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August 2015: Real Estate Prices Continue to Increase, Sales and Inventory Fluctuate

Image via Kozzi

 

Median prices, with one exception, continued their slow but steady increase in the month of August across the Emerald Coast. Closed sales and inventory for single family homes, townhouses, and condos fluctuated slightly. Some areas could become a seller’s market, making purchasing a home very competitive for buyers, while others are squarely in buyer’s market territory. All sales data is a year-over-year comparison between August 2015 and August 2014.

 

Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 15.1%
  • Pending sales decreased 4.7%
  • Median prices increased 7.5%
  • Inventory decreased 4.1%
  • Months supply decreased 22.2% to 6.6 months of inventory

 

Okaloosa County

  • Closed sales increased 28.1%
  • Pending sales decreased 9%
  • Median prices decreased 3.3%
  • Inventory decreased 2.4%
  • Months supply decreased 22.5% to 5.4 months of inventory, the lowest since current reporting began in 2011

 

Walton County

  • Closed sales increased 5.8%
  • Pending sales increased 2.7%
  • Median prices increased 11.2%
  • Inventory decreased 7.2%
  • Months supply decreased 24.3% to 7.8 months of inventory

 

Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales decreased 7.6%
  • Pending sales increased 34.3%
  • Median prices increased 2.9%
  • Inventory decreased 0.4%
  • Months supply decreased 1.8% to 9.9 months of inventory

 

Okaloosa County

  • Closed sales increased 4.4%
  • Pending sales increased 60.5%
  • Median prices increased 10.6%
  • Inventory increased 1.3%
  • Months supply increased 2.9% to 11.4 months of inventory

 

Walton County

  • Closed sales decreased 8%
  • Pending sales increased 6%
  • Median prices increased 7.7%
  • Inventory decreased 12.9%
  • Months supply decreased 21.9% to 8 months of inventory, the lowest since current reporting began in 2011

 

A few things to remember…

 

A healthy real estate market (meaning neither buyer nor sellers have an “advantage”) is a six to eight month inventory. Below six months, it’s thought to be a seller’s market and above eight months is considered a buyer’s market. Single family home inventory in Okaloosa County could indicate an inventory shortage and points to a seller’s market, meaning buyers could pay higher prices. Condo inventory in Okaloosa County is well above the healthy range and could favor buyers.

 

Inventory can decrease while the months’ supply can increase – as well as the reverse. As inventory falls, buyers have less options. If the available inventory shrinks too much, sales can slow down which will increase the months’ supply of homes for purchase. This also contributes to quicker offers for well-priced and positioned homes, as well as multiple offers.

 

Other than a slight dip for Okaloosa County single family homes, median prices continued to rise in August. This follows both a state and national trend.

 

Pending sales are only an indication of the month ahead. In months with an increase in pending sales, you can expect sales to increase for the following month. A decline in pending sales may be an indication of lower sales the next month. It is not an automatic as sales often take more than 30 days to close.

 

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.

12 Events to Check Out Along the Emerald Coast in October

October is a great time of year. Fall, at least our version of it, is in the air with crisp, cool mornings and comfortably warm temperatures during the day. It’s a little too cool for the beach, but it’s perfect for spending the day wandering through arts festivals, taking in local art, or any number of events along the Emerald Coast. Check out just a few of what’s coming up in October.

 

Destin Fishing Rodeo

October 1 – October 31

Destin Harbor

Whether you love to fish or you just want to watch the excitement, you have an entire month to find out why Destin is known as the “World’s Luckiest Fishing Village.” Participants can compete in 30 different categories for more than $100,000 in prizes.

More info.

 

37th Annual Destin Seafood Festival

Friday, October 2 – Sunday, October 4

HarborWalk Village

Enjoy seafood, entertainment, and plenty of fun as the Destin Fishing Rodeo kicks off. Three stages of live music will play rock, reggae, country, and tropical sounds for your listening pleasure. Free admission.

More info.

 

Festa Italiana

Friday, October 9 and Saturday, October 10

Sons and Daughters of Italy, Franzalia Lodge #2422, Fort Walton Beach

Enjoy two days of authentic Italian cooking plus two new events: Zero Mile Marathon on Friday and the Festa Italiana 5K on Saturday. All proceeds benefit Catholic Charities of NW Florida and Habitat for Humanity.

More info.

 

Dog Daze 2015

Saturday, October 10
Liza Jackson Park, Fort Walton Beach

Spend the day celebrating your puppy/fur baby with canine-themed displays, events and more! The event is brought to you by Friendship Animal Hospital, the city of Fort Walton Beach, and the Fort Walton Beach Chamber of Commerce.

