CHANDLER REPORT: Warm real estate weather may bring hot summer

Published: Wednesday, June 18, 2014 at 17:18 PM.

Sales volume was slightly down and average prices were up in most areas of Walton County for the month of May 2014 compared to May of 2013. The Emerald Coast Association of Realtors reported a total of 335 residential sales in May 2014, down 5 percent from 352 sales in May 2013. Of these, there were 67 vacant lot and land sales, down 24 percent from 88 in the May 2013. The average price of all land sales was up, from $200,462 to $326,331 in May 2014. There were 268 home sales, up from 264 in May 2013 with an average price of $522,914, up 1.6 percent from $514,461 in May 2013. A more detailed breakdown by area follows.

Miramar Beach/Sandestin

There were five vacant lot sales, down from 13 in May of 2013. The average price was up, from $193,781 to $244,180. Five of the 13 sales in May 2013 were for $65,000 or less whereas the least expensive land sale in May 2014 was for $85,000. There were 31 single family and townhome sales, unchanged from 31 in May 2013. Condominium sales were up, with 55 in May 2014 and 41 in the same time period of 2013. The average price of a single family home was $576,790, down slightly from $587,298 last May. Per square foot, the average price was $254, up 14 percent from $222 last year.  In May 2014, the average price of condos was up 5 percent, from $336,751 to $354,519 this year; the average price per square foot was $262, up 6.5 percent from $246.

30A Area, West of Grayton Beach State Park

There were 16 vacant lot sales, down from 20 in May of 2013. The average price was also down, from $227,118 to $156,094. This does not necessarily reflect a decline in market value; one of the lots in 2013 was a Gulf front lot and there were no Gulf front lot sales in this area in May 2014. There were 21 single family and townhome sales, down from 31 in May of 2013. Condominium sales were also down, with ten closings in May 2014 and 14 in May 2013. The average price of a single family home was $419,466, down 11 percent from $473,250 in May 2013. Per square foot, the average price was $216, virtually unchanged from $217 last May. The average price of condos was down, from $519,421 in May 2013 to $497,800. The average price per square foot was $294, slightly up from $292 last May.

30A Area, East of Grayton Beach State Park

This area remains the strongest in both sales volume and average prices in Walton County but showed slight declines this May. There were 58 single family and townhome sales, down from 60 last May. Condominium sales were up, with 29 in May 2014 and 18 in the same time period of 2013. The average price of a single family home was $1,069,608, slightly down from $1,072,684 in May 2013. Per square foot, the average price was $395, down 4 percent from $411 last year. In May 2014, the average price of condos was dramatically up, from $328,338 in May of 2013 to $496,178 this May. The average price per square foot was $407, up 48 percent from $275 last May. There were 19 vacant lot sales, down from 28 in May 2013. The average price was dramatically up, from $316,657 to $893,816.



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