Welcome to Another Review of Market Activity in the 30A, Destin, and Miramar Beach/Sandestin Areas.
Interest rates are low and activity, especially purchases of new construction, has picked up throughout the country as a result. The China trade issue continues to loom along with a drop in manufacturing numbers and a weaker world economy but real estate is steady, albeit measured. This is good, no need for peaks and valleys in real estate.
Our market continues to mirror that steady trend with reasonable numbers, i.e., no extremes. Monthly we go up a little, down a little depending on the specific area but no major hiccups. I always try to find at least one nugget in the numbers that tells me something compelling about the direction of our market. The nugget of the month is absorption rate, and I plan on keeping a keen eye on this metric in the foreseeable future. Absorption Rate is the rate at which homes sell in a particular given time period. This month, absorption rate across the board in all four of the major areas is strongly trending toward a buyer’s market. Typically anything over 20% favors sellers, and below 20% is favorable to buyers. We are not only below 20% but significantly below. You can see each below along with other important metrics.
30A East Snapshot (Year-over-year):
- Sold: 19.2% decline
- Pending: 29.2% increase
- Active Listings: 2.5% decline
- New Listings: 5.8% increase
- Absorption Rate: 12% (rate homes are selling) = favorable to buyers
- Median Sale Price: 21.81% increase
30A West Snapshot:
- Sold: 10.3% increase
- Pending: 6.2% decline
- Active Listings: 10.8% increase
- New Listings: 9.6% decline
- Absorption Rate: 14% = favorable to buyers
- Median Sale Price: 29.95% decline
Miramar Beach/Sandestin Snapshot:
- Sold: 14.6% decline
- Pending: 2.4% decline
- Active Listings: 8.3% decline
- New Listings: 20.5% decline
- Absorption Rate: 12% = favorable to buyers
- Median Sale Price: 16.41% decline
Destin Snapshot:
- Sold: 6.9% increase
- Pending: 4.2% decline
- Active Listings: 8% increase
- New Listings: 25.5% increase
- Absorption Rate: 16% = favorable to buyers
- Median Sale Price: 8.82% increase
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!
