The 30A, Miramar Beach, and Destin real estate markets continue to hum along with no appreciable fall-out in sight. The best word to describe the market is steady. And that is good. We’ve certainly seen strong appreciation since 2013 post downturn and in some pockets, Rosemary Beach, Gulf Front, and Alys Beach, prices are back to the peak of 2006. Unlike the 2006 peak, however, price jumps aren’t based on irrational exuberance, i.e., unfettered lending, fraud, and securitized loan debentures. In fact, the majority of high-end luxury purchases are cash and even the safest borrowers are highly scrutinized by lenders before loan approval. So it’s a different market even though prices have risen, a safer, more sane market. If you are interested in owning a second home on this coast waiting for prices to drop is likely a futile plan of action. I seriously doubt backward motion is happnin’. Prices should continue to rise if even just slightly in a healthy way.
SNAPSHOT
30A/Sandestin/Miramar Beach
- Median sale price is up 2.79% YTD 30A East.
- Median sale price is up 12.87% YTD 30A West.
- Median sale price is up 9.58% YTD Sandestin/Miramar Beach.
- Median sale price is up 4.41% YTD Destin.
- Inventory is down 15.75% YTD 30A East.
- Inventory is down 26.48% YTD 30A West.
- Inventory is down 18.31% YTD Sandestin/Miramar Beach.
- Inventory is down 20.89% YTD Destin
- Sales Volume is down 0.8% YTD 30A East
- Sales Volume is dead even YTD 30A West
- Sales Volume is up 16.8% YTD Miramar Beach
- Sales volume is up 12.5% YTD Destin
As you can see, prices are still up for the year and we continue to fight a shortage of inventory. Sales volume is steady and strong in general.
