Destin FL & Vicinity Condo Market Update
Southern half of
Santa Rosa, Okaloosa, and Walton Counties
July 2014 -- With 2011 already the record books as a great year
for our local condo market, the first two months 2012 indicate a continued
trend toward additional condo market gains. Buyers continue to take
advantage of record low prices and interest rates.
Condo Sales Hit
7 year high. Charts to the right
illustrate the number of condo sales in January-February this year
compared the same period each of the previous 9 years. Condo sales in January-February
this year rose 30% compared to January-February last year. The last
time condo sales were higher was January-February 2006.
Condo Inventory Hits 8 year low. The total number of
condos for sale as of March 1 was 1,639 units. The number of condos
for sale has not been this low since November 2004 when sales rose to record
highs and absorbed most available condos for sale. Condo inventory has
been in decline since the July 2006 when the condo inventory hit its all
time high of 5,047 condos for sale.
Effect of Inventory on the Condo Market. Lower inventories and continuing low interest rates are beginning to nudge prices upward.
Sales are up, but what about prices? Condo prices which
had fallen have now stabilized largely due to the increased number of buyers
and the shrinking inventory. Continued low interest rates and falling
inventory will likely come into play this Spring and begin to lift prices
slightly. Condo Inventory is at a 8 year low. Number of buyers at a 7
What about distressed property - increasing or decreasing?
Bargain basement distressed inventory is noticeably thinning and a rise in
price seems inevitable, especially in the condo and second home markets
where buyer pressure is strongest.
fueling the condo market Recovery? Buyer polls show that condo
sales are being fueled by the combination of three economic factors: 1)
deflated condo prices; 2) Record low interest rates; and 3) increase in
overall gross rental revenue as evidenced by the uptick in Okaloosa and
Walton county bed tax collections
Condo Foreclosures - What to Expect
Expect your offer to be one of several being considered.
It surprises some to hear that there are only 14 condo
foreclosures (as of March 13) along the 20 mile stretch of beach between
Fort Walton and Sandestin Resort. Only 4 are located within a
gulf front complex. Others are still near the beach but more
Many condo foreclosures sell at-or-above list price.
With so few foreclosed condos, buyer pressure is high and
multiple offers are typical. For this reason, 50% of all condo
foreclosures sell at or above list price. Hone expectations
Make sure you understand the challenges. Please
call us if you'd like additional info with respect to what to expect
when making an offer on a foreclosed condo.
We Appreciate your Business
We'd appreciate an opportunity to earn your business.
Buyers searching for bargains will be successful if they do their homework.
Although true bargains are scarce, smart buyers teamed with a great Realtor
team can find the right fit. We're here to help if you need us!
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