There is a lot of variation by area even in the panhandle. For example, Tallahassee's median sales price only rose 2% whereas homes in Fort Walton Beach gained 20% on average.
Resales increased in October despite the beating that Pensacola took from Hurricane Ivan, says Julia Harbols, president of the Pensacola Association of Realtors and a broker-associate with Eric Gleaton Realty Inc. "Following the hurricane, many people are still dealing with homes that were destroyed or need extensive repair, rentals are scarce and hotels are booked," she says. "Inventory is very tight, but our demand also remains high. Many of our residents are able to afford to buy a second home, which is what they're doing, so they can live in that home now and either keep it for an investment property or sell it when they're able to complete repairs."
There is no evidence yet of the effect of hurricanes, higher home insurance rates etc. on the real estate along the coastline. We will watch coming Hurricane seasons closely and see if there will be any fallout on the real estate market.
