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

HOMES

Homes in Destin dipped year over year in overall number of sales and average sale price, while the median sale price increased nearly 10%. These numbers align with Destin’s low inventory levels and absorption rate.

Average home sold in March 2014: $487,000

Median home sold in March 2014: $406,000

Average days on market before sale: 124

 

Homes that sold in March 2014 sold for about 95% of listing price on average, indicative of a healthy market.

At the end of March 2014, about 8% of the home real estate market were distressed properties

CONDOS & TOWNHOMES

Average condo/townhome sold in March 2014: $392,500

Median condo/townhome sold in Destin for March 2014: $285,000

 Average days on market before sale: 148

 

Condo/Townhomes that sold in February 2014 sold for about 93.5% of listing price, indicative of a healthy market

At the end of March 2014, about 4% of the condo/townhome real estate market were distressed properties

INVENTORY LEVELS

In March 2014, sales numbers have coincided with low inventory levels.

– Absorption rate: Destin-10.1 Months     Miramar Beach-12 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

– New Construction

– Luxury Market is hot

– Multiple Offers within two weeks on distressed properties

– Development activity has been increased substantially

DEVELOPMENT ACTIVITY

– Widening of highway 98 to six lanes (Partial)

Four-way stop at Marler Street and 98

The Destin Commons announces opening and stores

Norriego Point Restoration

– Cross City Connector

– Royal Melvin Heritage Park

– Restaurant Row (Calhoun Ave)

SUMMARY

A popular vacation destination and coveted place to live, Destin, Florida is a small town, limited in size by the surrounding bodies of water. Due to this lack of excess land, Destin is experiencing healthy developer activity and a renovation “boom” across the older parts of the area. In the coming  months and years, we will see numerous development and re-development activity across the area break ground to improve and beautify Destin.

As interest rates remain low, and home equity levels grow at a healthy pace, I encourage you to look at the opportunities available to live, invest, and retire in Destin and South Walton.

 

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“This real estate information includes the cities of Destin and Miramar Beach (less Sandestin Resort) to give a more complete picture of the local real estate market. For hyper-local trends and statistics for individual communities, please call/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.