July and 2013 Year-to-Date Statistics
Destin, Florida real estate market
After a busy and successful July that seemed to fly by, the dust has settled, and the numbers are ready to be revealed. Over the past 12 months, the real estate market has shifted into high gear after the recession and following slow(er) season, revealing a market that buyers and sellers can be confident in. In July, a slew of statistics are available to prove the worthiness of the July 2013 market over the previous July. In July, realtors also saw an unprecedented number of cash investors pick up property in Destin (over 50% of sales) and large increases of buyers in the upper-middle class, with a 150% increase in home purchases in the $500,000-$550,000 range. The multimillion dollar market has also been hotter than the previous year, with wealthy individuals purchasing about 65% more properties above $1 million.
It is also significant to note that while the overall number of sales increased by 16% July 2013 over July 2012 and 12% YTD, the sales volume for July 2013 was nearly double that of July 2012, $50.5 million vs. $26.1 million. This serves as a profound testament to a recovering market Destin real estate market. Annually, statistics in Destin prove that: More homes were sold, home sales increased $220,000, and sold over a month faster!
2013 vs. 2012
Is the market really better?
- In July 2013, the closed sales volume was nearly double that of July 2012. 2013= $50,572,620 2012=26,173,790
- July 2013 yielded 91 sales vs 78 sales in 2012
- Currently, the market is holding an inventory of 688 parcels or about 7.58 months of inventory. The same time last July, the market was holding 929 parcels, or about 11.91 months of inventory – a huge difference.
- Year-to-date, 2013 has produced 618 sales vs 552 at the same time last year. Annual ~12% increase. (combined residential)
- Average sold price per square foot as of July 31,2013= $238, that number was $173 last year.
- Average days on market has dropped from 211 in July 2012, to 172 in July 2013
Across the board, 2013 has out performed the market of 2012, great news for homeowners and home buyers in Destin, Florida. As a knowledgeable and experienced Realtor, I strive to provide all of my clients with all of the tools necessary to create a favorable and enjoyable home-buying, home-selling, or investing experience.