Like other communities on this beautiful stretch of Highway 30A, Seacrest Beach's housing market has experienced some changes over the past few years. However, the area's incredible amenities support local real estate prices and have helped it bounce back strongly from a difficult period. As indicated on this graph, housing prices and transactions jumped to their most robust levels since the mid-2000s in 2013 and the first quarter of 2014.
Rosemary Beach is blessed to have a deep lineup of architecturally unique, expertly designed homes, many of which boast Gulf views or occupy Gulf front property. While this is welcome news for prospective home buyers in the area, it makes the pricing of these diverse, exclusive homes a bit less predictable than in less distinctive developments. It's difficult to arrive at an "average" home price for Rosemary Beach. To a certain extent, the area's pricing is more art than science.
Between the years 2007 to 2010, the prices of homes in Seacrest Beach dropped approximately thirty percent. However, the rate of decrease in average cost per square foot leveled out in 2011 and 2012. It is hopeful that the sales from early 2013 are a sign of a rising real estate market.
Of the eleven homes sold in Seacrest Beach in 2007, the average cost per square foot was $281. While the amount of homes sold in 2008 tripled, the average cost per square foot dropped nine percent to $256. The amount of homes sold in 2009 dropped to twenty-two, and the average cost per square foot dropped fourteen percent to $224. There were only two more sales in 2010 than in 2009, but even with the minimal increase in sales, the average cost per square foot dropped another five percent to $213.
2012 has seen an increase in new construction, and breaking down the numbers associated with this construction will provide added clarity regarding its pricing. To begin this process, we will compare the cost of a given lot with that of the average house built in Rosemary Beach. The average size of a house in Rosemary Beach is roughly 3,000 square feet. Dividing the price of a lot by 3,000 square feet will therefore yield the average price per square foot of the lot.
This market update attempts to analyze the price of new home construction in Seacrest Beach. To understand the cost of new construction in Seacrest Beach, we'll begin by figuring out the contribution of the housing lot to the cost of the average new home. According to the latest statistics, the size of the average home in Seacrest Beach is around 2400 square feet. We'll divide the cost of the lot by 2400 to compute the price per square foot that the lot adds to the final construction cost of a new home.