by Murray Balkcom, Realtor
The Premier Property Group
Santa Rosa Beach, FL: Condo Sales in South Walton have suffered in recent years, with much of that due to lending constraints on condos. We are now seeing a few lenders willing to loan money on condos, but with 30% down payments, rather than the typical 20% down on detached homes. So, it is no surprise that condo sales fall behind detached home sales.
To paint a better picture of where today’s condo market stands, we’ll look at only July sales from previous years in all three of these charts.
Median selling price is back in line with July sales of 2000-2002, down quite a bit from the market’s peak. July 2011 shows the median selling price of $197,000, a 67% decrease from July 2005.
The 56 condo sales in South Walton reported to ECAR for July outnumbered July sales for 2007-2010, but you can see in the graph that the increase in the quantity of sales still doesn’t compare to 2004 and 2006.
In July 2011, Realtors reported $16 million in closed sales of condos in South Walton, which is in line with July 2009 sales.
Of course, condos will vary greatly from development to development, as will the sale prices. This summary is only a big-picture view on the condo market in South Walton. If you are considering selling your condo, call me and I will run some numbers for you to show you more about historical sales in your particular condo association.
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.