November 2015 -- The number of condo sales and prices continue to trend upward. So far this year (year-to-date) 2015 is the second strongest condo sales year in a decade as measured by the number of sales.
Condo prices nudging upward. Over the past 3 years rising prices have been the trend. As illustrated by the chart on the right, however, 2015 seems to be stalled as measured by the average price of condos sold. The average price of condos is a measure of value combined with choices made by buyers.
It is difficult to tell by this one measure if it is a value fluctuation, or choices made by buyers this spring to seek lower priced units. Regardless of our local trends, most experts nationwide are forecasting a slight gain in price.
The number of condo sales in 2015 up impressively compared to 2014. The slight dip in the number of condo sales in 2014 has been overcome by the spring surge in condo sales in Spring of this year. Some speculation as to why the significant surge in sales:
Buyers waiting to purchase have now realized continuing to wait is not productive as healthy price growth seems fully underway.
Destin & vicinity rental proceeds are in record territory. Records have been set in 3 of the past 4 years making condo ownership more attractive.
The chart above illustrates performance of this year as compared to the same period during the previous 9 years. Note the strong upward trend since the market bottom with 2015 leading the upward surge.
Condo inventory has been moving up and down in cycles since its most recent low in Dec. 2012 of 1,285 condos for sale. Current inventory is now only slightly above that record low.
Although condo inventory is trending upward it remains relatively low levels comparatively speaking. Condo hit its record high in high July 2006 when it reached 5,047 condos for sale.
Distressed sales no longer control the local condo market. The number of short sales have been falling since 2010 and continue to shrink in number, with the exception of an occasional upward 'blip'.
If you're buying a foreclosure or short sale expect your offer to be one of several being considered. Also expect the process to be rigorous with a long wait for the sale to be final and no guarantee of outcome. For that reason, we always suggest you do your homework (we're here to help of course) to make certain you have a deal worth the additional wait and the risk.
Please let us know if I may assist you in obtaining detailed information for properties located in any of the following cities or regions below.
Condos for sale - sorted by City and Complex -- we now provide a way for you to search for all Condos for sale at over 1,200 neighborhoods within 25 miles of Destin. Use the links below to find your favorite condo for sale, bookmark the page, and return often to keep track of local condo inventory and prices.
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