Northern Florida home sales increase in 2011

Home sales in Northern Florida have already experienced a sharp increase over 2010 numbers, according to the Northwest Florida Daily News.

According to the news source, a report by Metro Market Trends recently released sales figures for January, which showed that the Okaloosa, Santa Rosa and Walton counties all showed increases in both home and condominium sales. 

Single-family home sales were up 35.88 percent, 18 percent and 59.68 percent in Okaloosa, Walton and Santa Rosa counties, respectively. As for condominium and townhouse sales, Okaloosa increased by 41.38 percent, Walton by 21.67 percent and Santa Rosa by 66.67 percent.

Industry specialists, in particular, were surprised by the extent of the improvement in home sales. "I'm out there talking with builders and I’m out there talking with the condominium folks. I knew it was going to be up, but I didn't realize it would be as up as it is," local economist David Goetsch told the source.

Goetsch, like many other economists in areas with improving housing markets, partially attributed improvements to returning consumer confidence, which is sparking residents to take advantage of currently low mortgage rates by moving to new homes.

Though Northern Florida is making a successful comeback, other areas in the state are still suffering. The statewide foreclosure problem contributed to Florida receiving the second-highest economic stress rating in the U.S., the AP reports.
 

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