The term Due North is often related to a compass, a guide in one’s life. Today, I’m using it as a real estate guide.
The indicators are clear, the reports have turned favorable, and many markets are headed up, especially the Emerald Coast of Florida, which includes Destin and the Beaches of South Walton 30a.
It’s a turnaround from what was once only going South…..now appears to be headed North. Our monthly Life at the Beach newsletter continues to show you the stats, and reports I’ve read recently out of UF in Gainesville is that we found the bottom in 2011. We have been stable since.
I certainly won’t ever suggest you make a purchase if you are not comfortable, but if you want to own a piece of paradise, I would drive South to our area, before the prices go completely North. You never know where the bottom is until it’s gone………
Let’s take a look at the August 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 2108 homes on the market. Of those ONLY 11% are distressed (short sales or foreclosed properties). In the same stretch we have only 1427 condos on the market with only 7% being distressed.
Now let’s glimpse at some of the individual areas. There are more in depth statistics by area in our Life at the Beach newsletter.
Destin, SanDestin, & Miramar Beach homes:
7.8 months supply of inventory. Selling at 6.5% off list price. In August, 39 of the homes sold obtained loans, and 9 paid cash (averaging $500K).
30A homes:
12 months supply of inventory. Selling at 4.6% off list price. In August, 18 of the homes sold obtained loans, and 17 paid cash. Also of those sold, 39 were short sales or foreclosures.
Navarre & Ft Walton Beach homes:
5 months supply of inventory (Seller’s market indicator!). Selling at 3.8% off list price.
Niceville homes:
4 months supply of inventory (Seller’s market indicator!). Selling at 1% off list price.
Destin, SanDestin, & Miramar Beach CONDOS:
10 months supply of inventory. Selling at 9% off list price. In August, 25 of the condos sold obtained loans, and 54 paid cash (averaging $323K).
30A CONDOS:
6.4 months supply of inventory. Selling at 9% off list price. In August 15 paid cash. The cash sales commanded a higher price point average than the others.
Navarre Beach and Ft Walton Beach CONDOS:
13 months supply of inventory. Selling at 9% off list price. In June, 6 of the condos sold obtained loans, and 20 paid cash.
If you would like a copy of our Life at the Beach newsletter please send either of us an email or text:
Robbie Fenn RobbieJFenn@gmail.com 850-496-2150
Lisa Norton Lisa@LisaNortonRealEstate.com 850-621-4525
