EVERYTHING Niceville Coach Thompson Said To Us Before The Lakeland Playoff Game:
Christopher Saul
12/03/2024
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We are now in August, and some of us are getting ready to go back to school or have little ones returning. While we search for school supplies and prepare for some Niceville High School football (Go Eagles!), let’s dig into some of Niceville’s and Valparaiso’s real estate numbers from July.
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: Average sale price: In July of 2023, the average sales price was $558,882. That is approximately 17% above the year before, with 2022’s average sales price of $477.783.
Sale-to-list price: In July 2022, buyers typically paid 99% of a home’s list price. In July this year, buyers paid around 98% of the list price.
The purchase as a percentage of list price has dropped a percentage point from last month. The drop indicates we might see a shift into a buyer’s market, even with the “low” inventory available in the Niceville area.
Days on the market: If a seller were to list their house this year and had their closing in July, they saw an average of 84 days on the market, which is a bit longer compared with last year’s days on the market of 66.
Highest price closed: What was the price paid for the highest sale in July? This year’s highest-priced home closed in July was $2,000,000 compared to 2022’s July of $1,350,000.
What do I do with this information? Ultimately, your housing needs trump the interest rates, the market inventory, or where your job may take you. The above information, combined with your trusted real estate agent and local lender, can help give you an idea of how long your home may be on the market should you choose to sell.
Finally, you’ll want to 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 August 3, 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
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5 Responses
While not as crazy as the previous 2 years, homes that have been properly prepped, photographed and marketed are still seeing multiple offers. I feel that we are seeing more than typical number of homes being listed for July and August. While everyone’s been sitting around expecting interest rates to drop, housing prices have continued to increase in the Niceville area. Buyers have been able to negotiate for closing cost assistance, but in general it is still very much a seller’s market!
I agree Cindy. It is still very much a sellers market, at least in our hyper local market. With low inventory and being in a coastal area our demand is as high as ever. Homes that are prepped to sell are still moving FAST!
Home prices locally and nationally are higher this summer than they were last summer while interest rates and the cost of insurance continues to rise. These are not forever issues though but currently keep some potential buyers on the sideline. If home prices are rising through less than ideal interest rates and insurance woes, what will they do when rates come down and insurance becomes more attainable/affordable? Buyer beware, if you’re sitting on the sideline waiting for home prices, interest rates, and insurance to come down, you’re future self is going to be very frustrated with your current self for making that decision. Buy now ahead of what will more than likely lead to an even stronger sellers market and rising home prices when the cost of the money and home owners insurance comes down. As with everything home prices are a supply and demand issue. Supply is not meeting demand and as costs come down in the years to come, there will be even more demand on the limited inventory we have now.
Well said!
I do not expect interest rates to fall any time soon. I believe the Fed will tack on another .25% due to the strong jobs market and union pressure for increased wages.
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