Archives for April 2017

March 2017: Sales Soar Across Emerald Coast

Double digit increases in closed sales compared to last year, pending sales up in almost all categories, and new listings coming on the market made for an excellent March on the local market. Condos and townhomes fared best last month but single family homes weren’t left behind either. Sellers are listing their homes and buyers are snapping up the best ones right now.

1. Single Family Home Sales

Emerald Coast

• Closed sales increased 18.1% 
• Pending sales increased 4.9% 
• Median prices increased 7% 
• Inventory decreased 5.3%
• Months supply decreased 13.8% to 5 months of inventory

Okaloosa County

• Closed sales increased 13.5%
• Pending sales decreased 4.6%
• Median prices decreased 0.1%
• Inventory decreased 11.8%
• Months supply decreased 19.1% to 3.8 months of inventory

Walton County

• Closed sales increased 24.6% 
• Pending sales increased 14.5%
• Median prices increased 27.4% 
• Inventory increased 1.6%
• Months supply decreased 6.7% to 7 months of inventory

1. Townhouse and Condo Sales

Emerald Coast

• Closed sales increased 33.3%
• Pending sales increased 31.4%
• Median prices increased 7.5%
• Inventory decreased 15.4%
• Months supply decreased 19.1% to 7.6 months of inventory 

Okaloosa County

• Closed sales increased 18.8%
• Pending sales increased 42.7%
• Median prices increased 24.5% 
• Inventory decreased 19.7% 
• Months supply decreased 26.5% to 7.2 months of inventory 

Walton County

• Closed sales increased 36.8% 
• Pending sales increased 16.3% 
• Median prices decreased 12% 
• Inventory decreased 7.1% 
• Months decreased 7.9% to 8.2 months of inventory 

A few things to remember…

Inventory is currently in flux. A record number of new listings was added in both single family home and condo/townhouse categories during March. This gives buyers more choices. It also brought more of the market up to healthy inventory levels. The only exception is single family homes in Okaloosa County which still sits at 3.8 months of inventory outside the six to eight month supply necessary for it to be neither a sellers market nor buyers market. This is good news for sellers adding move-in ready homes to the market but less so for buyers who may be looking.

Pending sales are a good indicator of what sales may look like in the future, but they are no guarantee as not every sale closes in 30 days. The March pending sales are extremely positive and hit double digit increases over last year. This is a good indication that the sales boost we see now will continue at least through April.

An increase in median prices are tied to multiple issues: an improved economy, more lending, and the amount of inventory available. As inventory shrinks, competition for good homes increases among buyers. This can turn into multiple bids and more solid bids as buyers hope to have their offer accepted.

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.

Now Is the Time for Flood Insurance

Hurricane season is fast approaching. We all know we need to make sure we’ve got water, batteries, and flashlights. Maybe this is the year you add hurricane shutters to the windows or install the whole home generator so you don’t have to worry. What about flood insurance?

 

Depending on where you live along the Emerald Coast, you may be required to carry flood insurance by your lender. But what if you live further north or your home has no mortgage? Do you have flood insurance? You should.

 

Purchase Flood Insurance Now

 

Unless you’re buying a new home, a typical flood insurance policy has a 30 day waiting period. Hurricane season starts June 1. We’ve all seen the storms that decide to arrive early or right at the beginning of June. If a storm hits while you’re in the waiting period for your policy, you won’t have flood insurance protections if water comes in your home.

 

Standard homeowners insurance, even with hurricane coverage, doesn’t cover flooding. The biggest question after a hurricane hits is whether the damage is from wind or water. With both types of coverage, you can let the insurance companies duke it out, instead of having to pay out of pocket for all the repairs. Flood insurance is technically available through private insurance, but most policies in Florida come from the National Flood Insurance Program (NFIP). Your insurance agent or company can help you purchase a policy.

 

Save Flood Insurance

 

On September 30, if Congress does not act, the NFIP could be gone for good. If a long-term reauthorization isn’t approved, home buyers across the country will be affected. When it happened in 2010 and there was a gap, 1300 closings a day were impacted – 40,000 over the course of the month. If you’ve got flood insurance now, you won’t be able to renew it through NFIP if the program dies.

 

While all parts of the country are in danger of flooding, Florida is one of the most susceptible. But floods can happen anywhere water can fall. In 2016, the NFIP had its third largest claims payout year in its history. Around $4 billion was paid to people across the country. Four of the five floods occurred inland, and the largest flood of the year was Baton Rouge. Until the private insurance market catches up and is willing to cover flood prone areas or offers prices people can afford, the NFIP is needed.

