A quick and concise reference to learning and understanding the real estate market trends in Destin, Florida
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.
Average Home sold in Destin for January 2014: $420,729 | Median Home sold in Destin for January 2014: $363,000
Homes in Destin that sold in January 2014 sold for about 95% of listing price on average, which is typical for a strong market.
While overall sales dipped slightly year-over-year, median sales prices grew 5.7% and new listing prices were up about 1/2 of 1%
CONDOS & TOWNHOMES
Average condo/townhome sold in Destin for Jauary 2014: $312,742 | Median condo/townhome sold in Destin for January 2014: $245,750
Condo/Townhomes in Destin that sold in January 2014 sold for about 92.5% of listing price, which is typical for a strong, improving market.
Year-over-year, sales figures were up in January for number of units sold and overall volume sold. In January, fewer new condo and townhome listings hit the market, yet average new listing price was about 2% higher on average than 2013.
THE MARKET AS A WHOLE
The residential real estate market as a whole for Destin in January 2014 saw inventory levels drop, average sale prices increase 12% year-over-year, as well as average list prices increase about 6% year-over-year. In January 2014, the absorption rate was about 9.8 down from 11.21 this same time last year. As inventory and absorption rates drop, property values will continue to increase as the higher demand than supply prevails.
Throughout the end of 2013 and throughout January 2014, new home construction has continued to grow, developers have been active, and home sales have outperformed expectations and figures from last year nearly across the board in terms of home sales price, home value, and new listing prices. These are all indicators of a market that is prime for real estate buyers and sellers.
– Custom home building is popular, with much construction in South Walton and Destin
– Distressed properties are being bought up by investors, who are re-introducing renovated homes onto the market.
– The high-end market is very active
In a 5 year analysis, January 2014 has proved to have gained significant stability since 2009, but underperformed number of units and volume sold for January 2013. This could indicate that low inventory levels are beginning to show as home equity levels continue to creep higher.