Santa Rosa Beach, FL– Condo sales in South Walton are making a comeback in 2011. Much like the lot sales, we see buyers steadily coming back to the condo market in South Walton. In May we saw 68 condo sales reported to Emerald Coast Association of Realtors, compared to only 51 sales in May 2010, up 33%. We are down slightly from the previous month’s 77 sales.
Median sold price in May ($245,000) is up 9%, compared to April’s numbers and looks to be leveling out over the last twelve months. This stability in pricing is great to see.
What is happening to the condo inventory? Inventory has been decreasing at a fairly constant rate each month. From May 2010, we watched the inventory of actively listed condos in South Walton decrease 18%, down to 1030 in May 2011. Comparing current inventory to peak inventory, we are down 57%.
In May 2011, the average sales price of condos was 91.5% of the list price. Total dollar volume of sold condos in May ($19.8 million) is up 4.8% over May 2010.
What can we expect to see in condo sales in the future? Looking at the pending condo sales in South Walton, we have 88 pending condo sales in May, up 13% over April 2010 and up 132% over May 2010. Pending sales being only an indicator of potential future sales, means that it is likely that we will see an increase in condo sales in June, but remember, pending sales don’t always go to closing.
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.