by Murray Balkcom, Realtor (The Premier Property Group)
Not since November 2005, has South Walton seen residential lot sales at this level. In March 2011, 66 residential lots were reported to Emerald Coast Association of Realtors (ECAR) as sold, an increase of 29% compared to February. That is also a 29% jump from sales reported in March 2o10. Total sold dollar volume for residential lot sales in South Walton for March 2011 was slightly over $7.8 million with the median price of $73,250. Inventory continues to decrease and is now at 1348 lots. We are looking at 20 months of inventory currently which is dramatically less than the highest number, 228 months of inventory set back in February of 2007. Selling price averaged 83.39% of listing price.
For months, no one wanted to buy lots. As prices have drifted downward buyers are back in the market increasing the quantity of sales over the last couple of years.
What does the future hold for residential lot sales in South Walton? Pending residential lot sales were up 41% in March 2011 compared to Feb 2011. When we compare March 2011 to March 2010, we see that pending sales have increased more than 102%. Pending sales are often viewed as an indicator for potential forthcoming sales, but remember that pending sales don’t always close.
If you, or someone you know, are interested in buying or selling property in South Walton, please contact Murray Balkcom, GRI, Realtor with The Premier Property Group, or go to dreamBIGproperties.com and search for properties on your own to get an overview of the market and currently listed properties.
To register to receive email updates on real estate in South Walton, register in the upper right corner of dreamBIGproperties.com You will be asked to confirm registration by email.
Murray Balkcom is a licensed Realtor with The Premier Property Group, serving South Walton, including the beach communities of Alys Beach, Rosemary Beach, Seacrest, WaterSound, Seagrove, Seaside, WaterColor, Grayton Beach, Blue Mountain Beach, Santa Rosa Beach, Dune Allen, and Point Washington.
All sales data referenced above is provided by Emerald Coast Association of Realtors and is thought to be accurate but not guaranteed.