Local condo market is heating up, says ECAR

Local condo sales are on the rise across the Emerald Coast. According to statistics compiled by the Emerald Coast Association of Realtors, sales of condos increased nearly 50 perfect across the Emerald Coast and, in Destin, condo sales doubled in February 2010 when compared to February 2009.

Residential sales across the board increased along the Emerald Coast last month.

“Our market shows a marked increase in February with an 18 percent gain over last February,” states ECAR President Mary Anne Windes. “Buyers appear to have lost their fear and are venturing back into the market with a mission to purchase.”

There are two main factors involved in the increase in sales, especially condos, according to Realtors. Mary Stephens, broker of Prestigious Beach Properties in Panama City Beach says, “It’s all about location and price.” When priced affordably, with a great location, Stephens says, “I average one to two offers each week.”

Susan Kelly, sales agent with Keller Williams Realty Emerald Coast, agrees. “Prices are down and will continue to lower. It’s a great time to buy!”

Kelly adds of the condo market, “We’re seeing a lot of cash buyers.” Cash buyers are a good indication that the market has hit bottom and is now on the rise. Cash buyers are typically investors looking for cheap deals with plans to make money off of those investments in the next few months.

Windes, broker-owner of Real Estate Professionals of Destin, Inc, notes, “Realtor activity has increased tremendously, and homes in the $100,000 to $400,000 price range are selling the fastest.”

The real estate season typically heats up in March or April each year. This year the homebuyer tax credit is playing a role in the increase in sales so early in the season. Windes reminds people, “You still have time to take advantage of the $8,000 first-time homebuyer tax credit or the $6,500 current homeowner tax credit.” According to Windes, “This is not a deduction; it’s a tax credit … a virtual cash refund for buying property.”

The increase along the Emerald Coast was not just in the amount of homes sold, but also in the price of those homes. The amount of homes sold for $100,000 or less stayed stable when comparing February of this year to last. Sales of homes over $100,000 increased slightly. Options are still available in every price range.

Buyers still on the fence about whether this is a good time to buy or not, may want to think about getting in the game while prices are still low and inventory is high. To take a look at available homes along the Emerald Coast, buyers are encouraged to come out for the Great Emerald Coast Open House the third Sunday of each month or take part in the Florida Open House Weekend, April 10 and 11.

To learn more about the monthly Emerald Coast Open House, go to www.EmeraldCoastOpenHouse.com or call 243-6145. To browse homes and properties for sale, click on www.EmeraldCoastHomesOnline.com.

This article was contributed to The Log by Emerald Coast Association of Realtors.