"Buyers looking for a deal may still be able to find one," said Diane Green, real estate agent with Newman-Dailey.
DESTIN, Fla. (PRWEB) March 26, 2012
The real estate team at Newman-Dailey Resort Properties is gearing up for the spring season with renewed optimism for significant market recovery along Northwest Florida's Gulf Coast. Sales of previously occupied homes are at their highest level since May 2010 according to a national report. Furthermore, Newman-Dailey's sales team reports that inquiries for Destin and South Walton properties have increased greatly over the last six months.
"After many months of declining home sales and values, the latest data is trending toward a strong recovery for real estate in Destin and South Walton," said Jeanne Dailey, president of Newman-Dailey Resort Properties.
According to the Emerald Coast Association of Realtors(ECAR) in 2011, total property sales along the Emerald Coast increased 24 percent over 2010. Sales of townhomes and condos gained the highest increase, ending the year at 32 percent above the previous year. Sales of single family homes experienced more modest growth at 18 percent over 2010. For January alone, ECAR reported that townhome and condo sales grew more than 30 percent during the same period last year.
"Inventory is dwindling as the properties priced lowest garner sales while overpriced properties remain stagnant," said Newman-Dailey Realtor Kerry McNulty (aka TheWiredAgent.com).
In January, inventory decreased for both single family homes (16%) and townhomes/condos (26.5%) according to ECAR.
"What is particularly interesting is that real estate closings are on the increase while the price per square foot is still falling," said McNulty.
In the last six months, the price per square foot has come down as much as $6 to $12 in some cases. In January 2012, the price per square foot dropped from $169 to $155 and from $158 to $149 in February, providing buyers with more for their money.
" The market is definitely hot for buyers," commented Newman-Dailey Agent Mark DeSalvo. "For those waiting for the market to hit bottom, the bottom is here. As a sign of the times, we're finding fewer foreclosures."
"The only thing that has been holding back the market is the bank-owned real estate market, which has been a thorn in the marketplace for sellers attempting to get a fair price," commented Newman-Dailey Realtor Diane Green.
In Destin and South Walton, 219 single family and 188 condominium bank-owned properties were sold in 2011. Although these figures averaged 16 percent of all sales combined for the region, the bank-owned homes coupled with the “short sales” equated to 45 percent of real estate sales in 2011.
"Buyers looking for a deal may still be able to find one. An influx of more short sales and bank owned properties could be thrown into the equation due to three-year and five-year ARM programs that were popular back in mid- to late-2000 that are maturing soon," said Green.
Sales are also being fueled by the continuation of low mortgage rates. Fixed-rate mortgages are at or near 60-year lows, helping to drive record high homebuyer affordability. The 30-year fixed-rate recently averaged a record low of 3.88 percent.
"With mortgage rates and property prices at their lowest in years, and rental rates and rental occupancy as high as ever, we're optimistic for a strong 2012 season," said Newman-Dailey Agent James Duren. "All these things combined make the Emerald Coast a good investment with great potential for appreciation as the supply of homes for sale shrinks."
"The real estate market is in transition," commented Newman-Dailey Agent Jerry Bielawski. "Right now, we're experiencing a time in which the industry is being redefined."
The Newman-Dailey team assists clients in every phase of ownership from buying and selling to rentals and management. For more than 27 years, clients have relied on Newman-Dailey's dependability, integrity and knowledge serving as a business partner in obtaining and managing their investments within Destin Resorts, Destin condos and South Walton neighborhoods. Newman-Dailey is consistently listed among the top 10 percent of real estate companies by ECAR. For more information on real estate or property management, call 1-800-225-7652 or visit http://www.DestinSales.com.
About Newman-Dailey Resort Properties, Inc.
Newman-Dailey Resort Properties is a locally-owned business, specializing in resort rentals, sales and management in Destin and South Walton for more than 27 years. Recognized for excellence, integrity and professionalism, Newman-Dailey consistently receives "excellent" rankings on TripAdvisor and is recognized as the readers top choice for "Best of the Emerald Coast" and "BESTIN DESTIN" by Emerald Coast and Destin Magazines. In addition Newman-Dailey is consistently listed among the top 10 percent of real estate companies along the Emerald Coast according to ECAR. For more sales or rental information, call 850.837.1071, or visit online at DestinSales.com or DestinVacation.com.