ECAR releases July figures

True to its name, the Emerald Coast real estate market seemed to shine like a precious gem in the month of July.
Most notably, sales of existing residential units of all types in the Destin market gained 16 points as compared to last month and perhaps even more significantly, were up 23 percent as compared to last year. Specifically 21 residential units sold in the month of July.
While sales of existing residential units along the Emerald Coast as a whole dipped by about 4 percent and 11 percent, as compared to last month and last year respectively, the decline was subtle enough to reassure area real estate pros that the market continues to show signs of steadying.
“After seeing two or three years declines when comparing the numbers on a year-to-year basis (as opposed to month-to-month comparisons), these types of numbers continue to be interpreted as a sign of stabilization,” observed Emerald Coast Association of Realtors president Cliff Chaplin.
Likewise, many area Realtors say they are reaping the benefits of buyer enthusiasm and an increasingly stable market. 
“I'm having the best year in real estate that I've ever had and it's only August,” said ECAR member Realtor, Mary Ann Miller.
One of the reasons why Miller, a condo specialist with RE/MAX Southern Realty, believes she is having such a good year is due to the high demand for area condos.
“They're even buying condos sight unseen,” Miller said of her clients, referring to those who are able to peruse local Multiple Listing Service listings that offer detailed property descriptions and images via the Internet.
In addition to Miller's testament, the stats also indicate condos were indeed a red-hot commodity in the month of July. Sales of existing condo units along the Emerald Coast rose 13.5 percent as compared to last month and just better than 6 percent as compared to last year.
When Destin is broken out by itself, the numbers climbed even higher, with sales of existing condo units jumping 64 percent as compared to June of this year and by 35 percent as compared to July 2007. Specifically 23 units were sold in the month of July.
The primary reasons for the high demand are pretty simple, Miller said, while listing at least two.
“There are deals out there and buyers know they are deals,” she explained, markedly emphasizing the word “know.”
And while, as the old saying goes, “looks aren't everything,” the appeal of the area's natural beauty attracts many out-of-town buyers to the Emerald Coast just the same.
Miller said typically her clients buy condos with the intention of using them both as a short-term, income-producing rental and as a vacation home. These buyers, she said, have either visited the area or have heard word-of-mouth about its beauty and literally want to own a piece of it.
“We have the most beautiful beaches in the world,” Miller summed. “Who wouldn't want to live here?”
This article was provided to The Log by the Emerald Coast Association of Realtors.