2021 has absolutely started with a bang in the Destin real estate market. We're seeing extremes like never before. Where buyers may have demonstrated some hesitancy in 2020, this year they're all in and showing up in droves. Homes and condos in the Destin area are remaining on the market just an average of 69 days before selling - 62% less time than in 2020!
The Average Sale Price has increased by 43%, depending on the property type. Overall Sales is up 100%. Although the Number of listings have increased by 40%, the Total Active properties are down -21%. While buyers are coming forward, sellers are still sitting on the fence. As a result, inventory is at an all time low, with supply not meeting the demand.
At the time of this writing there were 864 active listings in the surrounding Destin and 30A market, with only 503 under $1 million. If a buyer is looking for a single-family home under $1 million, there were only 235 to choose from. If that home is in Destin, there were only 19.
To put the concept of Supply & Demand in context, here are a few examples just from January to March, 2021:
|Area||Active Listings||# Sold||Under Contract|
How Can a Buyer Succeed in this Seller's Market?
Almost every property is getting multiple offers. With such an active Seller's Market, how can a buyer be successful in today's Destin market?
Some may say that it's pure luck when someone finds a great deal on an even better property. If you look further, you'll probably discover that a lot of work went into that find. Things like, timing, expert advice play a huge role when looking for good deals.
When a promising property comes available, you don't have time to start researching and asking questions - you need to be able to identify it and act quickly. The reality is, there are probably 10 other buyers who've spotted it and are acting on it.
Understanding the price trends in the various Emerald Coast markets will go a long way in helping you make a decision about where you want to live, or whether the timing is right for selling. Start by viewing the following real estate stats from January to March 2021 in the Destin area.
Destin Single-Family Home Sales - January - March/2021
The overall number of sales for Single-Family Homes from January to March/21 was 27% higher than the same time in 2021 (+102% in Freeport, +93% in 30A East). The Total Sales was 93% higher and the Average Cost Per Home was up by 52% (+53% in 30A West, +50% in Destin).
Destin Beachfront Home Sales - January - March/2021
Beachfront homes in Destin and along the 30A were favored by out-of-state buyers as new work-from-home destinations. The number sold increased by 135%, and the Sales Volume by 41%. The average price increased by 41% (+109% in 30A East), and sellers received an average of 96% of their list price.
Destin Condo Sales - January - March/2021
Destin area condo sales also broke records with 80% more units sold than in 2020 (N. Santa Rosa Beach up 150%, and 30A West up 147%). Total Sales were up 120% (+209% in Niceville, +256% in 30A West, and +151% in 30A East). Average prices increased by 21% overall, and sellers received 98% of their asking price.
Destin Beachfront Condo Sales - January - March/2021
Beachfront condos in Destin and the 30A also showed huge gains of 86% for the Number Sold. The Total Sales was up 116% (+265% in 30A West, +165% in Miramar/Sandestin, and +108% in 30A East). Average Prices for Beachfront Condos increased by 16% (+70% in 30A West and +21% in 30A East). Sellers received 97% of their asking price.
Destin Townhome Sales - January - March/2021
Sales of Destin area townhomes and attached single units showed tremendous increases with 36% more sold this year (+180% in Destin, +105% in Miramar/Sandestin, and +100% in Niceville). Sales Volume for townhomes was up 114% (+612% in Destin alone!). The Average Price per unit was up 57% (+154% in Destin, and +84% in N. Santa Rosa Beach). Sellers received an average 98% of their list price.
New townhome development on the Emerald Coast is especially hot this year. You can read more about some of the Exciting New Townhome Projects in Destin, Florida.
How Do You find These Listings? Start by looking in the right places.
Many buyers run straight to Zillow when they're searching for a home. What they don't realize, they're only accessing about 80% of the listings. That's about 20% that are going completely unnoticed. Being in the right place at the right time takes a lot of work. You have to be diligent, checking for new opportunities every day.
The following links will ensure you stay on top of the best prices and the newest listings in your desired market.
a) Price Reduced Listings
Homes and condos in the Destin market are being reduced everyday. These links will display only those properties that have been recently reduced in Destin and surrounding Emerald Coast.
b) Coming Soon
Search the Coming Soon listings and get a jump on Destin homes and condos that haven't hit the MLS. This page gives you an exclusive, sneak preview on soon to be listed properties.
c) New Listings
Save time by checking the latest listings from the past week. Save even more time when you sign up to receive free updates and be notified the moment a new Destin listing in your search area hits the market. Just fill in the Contact Sheet below.
d) New Construction
Getting in on pre-construction or newly constructed opportunities is like investing in the early stages of a promising business. Prices are usually the lowest they'll ever be, and often enticing to ensure sell outs, especially in the case of a condominium or townhouse. Search New Construction Listings in the Destin Area
Enlisting the services of a professional Destin real estate agent has never been more vital then in this current current market climate. An experienced agent is really your best friend in this situation. Their expertise can assist in a number of ways:
1. Critical Advice
When it comes to buying real estate, it just makes sense that getting advice from the experts in the business is going to give you an edge. Use their expertise to learn things like what areas are hot, and which have cooled off to determine where some of the best opportunities exist.
2. Timing Advantage
Imagine receiving notification of relevant properties as they become available (or in some cases before they're listed). Just because of the circles they travel in, many of the local agents are privy to news about available listings and other information the average person may never otherwise hear about. As a buyer, you can benefit from this knowledge.
3. Realistic Pricing Expectations
This isn't the time to lowball, or add a big list of contingencies to your bid. An experienced agent can give you a realistic idea of what the home or condo is worth and help you prepare a strong, confident offer.
4. Negotiating Multiple Bids
To improve your chance of success as a buyer, it is critical that you enlist an expert in negotiating multiple bids. It's the experienced, real estate agents, who have weathered this type of market, who are winning the bids.
Let Us Do the Hard Work for You!
Fill in this form below giving us an idea of what you're looking for and we'll send you updates the minute an appropriate property, matching your needs, hits the market!
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.