A quick and concise reference to learning and understanding the real estate market the Destin, Florida area*

Currently, the real estate market is very active and property values are improving at a steady pace. In January 2014, we saw median home prices rise nearly 6% year-over-year with the hottest sector of the market being the $250,000 – $500,000, with the $500,000 – $750,000 and $1M+ homes staying very active as well.

HOMES

Average Home sold in February 2014: $482,177   |   Median Home sold in February 2014: $387,500

Homes that sold in February 2014 sold for about 93% of listing price on average

CONDOS & TOWNHOMES

Average condo/townhome sold in February 2014: $360,000   |   Median condo/townhome sold in Destin for January 2014: $259,000

Condo/Townhomes that sold in February 2014 sold for about 92.5% of listing price.

INVENTORY LEVELS

In February 2014, inventory levels have continued to drop as land becomes more and more scarce. As inventory drops, property values have increased year over year 10+%

– Absorption rate: Destin-9.8 Months     Miramar Beach-15 Months

Definition of ‘Absorption Rate’ – The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per month. The figure shows how many months it will take to exhaust the supply of homes on the market. – Investopedia.com

MARKET TRENDS

– As land becomes more scarce, developers and contractors have been very active

– Custom home building is popular, with much construction in South Walton and Destin

– Distressed properties are often under multiple offer terms, with investors very active at every price point.

– The high-end market (above $750,000) has proved to be very active

DEVELOPMENT ACTIVITY

While some (if not all) are still looking for final approval, these are a few developments on the horizon:

– Widening of highway 98 to six lanes (three each side) from Airport Rd to Tang-O-Mar (Miramar Beach)

Four-way stop at Marler Street and 98

The Destin Commons announces opening and stores

Norriego Point Restoration and Cross-City Connector

SUMMARY

As inventory drops, property values steadily increase, and interest rates remain low, now is a great time to be active in the Destin real estate market. If you are a buyer/ investor interested in receiving foreclosure lists or properties within your budget range, please contact me for more information. If you are a homeowner or property owner interested in listing your property with a dedicated and hard-working real estate agent, please contact me for more information on how I will work to list and sell your property.

 

Interested in Buying (or Selling) in Destin? Contact me for more info!

 

“This real estate information includes the cities of Destin and Miramar Beach to give a more complete picture of the local real estate market. For hyper-local trends and statistics for individual communities, please email me. This information is intended to be helpful to buyers and sellers, and should be supplemented with a good dose of common-sense and due diligence. 

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