Archives for November 2016

October 2016: Inventory Down But Prices Up Along Emerald Coast

Sales struggled across much of the Emerald Coast in October when compared to October of 2015. This could be due in part to much lower inventory for single family homes, condos, and townhomes giving buyers less options to choose from. While there were some bright spots in terms of sales, the big news is the median price increases in nearly every category as well as historic lows for inventory.

Single Family Home Sales

Emerald Coast

Closed sales increased 9.4%
Pending sales decreased 14.4%
Median prices increased 14.5%
Inventory decreased 14%
Months supply decreased 19.4% to 5.0 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)

Okaloosa County

Closed sales increased 22.3%
Pending sales decreased 8.7%
Median prices increased 23.5%
Inventory decreased 23.6%
Months supply decreased 27.5% to 3.7 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)

Walton County

Closed sales decreased 12.8%
Pending sales decreased 20.4%
Median prices inecreased 5.1%
Inventory decreased 3.9%
Months supply decreased 9.3% to 6.8 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)

Townhouse and Condo Sales

Emerald Coast

Closed sales decreased 5.9%
Pending sales decreased 15.2%
Median prices increased 5%
Inventory decreased 12.4%
- Lowest total volume in recent recorded history (dating back to before 2011)
Months supply decreased 6.6% to 8.5 months of inventory

Okaloosa County

Closed sales decreased 4.3%
Pending sales decreased 7.1%
Median prices increased 4.1%
Inventory decreased 26.4%
- Lowest total volume in recent recorded history (dating back to before 2011)
Months supply decreased 24.8% to 7.9 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)

Walton County

Closed sales increased 18.6%
Pending sales decreased 4.4%
Median prices decreased 0.8%
Inventory decreased 8.6%
- Lowest total volume in recent recorded history (dating back to before 2011)
Months supply increased 8.9% to 8.6 months of inventory

A few things to remember…

Median prices continue to hold steady or rise across the Emerald Coast. No record breaking price increases to report in October, but homes continue to sell for more than in previous years.

Single family homes along the Emerald Coast are firmly in a seller’s market right now – as long as a home is priced right and staged well. Buyers have very little to choose from, even as new listings come on the market. A seller who prices competitively and stands out from listings that have been on the market for months should do well. Townhouses and condos have a higher inventory but it continues to shrink to healthier levels.

Pending sales are an indication of the immediate future of the real estate market – typically the next month’s sales. These numbers are not a guarantee of future sales as not all pending sales make it to the closing table, and those that do may take more than 30 days to complete. In October, pending sales were down across the board. Do not be surprised if sales continue to be sluggish because of this.

Another factor to consider for sluggish sales is the drop in cash purchases. Single family home cash sales dropped nearly 20 percent in October while townhouse and condo cash sales fell over 30 percent from last year. Most (but not all) cash purchases are made by investors scooping up foreclosures. As this part of the inventory is cleared out, cash sales will slow and our overall sales numbers will dip until we return to a more normal mix of inventory.

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 2012 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.

Happy Thanksgiving, Emerald Coast!

It’s easy to forget all that we have to be thankful for. Tires go flat. The smoke alarm screams in the middle of the night. Your kid comes in an hour late from curfew, easily taking ten years off your life. We won’t even mention the things people argue about on Facebook.

Much of time we’re so busy running around, keeping up, forgetting something, or putting out a figurative fire in our lives that we don’t slow down long enough to think of all that we have to be thankful and grateful for.

Here at Rising Star Real Estate, we want to let you know that we’re thankful for each and every person who’s helped us build this business and serve our clients. We wouldn’t be here today without our agents, staff, vendor partners, buyers, sellers, friends, and family. We’re also grateful to everyone we work with for helping us remember what really matters in life: love, friendship, and helping people’s dreams come true.

When life gets hectic, especially as the holiday buying season approaches, take a moment and think of the people in your life who love you, help you, and are there when you need them most. Say a silent thank you. Hopefully you’ll be able to tell them in person as you pass the turkey and the stuffing at Thanksgiving.