More info.

 

9th Annual Community Health Fair

Saturday, October 10

Crestview Community Center
Come meet nearly 80 healthcare vendors, receive free healthcare screenings, and learn more about how to keep yourself healthy at the 9th community health fair in Crestview.

More info.

 

7th Annual Sugar Sands Charity Golf Classic

Monday, October 12

Kelly Plantation Golf Course, Destin
The tournament benefits Children in Crisis. A kick-off party will be at Tommy Bahamas Restaurant on Sunday, October 11 starting at 6:30 p.m.. The tournament begins with lunch at 11:30 p.m. and a shotgun start at 1:00 p.m. on Monday. An awards dinner and silent auction will be at Tuscany Italian Bistro.

More info.

 

Bird Walk on Niceville Shorelines

Saturday, October 17

Bayou Plaza Shopping Center (Starting point)
Lenny Fenimore, veteran birder, will lead nature enthusiasts on a bird walk down the bayou shorelines of Niceville. Get out, see some birds, and enjoy the beautiful weather and nature.

More info.

 

ARTWalk on the Harbor

Sunday, October 18, 11:00 a.m. – 4:00 p.m.

HarborWalk Village
Dozens of local artisans and craftspeople will display their unique and beautiful creations such as jewelry, sculptures, mixed media artwork, and more. The event and parking are free.

More info.

 

20th Annual Festival of the Arts

Saturday, October 24 and Sunday, October 25

Mattie Kelly Cultural Arts Village
Two-day celebration of art, music, food, and fun. Artists from all over the country will be in attendance to showcase their art and compete for prizes. Entry is $5 per person (MKAF members and children 12 and under attend for free.)

More info.

 

Monster Mash Pub Crawl

Saturday, October 24

HarborWalk Village
Celebrate Halloween a week early – kid-free! Dress in your scariest, coolest, or sexiest costume, purchase your armband, and come out for a very grown-up way to celebrate Halloween. Proceeds will benefit local charities.

More info.

 

Pumpkinpalooza Weekend

Friday, October 30 and Saturday, October 31

HarborWalk Village
Friday night is for the grown-ups with an adult costume contest. Bring the kids out on Saturday for a kids and pet costume contest, as well as trick-or-treating with merchants, and at the end of the night, enjoy the fireworks show.

More info.

25th Annual Champion Chili Competition

Saturday, October 31

Santa Rosa Mall, Mary Esther
Before you go out to get as much candy as your kids can carry, head on over to the mall and stuff yourself with chili! Proceeds benefit the United Way of Okaloosa-Walton Counties.

More info.

 

To see these events and more, visit:

 

Destin Chamber of Commerce

Greater Fort Walton Beach Chamber of Commerce

Emerald Coast Convention & Visitors Bureau

 

Whatever you enjoy, you’ll find some event for it in October along the Emerald Coast. Get out and enjoy everything our community has to offer.

4 Tips to Increase Bathroom Storage Space

Creating more storage space in the bathroom doesn’t have to cost an arm and a leg. If your bathroom is no longer working for your family, don’t break out the checkbook and sledgehammers just yet. With a little out-of-the-box thinking and a strategy in place, you can add an ample amount of space to your bathroom without even knocking down a wall. If you enjoy do-it-yourself projects, the following ideas from DIY Network will have you seeing space without breaking the bank.

Get organized. Your bathroom, like any room in your house, can spiral out of control if there isn’t some sort of organization system in place. Use items that you have lying around—think baskets, bins, shoe boxes—to house extra toiletries and any other items that need a home.

Make more space. If your bathroom’s current counter space is no longer working for you and your family, creating more space—without committing to a renovation—can be easily achieved through the installation of a ledge-style shelf. Not only will you gain more room, you won’t spend a lot of money and you don’t need to dedicate a lot of extra space.

Incorporate character. When looking for decorative items for the bathroom, look for things that will make the room a talking point. Unique accent pieces will keep your bathroom from looking like everyone else’s while providing a fun way for the family to come together to hunt for treasures.

Don’t be afraid to go vertical. Your bathroom most likely has ample wall space that’s being overlooked. If you’re out of storage space at ground level, it’s time to broaden your approach and integrate storage solutions on the walls. Shelves and baskets are two great ways to incorporate storage solutions into the bathroom, without utilizing your precious floor space.

