per month for $30,000 of property coverage and $100,000 in liability coverage.

 

Homeowners Often Underestimate Their Coverage Amount

 

The amount of coverage you need should be at least what it would cost to rebuild your home from the ground up and replace your current possessions in the case of a catastrophic event. If you’re unsure how much this is, work with your insurance agent to find the right amount for you.

 

All of Your Things May Not Be Covered Under a Standard Policy

 

If you’ve got valuable jewelry, art, collectibles, or even technology, the full value may not be covered under your standard policy. There are typically limits for jewelry, art, and other items if you have to file a claim. You’ll want to consider additional coverage for your most costly and valuable possessions.

 

Standard Policies Don’t Cover Natural Disasters

 

Think the tornado that blew through your home is covered? Think again. Under most policies, natural disasters aren’t covered. Here in Florida, we’re all very familiar with hurricane coverage but ask your agent about other natural disasters that can hit.

 

Hurricane Coverage Doesn’t Include Flood Damage

 

Anyone living on the water is probably very familiar with flood insurance from the National Flood Insurance Program (NFIP). If you don’t have flood insurance, don’t count on your hurricane coverage to protect you when a storm hits and your home is flooded. Even if you think your home won’t be affected by rising waters, flood insurance – especially in our part of Florida – is a good idea to have. The further away you are from water and the higher elevation your home has, the lower the costs will be.

 

Having insurance for your home and possessions isn’t always enough. You need to make sure you understand your coverage and have enough of it, in case the worst happens.

2015: Residential Sales Strong Across the Emerald Coast

Single family homes, townhouses, and condos all saw increases in sales in 2015 when compared to the year before along the Emerald Coast and in Okaloosa and Walton counties. Some of the increases were record-breaking since the current reporting system began in 2011. All data is a comparison between 2015 and 2014.

 

               Single Family Home Sales

 

Emerald Coast

• Closed sales increased 15.9% – highest since reporting began in 2011
• Pending sales increased 11.4% – highest since reporting began in 2011
• Median prices increased 4.1% ($230,000) – highest since reporting began in 2011
• Inventory decreased 9.3%
• Months supply decreased 21.8% to 5.7 months of inventory – lowest since reporting began in 2011

 

Okaloosa County

• Closed sales increased 17.2% – highest since reporting began in 2011
• Pending sales increased 12.1% – highest since reporting began in 2011
• Median prices increased 4.2% ($189,900)
• Inventory decreased 11.7%
• Months supply decreased 24.7% to 4.6 months of inventory – lowest since reporting began in 2011

 

Walton County

• Closed sales increased 14.7% – highest since reporting began in 2011
• Pending sales increased 10.9% – highest since reporting began in 2011
• Median prices increased 5.4% ($353,250) – highest since reporting began in 2011
• Inventory decreased 6.6%
• Months supply decreased 18.6% to 6.9 months of inventory – lowest since reporting began in 2011

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales increased 11.9%
• Pending sales increased 7%
• Median prices increased 10.6% ($287,500) – highest since reporting began in 2011
• Inventory increased 1.1%
• Months supply decreased 9.6% to 8.5 months of inventory – lowest since reporting began in 2011

 

Okaloosa County

• Closed sales increased 3.4%
• Pending sales increased 5.6%
• Median prices increased 3.3% ($236,500) – highest since reporting began in 2011
• Inventory decreased 6.5% – lowest since reporting began in 2011
• Months supply decreased 9.6% to 9.5 months of inventory – lowest since reporting began in 2011

 

Walton County

• Closed sales increased 13.1% – highest since reporting began in 2011
• Pending sales increased 2.9%
• Median prices increased 9.3% ($322,500) – highest since reporting began in 2011
• Inventory decreased 4.4% – lowest since reporting began in 2011
• Months supply decreased 15.5% to 7.4 months of inventory – lowest since reporting began in 2011

 

A few things to remember…

 

Across the board, with the exception of Okaloosa County, all inventory levels are within what is considered a healthy range (approximately 6 to 8 months). In Okaloosa, single family homes ended the year at a 4.6 month supply of inventory and townhouses and condos with a 9.5 month supply. Below six months means that inventory is scarce and can drive up prices. Above 8 months means there is too much inventory which can drive prices down.

 

Median prices have increased at all levels, even in those areas where the increases were not record-breaking. While other parts of the country are just now starting to see increasing prices and values, the Emerald Coast has been in a recovery for the past couple of years.

 

It’s best to look at the data as part of an on-going trend. This year-end data gives a good idea of what happened throughout 2015, even when some individual months were less than stellar for sales. If you view the data collected since 2011 for the Emerald Coast, Okaloosa County, and Walton County as a whole, you can get a good feel for what’s happening in the local housing market. Overall, the market has improved greatly.

 

All sales data is from the Emerald Coast Association of Realtors® (ECAR) Multiple Listing Service (MLS) and is compiled by Florida Realtors®, the state association for Florida. The Emerald Coast statistics cover both Okaloosa and Walton counties as well as surrounding areas based on the listings entered into the MLS by ECAR MLS participants.

10 Things to Do This February on the Emerald Coast After Mardi Gras

Mardi Gras is officially over, and the party and parades have died down. That doesn’t mean the fun is completely over. Thanks to our beautiful Emerald Coast weather and all our visiting snowbirds, there’s plenty to do this February.

 

Early Education of Afro-Americans Presentation
Heritage Museum of Northwest Florida, Valparaiso
Saturday, Friday, February 12; 12:00 p.m.