But if you’re not able to travel to be with your family or you know you’re more likely to burn your turkey rather than bake it, join others from across the Emerald Coast at any of these great restaurants so you can enjoy the company of friends and family without the stress of cooking:

Cafe 30 A: Open Noon to 4, but you’ll need a reservation

790 on the Gulf: Open 10:30 a.m. to 3:00 p.m. (reservations recommended)

Ruth’s Chris: Open from 11:00 a.m. to 3:00 p.m. AND 5:00 p.m. to 8:00 p.m.

Grande Vista: Open 11:00 a.m. to 5:00 p.m.

Thanksgiving at Harbor Docks which benefits Habitat for Humanity

Thanksgiving Buffet at Sandestin’s Emerald Ballroom (reservations recommended)

Thanksgiving Luncheon or Dinner Buffet at Sandcastles Restaurant

Who Benefits from Down Payment Assistance Programs?

Florida is home to 10 percent of the nation’s 2392 down payment assistance programs. Although the national numbers shrunk three percent over last quarter, 88 percent have funding available for homebuyers who need help. In Florida, 238 housing assistance programs are available for individuals and families ready to become homeowners instead of renters.

Who uses down payment assistance programs and who do these programs serve? If you think you’re not eligible, think again.

Who the Down Payment Programs Help

Home buyers come from all walks of life and from every situations. Down payment assistance programs are designed to help a lot of people. Here’s what we know about the average person who applies for assistance:

2.75 – average household size
$53,846 – average yearly income
$180,084 – average home purchase price

What Programs are Available

We talk a lot about down payment assistance programs for first time home buyers, and the majority of them are, but those aren’t the only buyers who can find help when they’re ready to own a home.

70% offer down payment or closing cost assistance
64% are for first time homebuyers which HUD defines as someone who hasn’t owned a home in three years
76% are available in specific areas, towns, counties, and even neighborhoods
24% of programs are statewide
6% help educators, police officers, firefighters, healthcare workers, and other community service workers
5% benefit veterans and active duty military and can be used with zero down payment VA loans

Homeownership doesn’t have to be a dream that feels out of reach. With a bit of searching and a little effort, many buyers especially first time buyers can find help to get out of the renting rut.

To find a program in your area, try these resources:

Escambia County Housing Finance Authority (serving from Escambia to Walton counties)

Down Payment Resource (a national search of all available programs)

To Our Military Veterans – Thank You

Although we should honor our military veterans and thank them for their service to our country every day, Veterans Day (November 11) is perfect time to start. Without their sacrifices and the sacrifices of their families, we would not be the free country we are today.

Thank you to the military veterans, active-duty service members, and military families who keep us free.

Did you know that Veterans Day used to be Armistice Day, to celebrate the signing of the armistice between America and Germany to end the hostilities in World War I? For years, it was a day to remember WWI veterans and all veterans of foreign wars.

As we moved away from that part of our history, the day was changed to Veterans Day and honored veterans of any foreign war or conflict. Eventually, we recognized the need to honor all veterans, regardless of how or where they served their country.

Showing your support for veterans is as simply as saying thank you and shaking their hand or putting up a U.S. flag in your yard or at your business. If you’d rather go out and do something this Veteran’s Day, take a look at a few local events:

Home of the Brave 5K Run/Walk
Sponsored by the Fort Walton Beach Woman’s Club, all the proceeds from the race will go to First Responders and charities that the club supports. The race begins at 8:00 a.m. at Uptown Station on Friday, November 11. Read more.

Veterans Day Ceremony at Beal Memorial

Each year, veterans and fallen soldiers are honored in a ceremony at Beal Memorial. The event takes place from 11:00 a.m. until noon. This year’s guest speaker will be Brigadier General Select Sean Farrell, Air Force Special Operations Command, Hurlburt Field, Florida. Read more.

City of Mary Esther’s Veterans Day Parade

After the ceremony, make your way to the Santa Rosa Mall, Page Bacon, Mary Esther Cutoff, or Hollywood Blvd. to watch the 11th Annual Veterans Day Parade. It starts at 1:00 p.m. Read more.

On behalf of all of us at Rising Star Real Estate, thank you for your service and your sacrifice. America is the land of the free because of the brave.