“Election year is upon us. Will rates drop even further? Will buyers flood the market? We will continue to monitor the data for you and continue to keep you informed.”
I wrote these words a year ago. I also made a joke about Florida State’s football team not being selected for the college football playoffs.
Are they doing any better this year?
Rates did not drop, and buyers did not flood the market. But that does not mean real estate isn’t transacting. Let’s see what the data is showing happened in October of this year compared to last year (you know, when we thought the sky was falling).
In October of last year, the average sales price was sub $500,000, while this year, the average sales price for the Niceville Valparaiso area for last month was $513,329. In addition, the average sales price year to date (at the time of this writing) is $529,000 compared to the previous year’s YTD of $512,000.
Here is where (I think) it gets interesting.
Properly pricing a home is very important. Whether you are listing your house for sale or are a buyer trying to decide what to offer, that decision doesn’t come lightly. Days on the market have increased from 86 days to 104 days year over year. Houses are selling for a higher average price and higher average square footage price but are sitting on the market almost a month longer.
What does increased average pricing mean when we see the average market days increase? It can mean a few things:
It also suggests a cooling off in the market. But when 44 homes sold in October of this year versus 38 homes sold last year, and the average sales price increased, you have to wonder what the future of home prices are in our area. The narrative is consistent. Buying or selling cannot be perfectly timed with the market. If you are in the need to transact real estate, you can. Using current data and the advice of a professional you can navigate the market as it sits. Do you think you’re priced out of the market? You may be but have that conversation with your local lender and real estate agent, find something that fits your needs, and make an offer. The market will continue to shift (in any direction) the more the consumer dictates it. Realtors, the news, and home sellers do not determine sales prices. The buyers in the market make that determination.
*All 2024 data is provided by Flex/MLS as provided by Emerald Coast Association of Realtors and is deemed reliable as of November 4, 2024, but is not guaranteed and should be independently verified.
John Sallman is the Broker and Owner of Salt and Light Realty, as well as a frequent contributor to Midbaynews.com. As a realtor serving the Niceville and Valparaiso communities, Sallman brings a wealth of experience in real estate transactions, from sales to property management. Beyond his real estate career, Sallman is also a world-class chef, with over a decade of experience working in some of the finest restaurants along the Emerald Coast.
A lifelong Niceville resident, Sallman continues to serve the local community. You can contact him at John@saltandlightrealty.com.
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