Destin & 30A Condo Market Update
October 2018 -- The condo market continues to deliver good news to condo owners with respect to their condos appreciation and consumer’s demand for coastal real estate. While prices have risen, buyers continue to see value. The charts below show a comparison of condo sales and prices each of the 10 years. Using the same month-to-month time period for each year presents an 'apples to apples' that reveals the very strong upward trend within the condo market over the past decade.
Destin & 30A Condo Sale Price
The price of Destin & 30A condos continue to trend upward. The average price for a Destin condo has increased 22% from FY 2012-2017. Looking at 2018 at mid-year, it is almost a certainty 2018 will add another year to the long string of average price increases.
Destin & 30A Condos Sales By The Numbers
Number of Destin condo sales this year continue the upward trend. Rising prices have not yet dampened the number of sales. The number of Destin & 30A condos sold has more than doubled since 2009.
What is fueling condo sales? This is what condo buyers say:
Waiting to purchase does not seem productive as sustainable condo price growth is underway.
Shrinking condo inventory continues and and unit choices are diminishing.
Popularity of the area is projected to continue.
While no one knows the future, statistical indicators show the strength of our local market and infers continued demand.
Destin & 30A Condo Inventory At Record Low
Dwindling inventory has been the trend in the Destin and 30-A coastal market. Significantly more buyers than sellers combined with few new condo startups continue to rapidly diminish inventory. Buyers looking to purchase are faced with fewer choices while prices continue to creep upward. THis trend is postured to continue.
The peak inventory occurred July 2006 when Destin & 30A condos for sale reached its record high of 5,047 condos. What an amazing difference between then and now.