|Welcome to another review of market activity in the 30A, Destin, and Miramar Beach/Sandestin areas.
The four major areas, 30A East, 30A West, Destin and Miramar Beach/Sandestin continue to experience somewhat low inventory levels which inevitably will have an effect on closed sales, pending sales, and pricing.
30A East inventory fell slightly by 2.7%, median price dropped 9.44%, and closed sales fell 3.5%. Pending sales are down 3.3%. Active listings fell 4.5% but new listings jumped 14.1% so maybe we will see an increase in inventory on 30A East moving forward.
30A West inventory is actually up 16.16%, median price rose 36.09%, closed sales fell 34.02%, pending sales are down 27.8%, active listings rose 10%, and new listings dropped 3.7%. As price points are lower West end vs. East and with less traffic possibly buyers are seeing the value.
Miramar Beach/Sandestin inventory levels fell 12.61%, median price is down 6.94%, closed sales are 25.6% lower, pending sales are up 2%, active listings fell 3.6%, and new listings dropped 19.7% adding more pressure to inventory, and this is the first major drop in closed sales I’ve seen here in a long while.
Destin inventory fell 15.22%, median price rose 44.38%, closed sales plummeted 30.1%, pending sales are down 11.3%, active listings dropped 8.6%, and new listings fell 7.2%.
The constant theme seems to be low inventory in most areas but it seems prices continue to moderate to some degree, yet new listings in most areas are not exactly propping up hope of an increase in inventory in the foreseeable future. The jump in interest rates end of 2018 likely has something to do with a slowing in sales, especially pending sales.
With unemployment a very low 3.8%, interest rate drops from the end of last year, and a U.S. new housing starts increase of 18.6% in January along with general high consumer confidence it seems all we need is a China trade deal to get things moving upwards again in high fashion. Interestingly, 1 out of 9 mortgages are originated in Florida out of all 50 states, with Florida leading the way in home purchases right now.
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. I we love talking real estate!