Welcome to September. Home of Labor Day and the beginning of football season! Let’s sip on some pumpkin spice lattes while we dig into some of Niceville’s and Valparaiso’s real estate numbers from August.
Whether you are looking to buy or sell a house in our area, here is some helpful data from Flex/MLS as provided by the Emerald Coast Association of Realtors:
In August of 2023, the average sales price was $544,616 (down from July’s average sales price). That is approximately 14% above the year before, with 2022’s average sales price of $474.727.
In August 2022, buyers typically paid 100% of a home’s list price. Buyers paid around 98% of the list price in August of this year. A couple of things could be inferred from this data.
Does it mean that we are entering a buyer’s market?
When looking at the number of properties for sale on the market and how many deals closed versus last year, I would say ‘no.’
While buyers may be getting the home slightly under the asking price, this could imply that some homes are listing at prices more comparable to previous years’ peak market data rather than the hyper-recent numbers.
If a seller were to list their house this year and had their closing in August, they saw an average of 74 days on the market. 74 days is a a bit less time on the open market compared with last year’s days on the market of 84. Need to sell?
Knowing your home may be on the market for 74 days might help your strategy.
Buying a home? Has it been on the market 74 days? If not, the seller may not be worried about its sellability yet.
What was the price paid for the highest sale in August? This year’s highest-priced home closed in August was $1,385,000 compared to 2022’s August of $1,750,000. What does a one million+ home get you in Niceville/Valparaiso? Find out here.
I am starting to hear less “Is it a good time to buy?” and more “I’m waiting for the market to drop, rates to drop, etc.” Rates are holding steady and are still below the 30-year average. Prices month over month and year over year are still trending upwards. This means that NOW might be the right time for you to buy. Sellers, this may mean that NOW is an excellent time to sell as Niceville and Valparaiso need homes for the buyers in the market. Waiting could mean steady increases in price while rates remain the same, costing you more money for the same house.
Are you currently in the market to buy or sell but unsure what to do next?
Review your finances in detail and decide how much you can put up as a down payment. Next is to take the town’s pulse, which you can do by using the data above. Then, talk with an experienced real estate agent to help discuss next steps.
*All 2023 data is provided by Flex/MLS as provided by Emerald Coast Association of Realtors and is deemed reliable as of September 4, 2023, but is not guaranteed and should be independently verified.
John Sallman is the owner and broker at Salt and Light Realty – a brokerage with a focus on Valparaiso and Niceville. You can reach him at 850.217.8412 or on saltandlightrealty.com.