July 2014 -- A look at local real estate stats produces all good news with respect to the health of the market, with single family homes leading the way. The number of home sales in Destin and vicinity has steadily grown since the local market bottom in 2009. The number of home sales so far this year are up 9% compared to same period in in 2013.
The average price of all homes sold in our local area so far this year is $380K compared to $348K the same period in 2013. This is a 11% increase in the average price of homes sold. Although interest rates have risen in the past 12 months, interest rates remain near historical lows and continue to stimulate the home market.
The chart to the right illustrates the number of home sales the first two months of 2014 compared to the same period the previous 9 years. The home market has enjoyed substantial improvement in recent years. The market recovery since local housing sales bottomed out in 2008. The sharp increase in the number of sales year-over-year is indicative of a strong and continuing high consumer demand.
Home Inventory Trend. Home inventory hit its high of 5,303 homes for sale in July 2007. The number of homes for sale then began falling and and reached its bottom in December 2012. It has been on a steady upward trend since that time. A surge in new home building in response to the surge in demand has replinished inventory to it's current level. In fact, new home construction now accoouts for 18% of all homes currently listed for sale.
Distressed Sales No longer Control Market. The number of foreclosures have been falling since last year and continue to shrink in number.
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 much 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. All of them aren't!
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