The Florida real estate sales momentum along the 30A corridor in South Walton continues. SoWal sales of combined residential real estate (homes, condos and town homes), from the Gulf of Mexico to Hwy 98 have increased in the three months from Sept 1 to November 30, 2009 by 78% compared to the same period in 2008: 166 sales in 2009 compared to 93 in 2008.
Of the 166 sales, in this recent three month period, 73 can be considered as distress sales (short sales or REO-bank owned sales), accounting for 43% of the transactions. This compares to 24% of sales were that were distressed in the same period in 2008.
Florida real estate buyers, primarily second home buyers, bought more for less as the median sales price for detached single family homes dropped from $565,000 during 9/01/2008 to 11/30/2008 to $450,000 during the same time period this year.
Residential land sales for the same period this year show 76 sales compared to 27 sales last year over the three months, an increase of 181% with 52% of the sales listed as distressed. Median price for land was $110,000 this period compared $135,000 last year at the same time, again favoring the BUYER looking for a good deal.
I am also seeing an increase in what I call top-of-the-food-chain sales and interest: very high-end homes and Gulf front properties. This is usually the first segment of the market to stop buying and the first to start buying.
Adding to the great news this fall that South West Airlines will be flying into the new airport in Panama City Beach in May, we have learned that December 1st Frommer’s Travel recognized the lifestyle and natural beauty of the Florida Panhandle beaches as a top 10 destination for 2010, the only continental US destination included in Frommer’s list of Top Destinations.
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