Archives for February 2017

January 2017: Sales Up Across Emerald Coast

Closed sales increased by double digits for single family homes and condos/townhomes in January when compared to the same time last year. Median prices continued to rise as inventory shrank further. The gains in January continue the trend seen with 2016 sales.

               Single Family Home Sales

 

Emerald Coast

• Closed sales increased 18.2%
• Pending sales increased 9.1%
• Median prices increased 12.6%
• Inventory decreased 6.4%
• Months supply decreased 14% to 4.9 months of inventory

 

Okaloosa County

• Closed sales increased 19.6%
• Pending sales increased 12.2%
• Median prices increased 12.6%
• Inventory decreased 16.6%
• Months supply decreased 23.4% to 3.6 months of inventory

 

Walton County

• Closed sales increased 14.5%
• Pending sales increased 11.5%
• Median prices increased 15.1%
• Inventory increased 6%
• Months supply decreased 1.4% to 6.9 months of inventory

 

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales increased 47.9%
• Pending sales increased 51.9%
• Median prices increased 2.5%
• Inventory decreased 14.3%
• Months supply decreased 12.2% to 7.9 months of inventory

 

Okaloosa County

• Closed sales increased 7.9%
• Pending sales increased 8.1%
• Median prices increased 7.2%
• Inventory decreased 21.9%
• Months supply decreased 24.5% to 7.4 months of inventory

 

Walton County

• Closed sales increased 52.5%
• Pending sales increased 82.1%
• Median prices decreased 13.5%
• Inventory decreased 8.3%
• Months supply saw no change at 8 months of inventory

 

 

A few things to remember…

 

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.

 

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. Okaloosa County is seeing especially low inventory levels currently. 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. Pending sales in January were stronger than they’ve been in months. We’ll have to wait and see what this means for February.

 

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.

2016: The Year in Real Estate Along the Emerald Coast

Looking at the whole year of 2016 (as compared to 2015) in terms of real estate across the Emerald Coast shows a clear picture of success in some areas and where the problems lie in others. Single family homes, as they did for most of 2016, outperformed previous years in terms of sales and prices. Condos and townhomes struggled through the year, for multiple reasons.

 

Note: To get a better picture of the real estate market in 2016, additional statistics have been included from the available reports.

               Single Family Home Sales

 

Emerald Coast

• Closed sales increased 6.8%
  • Total: 6738, highest in current reporting history
• Pending sales increased 1.4%
• Median prices increased 6.9%
  • Total: $245,900, highest in current reporting history
• New listings increased 2.4%
  • Total: 9039, highest in current reporting history
• Median days on market decreased 15.1%
  • Total: 62 days, lowest in current reporting history
• Inventory decreased 7.1%
• Months supply decreased 13%
  • Total: 4.9 months of inventory, lowest in current reporting history

 

Okaloosa County

• Closed sales increased 5.9%
  • Total: 3817, highest in current reporting history
• Pending sales increased 1.4%
• Median prices increased 8%
  • Total: $205,000, highest in current reporting history
• New listings increased 1%
  • Total: 4,482, highest in current reporting history
• Median time to contract decreased 11.9%
  • Total: 52 days, lowest in current reporting history
• Inventory decreased 16.6%
• Months supply decreased 21.7%
  • Total: 3.6 months of inventory, lowest in current reporting history

 

Walton County

• Closed sales increased 5.6%
  • Total: 2,385, highest in current reporting history
• Pending sales decreased 1%
• Median prices increased 4.6%
  • Total: $368,759, highest in current reporting history
• New listings increased 6.3%
  • Total: 3,140, highest in current reporting history
• Median time to contract decreased 11.8%
  • Total: 82 days, lowest in current reporting history
• Inventory increased 6.3%
• Months supply saw no change with 6.9 months of inventory

 

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales decreased 6.1%
• Pending sales decreased 3.1%
• Median prices increased 0.9%
  • Total: $290,000, highest in current reporting history
• New listings decreased 3.5%
• Median days on market decreased 7.3%
• Inventory decreased 10.4%
  • Total: 1,303, lowest in current reporting history
• Months supply decreased 4.7%
  • Total: 8.2 months of inventory, lowest in current reporting history

 

Okaloosa County

• Closed sales increased 2.9%
• Pending sales increased 1%
• Median prices increased 12.8%
  • Total: $265,050, highest in current reporting history
• New listings decreased 6.7%
  • Total: 1051, lowest in current reporting history
• Median time to contract decreased 14.7%
• Inventory decreased 27.8%
  • Total: 496, lowest in current reporting history
• Months supply decreased 27.8%
  • Total: 7.0 months of inventory, lowest in current reporting history

 

Walton County

• Closed sales decreased 12.2%
• Pending sales decreased 8.6%
• Median prices increased 2.2%
  • Total: $330,000, highest in current reporting history
• New listings increased 0.5%
• Median time to contract decreased 9.1%
• Inventory increased 2.1%
• Months supply increased 16% to 8.7 months of inventory

 

 

A few things to remember…

 

The current reports date back to 2011, a few years after the start of the Great Recession and the catastrophic drop in the housing market. Since then, in many ways, numbers have continued to improve year after year.

 

Even in areas that didn’t see an increase in closed sales, median prices are up to record highs. Some increases were modest while others were more dramatic, but it all points to what we’ve talked about all year long – values and prices improved in 2016.

 

If inventory doesn’t improve in the single family market, especially in Okaloosa County, sales will suffer in 2017, although prices may continue to increase as competition increases. Townhouse and condo inventories are still on the high side but a lack of new listings coming on the market has contributed to a lack of growth in sales. It’s not the only reason but it’s a contributing factor.

