Welcome to another review of market activity in the 30A, Destin, and Miramar Beach/Sandestin areas.
The Emerald Coast market continues to show strength in closed and pending sales on 30A both East and West end. Median prices dropped on the East end and moved up West end. Absorption rate (the rate at which homes are sold) moved up a bit on 30A to just under 8 months East and just under 9 months West end. This is looking more like a buyer’s market as time passes each month which is likely indicative of the increase in closed sales as seller’s become more motivated in negotiations.
In Sandestin/Miramar Beach and Destin closed sales volume dropped along with the median price. Absorption rate held relatively steady in both areas around 6 months of inventory, so not a buyer or seller’s market; it’s neutral. Pending sales in both markets are up dramatically so unless many fall out of contract next month’s closed sales numbers should be strong.
Really there is nothing that points to any particular strong trends other than 30A’s absorption rate increase and we will keep an eye on that. Otherwise, everything is steady as she goes in our market.
30A East Snapshot (Year-over-year):
- Sold: 43.9% increase
- Pending: 37.2% increase
- Active Listings: 1.7% increase
- New Listings: 32.3% increase
- Absorption Rate: 4.8% increase
- Median Sale Price: 18.1% decrease
30A West Snapshot:
- Sold: 2.9% increase
- Pending: 125% increase
- Active Listings: 16.7% increase
- New Listings: 27.5% increase
- Absorption Rate: 17.49% increase
- Median Sale Price: 11.2% increase
Miramar Beach/Sandestin Snapshot:
- Sold: 21.8% decline
- Pending: 24.1% increase
- Active Listings: 7.9% decline
- New Listings: 2.6% increase
- Absorption Rate: 0.16% decrease
- Median Sale Price: 16.2% decline
Destin Snapshot:
- Sold: 12.4% decrease
- Pending: 28.4% increase
- Active Listings: 8.2% increase
- New Listings: 8.2% decrease
- Absorption Rate: 13.62% increase
- Median Sale Price: 2.78% decrease
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!
