Vacation rentals, title orders give hope in market

Since 2005, the real estate market has been in decline. Many homes are sitting on the market and not selling. However, there are some signs of improvement in certain segments of the industry, such as vacation rentals and title orders.

"Its going to be a very good summer, we've seen an increase of 12 to 15 percent in rental bookings compared to the last few years," said Vicki Warner, marketing director for Resort Quest.

The Sandestin Golf and Beach Resort is also predicting a healthy season, with rental numbers similar to those last year, which was a good year for the resort, according to Colleen Kirsch, public relations manager.

Title companies are also seeing an increase in business.

"We have been very encouraged by what we're seeing," said Richard McNeese, owner of McNeese Title, LLC. "In the last six to eight weeks we have seen an increase in orders and closings have been up, too."

"Sellers are being a whole lot more realistic in this market, those who need to sell are pricing them to do so," said McNeese.

In contrast, real estate sales still vary wildly. Walton County real estate sales for March 2005 totaled more than $400 million with 925 properties selling. In comparison, during March of this year, sales totaled only $19.5 million from 41 sales, a 95 percent decrease, according to the Walton County Property Appraiser's website.

Although, the total number of sales dropped, the average price per sale did increase by 10 percent year over year, from $432,929 to $476,851.

The sales for March of 2006 and 2007 were wide-ranging, with sales declining in 2006 to about $90 million from 233 sales, and then increasing in 2007 with 361 properties selling for $170.5 million.

"Until 2006, during the prior five to six years, the entire year was spectacular in volume of sales," said Patrick Pilcher, property appraiser for Walton County.

"Late summer and early fall are usually the best times for real estate sales in the area, said Pilcher.