I am sitting at my desk reflecting…..where has this year gone? It’s hard to believe that school is starting, Fall is around the corner, and oh yes football season!! I think it was one of the best summers for getting to see old friends who visited Destin and I’m looking forward to the next few months with the Destin Seafood Festival etc. upon us to visit with even more.
So many people traveled to our area for vacation this year and it certainly was exhibited in our rental occupancies. With that, if you’ve been cautiously waiting for a few years, wondering if it’s the right time to own a piece of paradise, perhaps the statistics might continue to demonstrate the stability of and lowering of distressed properties in our market. Just let us know what you are looking for and we will send a list that meets your desired criteria.
We have several real estate barometers, an instrument that measures or indicates change. One barometer in real estate is absorption rate. This measure is a tool we use to indicate supply and demand.
The absorption rate is how many months it will take to sell a home. The higher the amount of months the more aggressive a Seller must be in market position, the lower the number is less homes for a Buyer to choose from.
As I have shared before, a balanced market is 6 months. Once below the 6 month mark, it begins to become a Seller’s market.
Let’s take a look at July Statistics from the area between Navarre to Panama City and upwards to I 10 – this is about 90 miles of beach east to west and about 30 miles north. This is the majority of the Emerald Coast, which is a large stretch of land.
We have a total of 2933 homes on the market. Of those ONLY 14% are distressed (short sales or foreclosed properties). In the same stretch we have only 1465 condos on the market with only 7% being distressed.
Now let’s look at some of the individual areas:
Destin, SanDestin, & Miramar Beach homes: 9 months supply of inventory. Selling at 5% off list price. In July, 27 of the homes sold obtained loans, and 13 paid cash.
This includes the beaches/areas of Holiday Isle, Crystal Beach, Kelly Plantation, Regatta Bay, Destiny, SanDestin Resort, Tops’l Tennis Village etc.
30A homes: 10 months supply of inventory. Selling at 9% off list price. In July, 28 of the homes sold obtained loans, and 16 paid cash. The 16 who paid cash had an average sale of $1,100,000 but they didn’t get a better deal on average — still 9% off list.
This includes the beaches/areas of Santa Rosa Beach, Blue Mountain Beach, Dune Allen, Gulf Place, Grayton Beach, Watercolor, Seaside, Watersound, Seagrove, Seacrest Beach, Alys Beach, Rosemary Beach etc.
Navarre & Ft Walton Beach homes: 5.4 months supply of inventory (Seller’s market indicator!). Selling at 3% off list price. In July, 79 of the homes sold obtained loans through FHA, VA or Rural Housing, and 16 paid cash. The cash sales averaged $100,000 – investor indicator.
Niceville homes: 4 months supply of inventory (Seller’s market indicator!). Selling at 3% off list price. In July, 25 of the homes sold obtained loans through VA.
This includes Bluewater Bay and Valparaiso.
Destin, SanDestin, & Miramar Beach CONDOS: 13 months supply of inventory. Selling at 7% off list price. In July, 24 of the condos sold obtained loans, and 37 paid cash.
30A CONDOS: 9 months supply of inventory. Selling at 6% off list price. In July 17 paid cash.
Remember, if you know of anyone who is wanting to buy or sell ANYWHERE in the Florida Panhandle, we are the group to help them.
And if you are visiting our area soon, you might want to watch our new real estate TV Show – Life at the Beach on 30A TV, Channel 8.
Life at the Beach, on 30A TV. If you would like to view a segment, please click here:
Life at the Beach TV Show Clip
This has become a fantastic marketing tool for our customer’s property and a great way for our visitors to see what’s on the market and who to call for their real estate questions.