This Destin real estate update gives you a snapshot of home, condo and land sales in Destin FL and the surrounding Emerald Coast areas for January, 2016.
Destin home sales decreased slightly when compared to last year. However, much of the change can be attributed to new lending rules that delayed up to 20% of our closings. While the average sales price in Destin was $888,000, over half the homes sold, closed below $443,000.
Most Expensive Home Sold: $6,200,000 for a beautiful beachfront home in Destin
Least Expensive Home Sold: $100,000 for a log cabin in Santa Rosa Beach
Destin condo sales decreased slightly as well but remained strong overall. Inventory is extremely low providing buyers with few options. Destin is by far the largest condo market in the area and saw average sales prices $293,099 while sellers were willing to negotiate about 6% on average.
Most Expensive Condo Sold: $1,650.000 for a gorgeous condo in WaterSound.
Least Expensive Condo Sold: $82,900 for a 1 bedroom condo on Holiday Isle.
Sales for Destin building lots were most active along 30A where 18 lots sold. Sellers are holding firmer to list prices though. as the average lot sold for only 5% less than list. With home prices exceeding the cost to build in many cases, we can expect Destin land sales to remain brisk this year.
Waterfront sales in Destin, including homes and condos located on the harbor, sound, bayou, or gulf were up from last year. Bayfront homes in Fort Walton Beach were particularly strong with 4 homes selling.
After a record breaking 2015, we are off to a good start in 2016. With inventories low, buyers will need pay careful attention to new listings and be prepared to make aggressive offers. Sellers will want to keep a watchful eye on inventory and buyer traffic, and be prepared to adjust prices, or consider concessions when negotiating offers.
Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD
We'd love to hear what you thought of our service, please don't hesitate to send us your comments.