 

The National Association of Realtors (NAR) is working closely with policymakers in Washington D.C. to help them understand what’s at stake. The NFIP isn’t perfect and can use reforms. The private market may eventually become the better option. But until then, everywhere but especially on the Emerald Coast, you need flood insurance and it’s going to come from the NFIP.

11 Fun Facts You Didn’t Know About Easter

Many of us understand the spiritual and religious significance of Easter, but this holiday is also second only to Halloween for candy consumption. With that in mind, here are a few fun facts you might not know about the secular side of the Easter holiday.

 

1. The tallest chocolate Easter egg was made in 2011 in Italy. It stood about 34 feet tall and weighed almost eight tons.
2. Americans buy more than 700 marshmallow Peeps during Easter each year.
3. We also eat more than 16 million jelly beans, too.
4. The ears of the chocolate bunny are the most popular part to eat first with 76 percent of people starting there.
5. Over $14 billion is spent during Easter.
6. The largest Easter egg hunt had over 9,700 children and half a million hidden Easter eggs. It was held in 2007 in Winterhaven, Florida.
7. Cadbury, the makers of the famous Cadbury Creme Egg, produce over 1.5 million of these eggs each year.
8. The Easter Bunny part of our Easter tradition came to the U.S. in the 18th century. It originated in Europe where it was known as the Easter Hare.
9. Jelly beans were first made by a Boston candymaker who urged people to buy them and send them to soldiers fighting in the Civil War.
10. The famous Easter Egg Roll on the front lawn of the White House began in 1878 by President Rutherford B. Hayes.
11. Over 90 million chocolate bunnies are produced each year for Easter.

 

What’s your favorite Easter candy? Chocolate eggs or bunnies, Peeps, jelly beans or something else?

 

Looking for an Easter event to attend on the Emerald Coast this weekend? Here are a few options for you:

 

Easter Egg Glow Hunt in Fort Walton Beach – April 13

Kids Easter Crafts at Destin Library – April 14

Destin City Easter Egg Hunt – April 15

Easter in the Park (Crestview) – April 15

Easter Bunny Brunch and Easter Bunny Visit at Emerald Grande – April 16

Easter on the Solaris – April 16

Easter Egg Hunt at LuLu’s – April 16

 

April 2017 Events Across the Emerald Coast

Spring is here, the weather is gorgeous, and there’s plenty to do along the Emerald Coast in April. Not sure where to go? Check out these upcoming events!

 

World War II 75th Anniversary Remembrance

Friday, April 7

Emerald Coast Convention Center

 

Presented by the Fort Walton Beach Chamber and Eglin Federal Credit Union, this event honors World War II veterans. Honored guests include Lt. Col. Richard E. Cole (USAF, Ret.), the last surviving Doolittle Raider and Elinor Otto, the last of the original “Rosie the Riveters.” Let’s support and honor these heroes while they’re still with us. Tickets start at $50.You can also sponsor a WWII veteran and their guest. Learn more.

 

Military Appreciation Day

Saturday, April 8; 11:00 a.m. to 6:00 p.m.

The Landing, Fort Walton Beach

 

All active duty military, veterans, and their families are welcome to this free family event. Enjoy free food, drinks, and fun for the kids as the community’s way of showing our gratitude for all those who serve. Learn more.

 

One Night of Queen

Thursday, April 13

Mattie Kelly Arts Center, Niceville

 

Enjoy a world-renowned and celebrated performance recreating the amazing and beloved music of Queen. Music performed by Gary Mullen and the Works. Tickets start at $35. Learn more.

 

31st Annual Sandestin Wine Festival

Thursday, April 20 – Sunday, April 23

Baytowne Wharf, Sandestin

 

Whether you’re a wine novice or you’ve been enjoying international vintages for years, there’s something for every wine lover at the Sandestin Wine Festival. Events include the Bourbon and BBQ kick off, a Grand Wine Tasting, special dinners with wine tastings, the Champagne and Seafood Voyage on the Solaris Cruise, brunch, wine from around the world, and celebrity chefs. Learn more.

 

41st Saturday in the Park

Saturday, April 29; 8:00 a.m. to 4:00 p.m.

Heritage Museum of Northwest Florida, Valparaiso

 

This family friendly event helps promote the amazing history of Northwest Florida. The day begins with the Heritage 5K Run/Walk. After that, you can enjoy re-enactments, traditional craft demos, entertainment, games, a kids zone, plenty of craft and food vendors, and much more. Learn more.