Ed and Terri Smith Broker/Owners RE/MAX Coastal 725 Harbor Blvd Destin, Florida 32541 (850) 837-5500 x1 The Local Trend BP remains in the news, at least locally. For reasons unknown, BP has drastically limited pay- outs to any given real estate agent or real es- tate brokerage firm. However, waiters, and bartenders are receiving huge BP claims checks. Property managers and vacation rental property owners are faring well. BP has seemed willing to compensate for vacation related cancellations. The MMT Real Trends Reports to follow indi- cate mixed results for this period. We know that the valuation trends will not improve until the sales activity increases and the inven- tory levels subside. Such was as we ob- served during the first quarter, prior to the BP incident. What we are seeing now may well be a resumption of that positive trend. It does not mean that prices will necessarily go up quickly, but an increase in transaction numbers equates to increased demand, which ulti- mately leads to appre- ciation. Single family and condo sale transaction numbers are still mostly up Y-T- D through October. En- couraging is the fact that internet buyer leads have improved sig- nificantly over the past couple of months. With more than 70% of all buyer leads generated through the internet, this is our leading indi- cator as to future trends. An increase in leads is typically followed by an increase in showings, which typically results in an increase in offers, which typically results in an increase in closings. We mentioned last month that the fourth quarter has often been the best quarter of the year. It’s too early to tell if 2010 will be in- cluded in that club, but November business is definitely up. On another positive Ed and Terri’s Market Update November 2010 note, Terri and I were ranked #1 in Florida by RE/MAX Int’l for the month of October. Additionally, we have closed more than 90 transaction sides so far this year. Cer- tainly a far cry from our worst year ever. National News Interest rates have risen, but remain at near record low levels. There has been much ado with regard to the decline in nationwide new construction starts. Why is it sur- prising that consumers are choosing resales at a fraction of the cost of new product? It in no way indicates nega- tive market trends. At any rate, we ap- pear to be on the slow road to recovery. As our market was im- pacted earlier than most, it stands to reason that we will be the first to recover. Please call us to dis- cuss the market any- time! October Stats at a Glance Ft. Walton Beach to Inlet Beach: Single Family Homes For Sale: 1,949 Sold: 128 Condominium Re-sales For Sale: 2,128 Sold: 110 Residential Lots For Sale: 1,682 Sold: 41
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Ed and Terri Smith
Broker/Owners
RE/MAX Coastal
725 Harbor Blvd
Destin, Florida 32541
(850) 837-5500 x1
The Local Trend BP remains in the news,
at least locally. For
reasons unknown, BP has
drastically limited pay-
outs to any given real
estate agent or real es-
tate brokerage firm.
However, waiters, and
bartenders are receiving
huge BP claims checks.
Property managers and
vacation rental property
owners are faring well.
BP has seemed willing to
compensate for vacation
related cancellations.
The MMT Real Trends
Reports to follow indi-
cate mixed results for
this period. We know
that the valuation
trends will not improve
until the sales activity
increases and the inven-
tory levels subside.
Such was as we ob-
served during the first
quarter, prior to the BP
incident. What we are
seeing now may well be
a resumption of that
positive trend. It does
not mean that prices will
necessarily go up
quickly, but an increase
in transaction numbers
equates to increased
demand, which ulti-
mately leads to appre-
ciation.
Single family and condo
sale transaction numbers
are still mostly up Y-T-
D through October. En-
couraging is the fact
that internet buyer
leads have improved sig-
nificantly over the past
couple of months. With
more than 70% of all
buyer leads generated
through the internet,
this is our leading indi-
cator as to future
trends.
An increase in leads is
typically followed by an
increase in showings,
which typically results in
an increase in offers,
which typically results in
an increase in closings.
We mentioned last
month that the fourth
quarter has often been
the best quarter of the
year. It’s too early to
tell if 2010 will be in-
cluded in that club, but
November business is
definitely up.
On another positive
Ed and Terri’s
Market Update
November 2010
note, Terri and I were
ranked #1 in Florida
by RE/MAX Int’l for
the month of October.
Additionally, we have
closed more than 90
transaction sides so
far this year. Cer-
tainly a far cry from
our worst year ever.
National News Interest rates have
risen, but remain at
near record low levels.
There has been much
ado with regard to the
decline in nationwide
new construction
starts. Why is it sur-
prising that consumers
are choosing resales at
a fraction of the cost
of new product? It in
no way indicates nega-
tive market trends.
At any rate, we ap-
pear to be on the slow
road to recovery. As
our market was im-
pacted earlier than
most, it stands to
reason that we will be
the first to recover.
Please call us to dis-
cuss the market any-
time!
October Stats at a Glance
Ft. Walton Beach
to Inlet Beach:
Single Family
Homes For Sale:
1,949 Sold: 128
Condominium
Re-sales For Sale:
2,128 Sold: 110
Residential Lots
For Sale: 1,682 Sold:
41
Okaloosa Property Statistics — YTD October 2010
Metro Market Trends Reports
Bay Property Statistics — YTD October 2010
Walton Property Statistics — YTD October 2010
Related Documents