 

The boom year for condos, according to current reporting, was 2013. It was a year of record gains and sales. Numbers have dropped off since then.

 

The median days on market/median time to contract shows a great improvement in nearly all categories. Homes are selling quicker than in years past.

 

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.

The Talk: Paving the Way for a Solid Financial Future

With the need seemingly greater than it was for previous generations, it’s not uncommon for parents to financially support their adult children—at least at some level. Providing that assistance, however, shouldn’t happen without first setting boundaries, says Stephen Williams, co-head of BMO Private Bank’s U.S. Financial Planning Strategy.

“Parents need to keep in mind that today’s young adults face unique financial challenges and may require different levels of support than they themselves received,” Williams explains. “If parents and children have frank conversations with each other about the amount of support they expect to provide or receive, they can avoid misunderstandings that could put their financial situations in jeopardy.”

Williams advises hosting a conversation with your own children, and considering these tips.

 1. Start now. Gaining an understanding of the basics of personal finance at a young age can        help set up a child for future financial success and independence.

 2. Consider a Roth IRA.A Roth IRA can make savings more tax-efficient and extend parents’ ability to use their resources to meet financial goals. Although the amount that can be contributed annually to a Roth IRA is limited by IRS guidelines, income earned in the account is generally not subject to any federal or state taxation.

3. Use Gift Tax rule exceptions.If appropriate, take advantage of exceptions in Gift Tax rules that can help to increase the benefit available to children and dependent parents. For example, gifts made for tuition purposes or to pay medical expenses are not subject to the Gift Tax.

4. Leave a legacy of financial comfort. Parents can ensure their estate plans, including wills, provide for their children adequately. Proper insurance planning to supplement income of a surviving spouse or to support children who may be struggling financially is also critical.

Source: BMO Wealth Institute

 

16 Reasons to Love Your Realtor®

Tis the season for love, and although we shouldn’t think about who we love or why we love them on just one day a year, this is a good time to appreciate the people in our lives. Yes, even your Realtor®.

 

Here are just a few reasons to love your Realtor® or to know you’re working with a Realtor® worthy of your love, on Valentine’s Day and all year long.

 

1. Your Realtor® takes your frantic call while you wait to see if your offer will be accepted.
2. Your Realtor® will sweep the floor, straighten the pictures, and make your house smell great during an open house.
3. Your Realtor® answers all of your questions from how title insurance works to whether you should keep your fuchsia carpet (no, by the way).
4. Your Realtor® understands what’s going on in the market and can explain it to you.
5. Your Realtor® explains why the price you want for your home isn’t realistic for the local market.
6. Your Realtor® helps you make a good and competitive offer on the home of your dreams.
7. Your Realtor® has been known to walk the dog, check your mail, or put out a welcome mat, plant, or anything else to help during the craziness of selling your home.
8. Your Realtor® lets you know what’s going on in the process.
9. Your Realtor® is there for the home inspection.
10. Your Realtor® will fight if your appraisal comes back lower than expected.
11. Your Realtor® can recommend the best professionals for a mortgage, title insurance, insurance, and everything else you need to buy a home.
12. Your Realtor® never leaves you hanging when you’re waiting for an answer.
13. Your Realtor® communicates in the way that works best for you – whether text, email, phone call, or Facebook Messenger.
14. Your Realtor® will share the showing feedback they get – even when it’s not something you want to hear. (Told you the fuchsia carpet was a bad idea.)
15. Your Realtor® is someone you can depend on.
16. Your Realtor® is someone you’ll gladly recommend to your friends and family.

 

If you’re working with a Realtor® who isn’t doing anything to inspire love – or at least respect, it might be time to find a new agent.

Events Across the Emerald Coast: February 2017

Whether you need a night out or you’re looking for family-friendly fun, there’s plenty to choose from across the entire Emerald Coast. Go ahead and make your plans for February!

 

42nd Street
Thursday, February 9

Mattie Kelly Arts Center, Niceville

Enjoy this musical comedy classic and enjoy hits you haven’t heard in years like “We’re in the Money,” “I Only Have Eyes for You,” and “42nd Street.” Tickets are $45 per person. Learn more.

 

Island Dance Party

Saturday, February 11; 6:00 p.m. – Midnight

Emerald Coast Convention Center, Okaloosa Island

Dance the night away and forget about any chill in the air as you imagine yourself in islands even more tropical than the Emerald Coast. Tickets are $10 per person in advance or $20 at the door. You can also buy four tickets and get one free. Learn more.

 

Erth’s Dinosaur Zoo Live

Tuesday, February 21

Mattie Kelly Arts Center, Niceville

Bring the entire family out to see pre-historic Australia in a way you never imagined. Experience huge, life-like dinosaurs and a fun and unique educational experience for children of all ages. Learn more.

 

Salute to America

Friday, February 24

Village Baptist Church, Destin

Enjoy this salute to America with musical performances from A Mighty Wind, a barbershop quartet; Sugar Beach A Capella Chorus, and Camarata from Niceville High School. Learn more.

 

9th Annual Mardi Gras Parade

Saturday, February 25

Destin Harbor Boardwalk, Destin

The beads, floats, music, and fun begin at 2:00 p.m. Come on out to enjoy the start of the Mardi Gras festivities. The parade is free to attend and $50 if you want to enter your float. Learn more.

 

International Food and Wine Fest

Sunday, February 26; 1:00 p.m. to 4:00 p.m.

Mattie Kelly Arts Center, Niceville

 

Come on out for a day of food, wine, and fun. Sample food from multiple local restaurants, try 40 different wines, and enjoy live music all while supporting the Northwest Florida Symphony Orchestra. Learn more.