Welcome to another review of market activity in the 30A, Destin, and Miramar Beach/Sandestin areas.
On the East end of 30A, year-over-year inventory is slightly up by 2.34% while median price dropped by 10.22%. Closed sales fell 21.6% and pending sales are down 10.3%.
For the West end of 30A, inventory exploded upwards by 31.38%, median price fell 3.24%, closed sales rose 2.9%, and pending sales are up 13.5%.
Miramar Beach/Sandestin inventory saw a 20.62% decline in inventory, a 4.22% drop in the median sale price, a 3.6% fall in closed sales and an 11.1% tumble in pending sales.
Destin inventory contracted by 5.14%, median sale slipped 3.42%, closed sales plummeted 29.9%, and pending sales slipped 6.9%.
In the context of our market and the economy nationwide, what does this picture make? The economy continues to show strength (at least in the U.S.) but real estate markets throughout Florida that have experienced strength for some years running are starting to stabilize (not go backward). The general thought in real estate by the “experts” is that the market will continue to taper on the price side, and inventory will start to loosen up a bit such that prices will become a bit more competitive; not a seller’s or buyer’s market, but balanced. That said, the general consensus also is that prices will rise up to 5% per year over the next 3 years, so we aren’t talking about a drastic fall in pricing as there is no reason that should happen. Buyers over the past 7 years are generally well funded and stable unlike buyers of the mid-2000s were in many cases, and interest rates continue to stay low.
Below you’ll find more detail in your favorite areas and planned communities.
As always, our goal in sharing this data with you is to create a better understanding of trends, local and the broader economy, affecting our unique housing market. We hope you find it to be a valuable resource, and we look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the 30A, Destin, Miramar Beach/Sandestin market, please do not hesitate to reach out to me at 850-376-3269. We love talking real estate!
