Sales volume was steady while average prices were down in most areas of
There were 11 vacant lot sales, up from seven in July of 2013. The average price was up, from $207,429 to $528,991 this July. It is important to note that five of the sales this July were either Gulf or Bay front, bringing the average price up. There were 32 single family and townhome sales, slightly down from 36 in July 2013. The average price of a single family home was $565,781, up from $494,878 last July. Per square foot, the average price was $276, up 37 percent from $201 last year. Condominium sales were down, with 31 in July 2014 and 49 in the same time period of 2013. In July 2014, the average price of condos was up, from $316,954 to $493,177 this year; the average price per square foot was also up to $300, from $233 in July 2013.
30A Area, West of
There were 13 vacant lot sales, down from 17 in July of 2013. The average price was also down, from $370,588 to $168,144. This is not indicative of a trend. Three of the lots in 2013 sold for $775,000 or more and the most expensive lot sold this July was for $435,000. There were 23 single family and townhome sales, slightly down from 24 in July of 2013. The average price was $642,136, down 8 percent from $696,730 in July 2013. Per square foot, the average price was $251, also down 8 percent from $273 last July. Condominium sales were also steady, with 12 each July. The average price of condos was up 5 percent, from $348,479 in July 2013 to $367,083 this July. The average price per square foot was $290, up from $253 last July.
30A Area, East of
This area remains the strongest in both sales volume and average prices in
South of the Bay, North of Hwy 98, East of Sandestin
There were 10 vacant lot sales slightly down from 11 in July 2013. The average price was up, from $133,264 to $155,900. There were 32 single family sales, up from 19 last July. The average price of a home was $247,710, down from $411,748 in July 2013. This July, the most expensive home in the area sold for $435,000 whereas last July, there were two homes that closed for more than $1,500,000 each. Per square foot, the average price was $124, down from $144 last year.
North Walton County, including DeFuniak Springs
There were eight vacant lot sales, down from 11 in July of 2013. The average price was up from $44,005 to $63,563 this July. There were 18 single family sales, unchanged from 18 last July. The average price of a home was $85,986, down from $104,919 in July 2013. Per square foot, the average price was $49, down from $60 last year.
When prices went up as dramatically as they did earlier this year, buyers pulled back, slowing the number of sales. Now, we are seeing volume increases accompanied by price declines. The next few months will be interesting to see if the market comes into balance. It is important to not make any blanket judgments based upon the raw statistics, but to dig deeper into the numbers to get a true picture.