In honor of Black History Month and to celebrate Crestview’s Centennial, the Heritage Museum of Northwest Florida is featuring Carver Hill Museum with guest speaker David Wheeler who will present “Early Education of Afro-Americans in Crestview.”

Learn more.

 

8th Annual Benefit Car Show

Fort Walton Beach Professional Firefighters

Saturday, February 13, 2016; 10:00 a.m. – 2:00 p.m.

Northwest Florida Fairgrounds, Fort Walton Beach

Come on out to take a look at cool cars, eat good food, check out the entertainment, and enter a few raffles. Admission is free. Car show entries are $20 in advance and $25 at the gate.

Learn more.

 

Island Dance Party

Benefiting the Special Operations Warrior Foundation

Saturday, February 13, 2016; 6:00 p.m. – Midnight

Emerald Coast Convention Center, Okaloosa Island

Come on out and dance the night away for a good cause. Music from the 50s, 60s, 70s, 80s, and more will be played. A live band will be on hand from 7:00 p.m. until 11:00 p.m. 21 and up only. Tickets are $10 per person or 5 for $40 in advance and $20 per person at the door.

Learn more.

 

Annie

Tuesday, February 16, 2016; 7:30 p.m.

Mattie Kelly Arts Center, Niceville

Bring the whole family to enjoy the national Broadway tour of this timeless classic directed by the original lyricist and direction Martin Charnin! Tickets are $45 per person.

Learn more.

 

City of Destin Spring Craft Show

Friday, February 19, 2016; 11:00 a.m. – 4:00 p.m.
Saturday, February 20, 2016; 9:00 a.m. – 3:00 p.m.

Destin Community Center

Join 100 crafters from the Emerald Coast and beyond to find unique gifts and products for you or your family and friends.

Learn more.

 

United Way’s 25th Annual Champion Chili Competition

Saturday, February 20, 2016; 11:30 a.m. – 3:00 p.m.

Santa Rosa Mall, Mary Esther

Come on out and try award-winning chili. Prizes to be given out include “Best Chili,” “Best Booth Showmanship,” and “People’s Choice Award.” Each chili team will be paired with a United Way partner agency with all proceeds benefiting the agencies.

Learn more.

 

A Symphony of Taste

Sunday, February 21, 2016; 1:00 p.m. – 4:00 p.m.

Mattie Kelly Arts Center, Niceville

Come on out to sample excellent foods and wine selections from area restaurants presented by the Northwest Florida Symphony Orchestra . Tickets are $40 in advance and $45 at the door.

Learn more.

 

The History of Eglin Air Force Base

Friday, February 26, 2016; 6:00 p.m.

Fort Walton Beach Heritage Park and Cultural Center

Join Dr. Robert Kane as he presents the history of Eglin Air Force Base.

Learn more.

 

37th Annual Home Show

Saturday, February 27, 2016; 9:00 a.m. – 5:00 p.m.

Sunday, February 28, 2016; 11:00 a.m. – 4:00 p.m.

Emerald Coast Convention Center, Okaloosa Island

Once again, the Building Industry Association (BIA) of Okaloosa-Walton Counties, presents the annual home show. Come on out and get ideas for your current or next home. Tickets can be purchased from any Eglin Federal Credit Union location for only $2. Tickets at the door are $5 each. Kids 12 and under get in free when accompanied with an adult.

Learn more.

 

Emerald Coast Parrot Heads’ 11th Annual Chili Cook-Off

Saturday, February 27, 2016; 11:00 a.m. – 4:00 p.m.

HarborWalk Village, Destin

Come check out chili from 20 local restaurants and find out who makes the best. Tickets are $20 per person. Military discounts available with military ID.

Learn more.

 

 

Along the Emerald Coast, winter time doesn’t mean we’re trapped indoors with nothing to do. Come on out for any one of these great events and experience what our area has to offer!

 

4 Things Sellers Can Do To Help Sell Your Home

Your front yard is beautiful. The siding, brick, and driveway have all been pressure washed. You’ve painted the walls, touched up the baseboards, made your home smell like baking bread, and done everything you can to make the right first impression when a potential buyer walks through the door.

You’ve done a great job! But you’re not through yet. There are four more things you need to do to help sell your home.

Find somewhere else to be during the showing.
Don’t hang around when potential buyers come over. You may make them feel uncomfortable, and they could have a hard time seeing themselves living in the home while they’re staring at the people who actually live in the home. Not only that, one of two things is going to happen: they either won’t feel comfortable expressing their real feelings about what they see, or they will and you may not like what they say.

Take your pets with you.

Sure, you love your sweet snookie-baby-sweetie-pie, but that doesn’t mean everyone is a cat, dog, ferret, or bird lover like you are. Plus you never know what kind of fears or allergies other people have. The best way to avoid any potential problems is to find a place for your fur (or feather) baby to be during showings.

Park somewhere else, too.

This is especially necessary when parking is a premium in your neighborhood. Move your car (or better yet, leave in your car) during a showing and give buyers the good parking spot. Forcing them to walk a block or two may make them decide seeing your home isn’t worth the “hassle.”

Share the information you have.

When you know a showing is scheduled, make specific documents easy to find for buyers to review. This could be copies of the appraisal or home inspection, any information you have on the home warranty, proof of repairs you’ve done, and even information about monthly utility bills. Give buyers as much good information as possible to help them make a decision.

Don’t go to all the trouble of making your home beautiful just to be a distraction during the showing. Make yourself scarce and your information readily available. The easier you make viewing your home and learning as much as possible for buyers, the easier it is for the right buyer to find your home and make an offer.

Source: 8 Unwritten Etiquette Rules Every Home Seller Should Know, Realtor.com