Emerald Coast Market Report
Distressed Property Sales On the Rise
One trend in the current real estate market is the popularity of bank-related sales like short sales and foreclosures. In Fort Walton Beach, short sales made up close to 12% of the total sales and REO (real estate owned – another term for bank owned after a foreclosure) made up about 8%. In Destin, 18% of the sales were short sales and 16% were REOs. Finally, 22% of the total sales were short sales in the Beaches of South Walton and 15% were REOs.
Learn more at ResortQuest Real Estate’s Distressed Property Division
Based on the Emerald Coast Association of Realtors MLS Records for Combined Residential Sales from 01/01-12/31 o f 2008 and 2009.
A Look at 2009
In 2009, we continued to see the Emerald Coast market improve.
Home Sales – Based on MLS Records from the Emerald Coast Association of Realtors, inventory levels for detached single-family homes fell 19% by the end of 2009 as compared to the end of 2008. When comparing the two years, prices fell, average days on market remained similar, and the number of sales increased by about 14% year over year. Overall, the number of sales increased in both Okaloosa and Walton Counties.
Condo Sales – According to MLS Records from the Emerald Coast Association of Realtors, inventory levels for condominiums fell close to 20% by the end of 2009 as compared to the end of 2008. When comparing the two full years, prices and average days on market also fell.
What Can the Distressed Properties Division Do For You?
Information and explanations of the current market climate.
Find possible solutions to avoid foreclosure.
Vital Information for informed decisions.
Services and resources of ResortQuest.
For more information about ResortQuest Real Estate’s Distressed Property Sales Division, call 800-846-7962.