Destin Real Estate
Destin Real Estate Statistics
Destin Real Estate prices on average are up, but median is down as absorption rates dropped to 9.81 months of inventory vs. last year’s 11.4 months of inventory at this time of year. Destin is definitely a buyer’s market right now although average sale prices have increased.
Average list price is up 5.62% year-over-year to $730,399 from last year’s $691,560 and up 2.57% to $698,506 from last year’s average of $681,005 while average sale price about mirrored these percentage increases with a January jump of 4.71% to $472,577 and year-to-date upward swing of 4.68% $472,451.
Median list price in January bumped up 13.58% to $539,500 from last year’s $475,000 and for the year grew 8.73% to $500,000 from last year’s list price of $459,850. Median sale price is the outlier story here though with prices plummeting by 24.64% in January to $263,750 from last year’s $350,000 and year-to-date is down 25% to $262,500 vs. $451,326 in 2015. This is an alarming number and a sign that buyer’s are pushing back on sellers.
Another encouraging market metric for this month is days on market as the average dropped 24.88% to 157 days from last year’s 209 days while the median days on market diminished by 29.58% to 100 days so inventory is moving faster hence the drop in months of inventory available.
Closed sales volume dropped 20.6% with 50 closings in January vs. last year’s 63 and the pending pipeline was 10 less for a an 11.4% decrease with 78 pendings vs. last year’s 88.
Active listings for the month of January were 808 while 2014 had 870 listings at this time and for the year are 933 vs. last year’s 980 in Destin Real Estate for a 4.8% downtrend. New listings were 113 vs. last year’s 117 for a 3.4% diminution.
We can see sales volume dropped but so has new listings coming to market so this is why absorption rate diminished. The number that jumps out is median sale price. Will this trend continue or is this a blip?
|Jan-16||Jan-15||% Chg||2016 YTD||2015 YTD||% Chg|
|Average List Price||$730,399||$691,560||5.62||$698,506||$681,005||2.57|
|Median List Price||$539,500||$475,000||13.58||$500,000||$459,850||8.73|
|Average Sale Price||$472,577||$451,326||4.71||$472,451||$451,326||4.68|
|Median Sale Price||$263,750||$350,000||-24.64||$262,500||$350,000||-25.00|