|Welcome to another review of market activity in the 30A, Destin, and Miramar Beach/Sandestin areas.
30 year mortgage rates are at a low average of 3.82% and housing sentiment is at a 5 year high which is a good omen for real estate sales moving forward. Analysts predict the Federal Reserve will cut rates again this year, another positive influence on real estate sales. Generally, as the stock market wobbles investors will move from higher risk stocks to bonds, gold and real estate looking for more stable safe havens. With this along with trade issues although the economy may take somewhat of a hit (who knows by how much), real estate could benefit.
Our coastal market just won’t quit. May was a great month with strong closed and pending sales numbers in certain sectors but more or less just steady across the board.
30A East had 110 closings vs. 116 and 106 pending vs.103 compared to May, 2018. Median days on market fell 40.45% year-over-year and is down 22.31% year-to-date. Properties on 30A East are selling faster. Active listings are just about where they were this time last year, down a slight 1.5%.
30A West had 54 closings vs. 53 and a whopping 56 pending vs. 39 compared to May, 2018. Median days on market however rose substantially by 85% and for the year is up 37.88%. So interestingly, sales, especially pending, are strong yet it is taking longer for listings to move. Active listings are way up by 24.2% year-over-year and this potentially is impacting days on market with more choice as buyers take time to evaluate options.
Sandestin/Miramar Beach had 120 sales vs. 115 but pending fell from 117 last May to 97 this May. Median days on market are up to 64 days vs. 44 but still that is a pretty low days on market. For the year it is taking 84 days to sell against last year’s 65. All in all, not bad at all even though last year seems sizzling comparatively. Active listings are down year-over-year by 15.2% and for the year have fallen by 11.4%. This diminution of listings could be impacting buyer choices driving pending sales down as buyer’s choices are limited.
Destin had a big jump in sales, from 127 last May to 144 this May. Pending numbers are almost identical with 124 vs. 125. Median days on market nose dived by 29.82% year-over-year and for the year are down 29.87%. Active listings are almost even year-over-year and for the year.
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!