Local real estate market takes another dip

source: www.thedestinlog.com

November 05, 2010 11:00 AM

Although it’s no longer making national headlines and further derailing the Emerald Coast’s booming tourist season, the Deepwater Horizon Oil Spill is still having an impact on the real estate market along the coast. According to statistics released by the Emerald Coast Association of Realtors, sales along the Emerald Coast for September were down two percent, with single family residential sales down approximately 10 percent, when compared to September 2009.

“According to the September sales statistics, sales were up in South Walton County and Crestview despite low tourism and traffic caused by the oil spill,” said Mary Anne Windes, ECAR president.

South Walton County and Crestview sales both increased by 10 percent over last year. Destin was down 10 percent; Fort Walton Beach was down 15 percent; and North Walton County was down nearly 20 percent.

Even with the less-than-stellar real estate sales across the area, a definite bright spot was in condo sales. Across the Emerald Coast, condo sales were up 15 percent in September when compared to 2009. Both Fort Walton Beach and South Walton County saw an increase in condo sales.

“With the oil/media crisis behind us, many consumers are regaining confidence in our (South Walton) market,” said Marilue Maris, Realtor with ResortQuest Real Estate. “So many buyers were ‘on the fence … waiting.’ They are now writing up offers and making purchases of a lifetime.”

While some of the immediate effects of the oil spill are no longer noticeable and the nation has moved on to a newer story, the residents of the Emerald Coast will not forget the impact the oil spill had on our area, in all facets of life. Like every other industry, the real estate market will recover, stronger and better than ever before.

“The real estate market seems poised now to put the oil spill behind it and move forward with the promise of a strong finish, much like the first of the year started out,” said Windes, broker/owner of The Real Estate Professionals of Destin.

This article was contributed to The Log by the Emerald Coast Association of Realtors.