Welcome to another review of market activity in the 30A, Destin, and Miramar Beach/Sandestin areas.
If you are waiting for prices to drop proportionately to levels of the 2008 meltdown, or even close, you’ll likely be disappointed. Some buyers seem to be waiting for recession like home price plummeting, but investor/flippers just aren’t driving this market so the likelihood of that happening is remote. Look for smaller appreciation, albeit appreciation rather than prices moving backwards moving forward.
Pricing in some parts of the country seem to signal a potential bubble but the usual signs of oversupply, more investors entering and loose credit standards are not present in today’s market.
Supply shortage coupled with strong demand is spurring price growth on the 30A corridor to Destin rather than speculative buying. Speculative investors purchase intending to profit often in the short term which played a role in the housing crisis. Our market is robust with end users, not speculative investors.
The truth is, supply is not keeping up with demand with builders focused mostly on the high end market. Limited options will support price increases. Coupled with tighter credit and borrower guidelines any threat of a housing bubble is unlikely.
30A closed sales jumped substantially along with pending sales (those to be closed in 30-45 days typically) while median prices mitigated just a bit year-over-year for the month of June. Miramar Beach/Sandestin and Destin closed sales and pending fell year-over-year while the median price increased.
Below you’ll find more detailed numbers 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!