Source: diynetwork.com

Best Time to Buy a Home Coming Up Soon

Some people buy a home based on their immediate needs – changing job, changing family, changing life. Others watch real estate sales reports, the weather, the market, and their bank account. Everyone is a little different but when you look at what people do over time, you can usually find a pattern.

That’s what RealtyTrac did when they analyzed the  HYPERLINK “http://www.realtytrac.com/news/home-prices-and-sales/the-best-day-of-the-year-to-buy-a-home/”best days and months to buy a home. They looked at 32 million single family home and condo sales since 2007. From that data, they pinpointed the best days and months to buy a home.

Now don’t rely on this data to get the best deal every time, but if you want to know what time of year may help you get the best price when you’re ready to buy, read on.

Best Month to Buy a Home

After all the numbers were crunched and the data compiled, the best month to close on a home is (drumroll please) October. Over the past several years and a few million home sales, the average sales price is 2.6 percent lower than the estimated full market value in October. Less than three percent might not sound like a lot, but if you buy a home for $250,000, that’s a few thousand dollars in savings. Rounding out the top five months to buy are February, July, December, and January.

The data is based on closing dates, so if you’re looking to buy a month or so prior to any of these times, you should find a great deal. Most of the months are winter months, and here on the Emerald Coast, it means less competition from other buyers and sellers who are, typically, eager to negotiate.

Best Day to Buy a Home

The best day in the year to buy is more fun fact that practical advice. That being said, if you want to know when to make that offer, notice the time of year. The top 5 best days to buy are:

October 8 – 10.8% savings

November 26 – 10.1% savings

December 31 – 9.7% savings

October 22 – 9.6% savings

October 15 – 9.1% savings

The savings are the average decrease between the estimated full market value of homes versus the price buyers actually paid. Those savings are pretty significant.

Don’t worry about hitting those target dates but take a look at the time of year those dates occur. Fall and winter months are great for buyers. If you have the luxury of waiting to buy a new home, now through the end of the year may be the time to start looking. The data supports what Realtors have known for years – the best deals are in the colder months.

Sellers, don’t worry, you have your best time, too. April is the worst month to buy, and the best month to sell. Spring really is your season.

 

5 Ways to Protect Your Home and Prevent Denied Insurance Claims

Danny, Erika, and Fred. In the middle of hurricane season, the names of storms can come and go in a matter of hours. If you’ve lived on the Emerald Coast for any amount of time, you’re already familiar with the flow of the hurricane season. There are just some things you know at this time of year.

The cone of uncertainty is meaningless until the storm gets into the Gulf of Mexico or at least closer to Florida. Where the storm will make the biggest impact becomes obvious once Jim Cantore arrives on the scene. Flood insurance and homeowners insurance are both are a necessity.

Insurance, however, is one of those things that people can never know enough about – especially when it comes to protecting your home and making sure your claim is paid. Check out five things you need to do when a storm hits to protect your home and not have to fight with your insurance company when you make a claim.

1. Use your hurricane shutters.

If you have hurricane shutters and if you’ve received a discount for them from the insurance company, use them during a storm. Not putting them up could result in any claims you make after a storm being denied.

2. Drain your pool.

You don’t have to empty it completely, just six inches or so. Flooding from your pool most likely won’t be covered under insurance unless it’s part of a bigger flooding event and affects your direct neighbors.

3. Damage to your neighbor’s property.

Insurance will cover most damage from your home to your neighbor’s property. Think falling trees and other items carried by the wind or damaged from the storm. But there’s an exception. If it can be proved that the damage was a known problem and was never corrected, it could be considered negligence. The claim could be denied. Deal with known problems before the storm hits to avoid damaging your neighbor’s property.

4. Plug your generator in correctly.

Many people plug their generator into the 220v dryer outlet in order to avoid all the cords. If you do, make sure you shut off the main breaker. Once the power comes back on, your home could be damaged if you don’t. Claims will be denied if your generator isn’t hooked up correctly. You can always hire an electrician to install a switch so you avoid the problem completely.

5. Park your car in the garage.

Your auto insurance policy covers your vehicle no matter where you park it. Ignore the myth that parking it in the garage causes it to fall under under your home insurance policy. Keep your car safe – usually in the garage – and avoid the need to file an auto policy claim.

With all the small storms cropping up in the Atlantic, it’s not always easy to know if a storm will be big or small – if it even makes landfall. When in doubt, once a storm is sighted in the Gulf, take the extra effort and avoid the problems of denied claims. You’ll know your home is better protected and that your insurance will cover any potential damage.

Source:  HYPERLINK “http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=327514”Some other storm-related insurance issues to consider, Florida Realtors