February 2010 – Real Estate Sales Summary

by murray balkcom, GRI, Realtor

February, our shortest month of the year, is also typically our slowest month for real estate sales, and it somewhat holds true for 2010. When looking at the combined category of homes, condos and town homes in all of South Walton, FL, we see that ECAR (Emerald Coast Association of Realtors) reports 81 sales (January had 80 sales) totaling almost $31 million in sales volume. While quantity of sales remained almost constant compared to January 2010, comparing Feb 2010 to Feb 2009, we saw an increase of 16%. Quantity sold is up almost 25% compared to Feb 2008. Remember when the market was booming back in 2007?  Well, quantity of sales for Feb 2010 are down only 5% from Feb 2007.

Quantity of sales remaining strong indicates that buyers are willing and able to purchase. The reason they continue to purchase is due to the prices of the properties which are selling. There are enough realistic sellers who have learned where the market is setting the price, and they are meeting that price point. For this combined category of homes, condos and town homes, the median sold price is now only $286,000 (half the sales were above this selling price and half were below this price). While that median sold price is down from last month’s $346,100, it is 4% higher than Feb 2009’s median selling price.

Total dollar volume sold of almost $31 million remains in line with Feb 2009, which reported $31,214,400 in sales for homes, condos and town homes in South Walton. September 2009 – January 2010 was so strong in the way of sales that Feb 2010’s total dollar volume seems down compared to the otherwise strong winter season. However, the dollar volume sold is right in line with February sales from 2008 and 2009.

Pouring through all of the sales data for South Walton, reported by ECAR, I really don’t see anything which jumps out for February sales this year. Residential lots held steady with Jan 2010 salesfigures, with ECAR reporting February results of 28 sales totaling just over $3 million in volume, which is almost identical to January.

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All sales data referenced above is provided by Emerald Coast Association of Realtors and is thought to be accurate but not guaranteed.

Murray Balkcom is a licensed Realtor with The Premier Property Group, serving most of South Walton, including Alys Beach, Rosemary Beach, Seacrest Beach, WaterSound, Seagrove, Seaside, WaterColor, Grayton, Blue Mountain Beach, Santa Rosa Beach, Dune Allen, and Point Washington.

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