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 May, 2016.
Destin Home Sales
Destin home sales in May 2016 reflected an active market with almost $30,000,000 in sales volume. The average price was $596,972 and houses closed at an impressive 94% of selling price. Sales of luxury homes on 30A have been red hot with median prices approaching $2,000,000 in both Rosemary Beach and Seaside. WaterColor was extremely popular with 55 homes sold at a median price of $1,275,000. WaterSound came in at a close fourth with 37 sales averaging only 97 days on the market and closing at 98% of the asking price.
North of 30A, Niceville sold 80 homes at 98% of the list price and averaging less than two months on the market.
Most Expensive Home Sold: $5,437,500 for a gorgeous 6-bedroom, Gulf front home in the Village of White Cliffs, Santa Rosa Beach.
Least Expensive Home Sold: Contemporary West Destin home sold for $205,000 - $5,100 OVER THE ASKING PRICE!
Destin Condo Sales
Destin saw considerable activity in the condo market with a total of almost $20,000,000 for 55 units. The median price was a moderate $295,000. The sheer volume of mid-priced sales made up for a quieter luxury market.
Most Expensive Condo Sold: $1,795,000 for a Gulf shore penthouse in Signature Beach, Destin.
Least Expensive Condo Sold: $96,000 for a 1 bedroom condo at Sterling Sands, Destin
Destin Land & Building Lots
Land sales were brisk as predicted, with 33 in total along the Scenic 30A Highway. Lots sold on east 30A totaled almost $7,500,000 and averaged 93% of asking price. But, properties along the west 30A saw only 69% of their asking price; this suggests that they were priced to high from the get go.
We couldn't keep up with the requests for waterfront condos this May, the sales volume in Destin alone was $12,445,000. List to sale percentages all along the coast were upwards of 94%. Both single-family homes and waterfront condominiums exceeded May 2015 sales.
Expect continued upward pressure on prices as buyer demand remains strong and inventory levels decrease. We are in a market that favors sellers and I don't see this changing anytime soon.
What Does This Mean for Buyers?
There is still value to be found, especially in the Destin area. Homes on Holiday Isle provide easy access to the Gulf and come with boat slips while Crystal Beach homes generate tremendous rental income. Lots are also slightly undervalued relative to resales. If you have time to build, this can be a great option.
Offers - If you see something that you like, that has just been listed, be quick and aggressive with the offer. Otherwise someone else will have it under contract while you are thinking about it.
How Sellers Can Get the Most From This Market
The market slightly favors sellers right now. However, much of the advantage is wasted when list prices are set too high. The carrying costs simply eat up the extra buyers' premium. At current demand levels, your home or condo should sell within 60 days. If it doesn't, you are priced too high.
Keep an eye out for increasing supply which can influence buyers' actions.
Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD
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