Our real estate market continues to rock and roll with most meaningful metrics pointing in a positive direction. We know through history that booms ultimately turn to busts whether it be the stock market, commodities, gold, silver or tulips what goes up…..must come down. This is simply a fact of life but is this a boom, or simply steady healthy growth? Our market has certainly been going up for a few years running. When I look at the continued upswing in median and average prices it is impossible to ignore continued appreciation year-over-year each month, however, one number that jumps out is that of absorption rate, or inventory. Our inventory continues to be relatively low and consistent without sellers rushing to market. This tells me unlike the last cycle in 2006-2009 buyers are purchasing one property as a second home because they want a place at the beach, not multiple properties with an eye on flipping and many pay cash. This makes for a more stable market. All this said, if you are buying you may not want to sit on the sidelines too long until you get priced out of the home you’d really like to have. You can look below at each area or your favorite planned community for more specifics but following is the snap-shot:

30A East:

• Absorption rate dropped 12.61% to 7.83 months of inventory.
• Median list price jumped 9.79% to $1,150,000.
• Median sale price rose 4.62% to $751,986.
• Median days on market fell 38.03%

• Absorption rate fell 15.76% to 7.27 months of inventory.
• Median list price rose 13.40% to $736,500.
• Median sale price dropped 4.78% to $517,500.
• Median days on market dipped by 56.25%.

July Market Report Sandestin Destin