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Real Estate Update – Emerald Coast Realty – New Report Shows Significant …

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Here is some great info regarding local real estate along the Gulf Coast. 

Emerald Coast Realty – New Report Shows Significant …

 
Real Estate Update    March  2014
          
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New Report Shows Continuing Housing Recovery

Housing market improvesDominion Enterprises, has released its January Local Market Index, a price performance summary of repeat sales of U.S. properties. Utilizing home pricing data, the Index shows year-over-year gains for single-family properties in all 300 top U.S. markets.

Traditionally a slower sales month, January home values for all 300 markets tracked gains from 2013 and opened 2014 with higher year-over-year prices. The number of top 100 markets achieving a full recovery remained the same as in December, 29 markets. However, three markets, Salt Lake City, UT, Madison, WI, and Chattanooga, TN, posted significant gains in January and are close to full recovery. This month, out of the 92 markets that achieved a complete rebound of 100 percent or more, 63 are midsize, an increase of three achieving recovery, compared to last month’s report.

All of the 200 midsize local markets continued to show gains year over year for the single-family index. For the eighth consecutive month, Anchorage, Alaska and Hilo, Hawaii continue to be the two top-performing markets on a year-over-year basis. Anchorage remains in the top spot, increasing by 16 percent, followed by Hilo with a more than 13 percent increase. The West continues to dominate the midsize markets on a year-over-year basis, with nine of the top 10 markets increasing on an annual basis. 165 midsize markets saw month-over-month increases, down two from last month’s report. Midland, TX was the top gaining metro month over month, with a 3.98 index point increase. Markets with strong energy-based economies continue to dominate the midsize markets, with the top 10 of those markets coming from only two states – Louisiana and Texas.

The latest Homes.com Local Market Index reports the following:
• Year-over-year increases in all top 300 markets.
• Monthly increases in 83 of the top 100 markets and in 165 of the 200 midsize markets.
• Los Angeles, California is the top gaining market on a year-over-year basis, with a 26.21 index point or 15.75 percent increase.
• San Diego bested Honolulu, Hawaii as the second highest gaining market with a 24.77 point or 15.75 percent increase
• Honolulu, Hawaii is now the third highest gaining market on a year-over-year basis, with a 24.63 index point gain.
• California markets [San Francisco-Oakland-Fremont, Calif.; Bakersfield-Delano, Calif.] are the remaining two in the top five. Year-over-year, they increased 23.82 and 19.58 index points, respectively, for the top 100.

Highlights from the Homes.com Rebound Report for the top 300 markets show:
• 92 markets have made a 100 percent rebound, indicating a complete recovery. This is an increase from 89 markets in the previous reporting period.
• The most recently fully recovered midsize markets are: Bloomington-Normal, IL (105.01 percent), Appleton, WI (101.13 percent) and Warner Robins, GA (100.71 percent).
• Significant gains toward a full recovery were made in Salt Lake City, UT (99.69 percent), Madison, WI (97.54 percent) and Chattanooga, TN (97.22 percent) as they near 100 percent recovery.
• The percentage of recovered midsize markets is slightly ahead of the top 100 markets. Of the 92 markets achieving more than 100 percent rebound this month, 63 (31.5 percent) are midsize and 29 (29 percent) are top 100.
• The South continues to dominate recovery, with 15 markets seeing rebound percentages greater than 100 percent. The South also saw three new markets enter the 75, 100 percent recovered range.

“All 300 markets tracked by Homes.com‘s housing market reports consolidated their gains from 2013, opening 2014 with higher year-over-year prices. January is typically slower for the housing market, so it is reassuring to see continued steady improvement across the country,” says Brock MacLean, executive vice president of Homes.com. “January’s data shows that 83 of the top 100 markets increased on a monthly basis, with 165 of the 300 midsize markets posting gains year over year. With three midsize markets entering recovery and three more local markets nearing full rebound, 2014 should see continued positive recovery nationwide.”

To provide insight into local sector housing trends across the country, Homes.com publishes the Local Market Index for the Top 100 markets and the companion Midsize Markets Report for defined areas ranked from 101-300.

As a complement to the Local Market Index, Homes.com publishes an exclusive Rebound Report, highlighting how the housing recovery process is unfolding across the country. It measures each market’s peak-to-trough decline in index value, which had been attributed to the bursting of the U.S. housing bubble.

