Whose Market Is It in Niceville and Valparaiso residential Real Estate?

We are officially in July and getting ready to celebrate our country’s Independence Day.

While watching fireworks and grilling our favorite foods let’s digest some of Niceville’s and Valparaiso’s real estate
numbers from June.

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 June of 2023, the average sales price was $537,608. That is approximately 9%
above the year before with 2022’s average sales price of $493,332.

Sale-to-list price: In June of 2022, buyers typically paid 101% of a home’s list price. But, in June of this
year, buyers paid around 99% of the list price – an indication that buyers could be gaining more leverage
in the market.

Days on market: If a seller were to list their house this year and had their closing in June, they saw an
average 68 days on the market which is pretty close to 2022’s days on market of 69 days.

Highest price closed: Curious what the highest priced home sold for in June? This year’s highest priced
home close in June was $1,350,000 compared to 2022’s June of $1,150,000.

‘But national news organizations are saying the market may crash’ (or it may not depend on your news station of choice and what day it is).

It’s important to remember that real estate is a hyper-local industry. What’s happening in California is much different than what is going on in Tallahassee, or even Niceville and Valparaiso. So, whose market is it? Both? Neither? A shortage of inventory gives the seller
the leverage, but with current mortgage rates, and historically low rates still fresh in our memories, mean less buyers actively shopping.

With the lack of supply of homes in the market it seems as though the local sellers still have the advantage, but there are some things for sellers and buyers to consider. While June 2022 versus 2023 showed very similar days on the market the overall average of 2022 versus 2023 is that homes are sitting on the market slightly longer than last year. If rates were to drop it could skyrocket home prices
again. Or, if mortgage rates remain stable or even slightly rise, we could see longer days on market, potentially convincing sellers to adjust their prices to get their homes sold.

*All 2023 data is provided by Flex/MLS as provided by Emerald Coast Association of Realtors and is
deemed reliable as of July 3, 2023 but is not guaranteed and should be independently verified.

Salt and Light Realty

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

a man, smiling.

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