After several impressive months of housing and home value growth and record amounts of hurricane-less rain, summer 2013 has been a time of success and recovery in the real estate market. If you recall from last month’s review, July experienced an incredible 92% growth in sales volume over 2012, setting up high expectations for August and the rest of the year. So how did August fare?
The Destin Real Estate Market Review : August 2013 Edition
Summary: Historically a strong month for real estate sales, August 2013 did not disappoint, holding steady near $60,000,000 in sales with an average sale price of about $360,000. More impressive, August produced $132.5 million in pending properties and $148 million in new listings – a precursor to what looks to be a promising fall and winter real estate season.
Sales price/list price ratio: 94%
What does this mean? A hot real estate market means that sellers are holding steady on their prices and buyers are perceiving high value. In our market, it is not common for buyers to pay 101%+ for a highly coveted property.
% of cash sale closings: 48%
What does this mean? Cash investors and high profile buyers are entering the market, showing high confidence and reliability in real estate investments.
Average home sale price:
Miramar Beach: $389,000
I’m a buyer, what should I do?
Summary: Do your research, if buying is in the cards for you now, consider it strongly – waiting may only cost you more money.
Whether you are a buyer looking to snatch up that next great fixer-upper, vacation rental, or next home – right now may be the best time to buy a property if you are looking in this decade. With prices rising, interest rates still low, and all the other factors weighing into the equation, some real estate information producers are predicting this to be the best time to buy and hold until after 2021.
I’m a seller, what should I do?
Summary: Do your research and evaluate your home equity. If you’ve owned your home for a long time and looking to upgrade, now may be the time to get your home on the market.
With home values rising and discerning real estate buyers re-entering the market, now could be a great time to cash out on your home or in the case of investment property, perform a 1031 exchange and roll your “profit” into your next investment property. If you purchased your home in the 2005-2007 “height” of the market (and survived the foreclosure crisis), you must come to the realization that you purchased your home in a “bubble” and values will not healthily climb that high again. If you can afford to sell, consider it. If you’ve bought in the past 2-3 years or built your home, send me a quick email for a complementary professional market analysis for your home for a good evaluation of the equity you’ve built in your home.