Interest Rates (%)
as of March 21, 2014:

30 yr. Conv:   4.32
15 yr. Conv:   3.32

Source: mortgage-x.com
 
Pensacola & Destin Property Search
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Featured Properties

Gulf Breeze Luxury Waterfront Home Memphis Ave Encina, Milton
Gulf Breeze Pensacola Milton
$1,425,000 $89,000 $300,000
North Hill Cottage Destin Condo portofino
Pensacola Destin Condo Pensacola Beach
$128,900 $109,000 $410,000

NW Florida Foreclosure Properties
ERA Emerald Coast Realty

Residential foreclosures have been a wild ride in NW Florida.  Peaking in 2009, the total number of foreclosures has been decreasing since mid 2010 and the overall number of distressed properties for sale has also been in decline.

If you are looking for properties here in the Destin or Pensacola real estate markets you will find that some areas have few or no foreclosures available. As you can see below, foreclosures are in short supply for Okaloosa Island, Navarre Beach, Gulf Breeze Proper, Pensacola Beach and Perdido Key.  Foreclosures in our market area are most likely to be found away from upscale neighborhoods.

Beach Condo Fees

So how does price affect the chance of a house being listed for sale as a foreclosure?  When you look at available foreclosures by county the numbers vary a little but the average is 7.8%.  One thing the over-all averages do not show you is which price segments of the market are most affected.  53% of foreclosed properties selling in our market are listed under $100,000.  Properties in this price range make up only 18% of all properties for sale. There is clearly a disproportionate number of foreclosures affecting properties listed under $100,000.

Escambia County: 
68% of all foreclosures are under $100k

Santa Rosa County:
50% of all foreclosures are under $100k

Okaloosa County:
42% of all foreclosures are under $100k

Another way to look at this is that only 4% of local properties listed over $100,000 are foreclosed properties, while foreclosures make up 22.6% of the properties listed under 100K.

Today’s foreclosures are listed at market price.  Banks commission an appraisal or hire real estate agents to determine a suitable sale price for the property through a “Broker Price Opinion” prior to foreclosures being listed for sale.  The lender knows what the property should sell for in today’s market and is getting market value for these homes.  As foreclosed and short sale properties decrease, the number of non distressed sales increase. 

The best opportunity for buyers in today’s real estate market may not be a distressed property at all.  Buyers need to start looking at homes that are priced to sell and be prepared to move quickly on these opportunities.  This is particularly true for those looking for luxury and beach homes.

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This Month’s Featured Article:

 
 
It’s a great market for buyers!

Foreclosures and Short Sales

 
Current Real Estate Market Conditions for Destin, Pensacola, Perdido Key,
Gulf Breeze and Pensacola Beach, FL
Home Sales Continue to Grow
Monthly Residential Sales
Click To Enlarge
 

The sales of Pensacola homes is continuing to grow as seen in the monthly sales on the chart above.

442 residential sales in February 2014 is the highest number of February sales since. February 2007 with 453 sales. This points to continued improvement in the real estate market in Pensacola, Florida.

See the latest market information from our Pensacola and Destin Residential Sales Statistics page or our Emerald Coast Real Estate Blog.

 

Fun April Events

Pensacola Beach, FL
Bands On The Beach
Every Tues starting Apr 1, 2014 7-9 pm
Located in the beautiful Gulfside Pavilion overlooking the Gulf of Mexico, this weekly series features regional artists performing a wide variety of music. Bring your lawn chair and join us this summer for hot music, smooth grooves and a whole lot of good times.

Gulf Coast Half Marathon
Apr 13, 2014 7 am
Gulfside Pavillion – Casino Beach
Participants must present a government issued ID to pick up race packet. Proxy Packet Pick-up (picking up a packet for someone else) the process is as follows: a copy of that participants photo ID is required and an acknowledgment of proxy pick-up will need to be signed. This copy will be retained until the completion of the event weekend as proof of packet distribution.

Perdido Key
Perdido Key Wine & Art Festival

Mar 4-5, 2014
Arts and crafts, wine tastings! Music by Pat McCann and special featured artist Margaret Biggs. Fri: A VIP event, with music and other entertainment, will be held 5:30 p.m. to 8 p.m. | $25 each or $45 per couple. Sat: food and live music; $15 you will receive a souvenir glass & tickets to taste five wines, 12 – 8 p.m.

Interstate Mullet Toss

Apr 25-27, 2014
This wacky annual tournament has participants compete in an actual mullet toss. Live music, food and drinks accompany this weekend. A Mullet Toss consists of individuals on the beach throwing a mullet, from a 10-foot circle in Alabama across the state line into Florida. lots of fun activities, great music and food! 850-492-0611

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