Okaloosa Island is a stretch of white sand beaches that front the turquoise waters of the Gulf of Mexico. For those looking at Okaloosa Island Condos For Sale, a quick review of sales data for the first quarter of 2010 might be helpful.
|Q1 '09||Q1 '10||% Change|
|Average Sold Price||$344,142||$273,278||-20.6%|
|Median Sold Price||$316,500||$270,000||-17.2%|
|Highest Sales Price||$600,000||$550,000|
|Lowest Sales Price||$175,000||$70,300|
|Listings Under Contract||51||78||52.3%|
As can be seen, sales of Okaloosa Island Condos have more than doubled this year while the average selling price has dropped. In other words, more people are willing to buy when prices are lower. This is the first sign that the condo market is strengthening.
In addition to these numbers, it's also important to look at the supply of Okaloosa Island Condos for Sale. If there are many condos available, then sellers must be agressive leading to better deals for buyers. As the supply is reduced, negotiations become more equal. Buyer's get the best deals when there is a lot of choices available. The chart below shows the inventory trend for the past 15 months.
As condo prices on Okaloosa Island declined, buyers finally started getting serious in August of 2009. Since then, the condos for sale on Okaloosa Island have declined by 20.4%. That is still a pretty high number, but clearly trending down and indicative of a strenthening market.
The two charts below show show the price ranges for Okaloosa Island condos for sale and condos that have sold.
Okaloosa Island Condos
- Inventory is decreasing and sales activity is picking up. It's still a buyer's market but trending toward a more balanced one.
- Buyer's can still find good value, but the choices are more limited than a few months ago.
- Seller's must still be agressive with price and make concessions to sell their unit.
There are still great opportunities available for buyers of Okaloosa Island Condos. If you are thinking about buying or still on the fence, give me a call at (850) 259-4133 to discuss your options in more detail.
Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD
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