February 2016 -- The number of home sales in Destin and vicinity has steadily grown over the past 8 years. Destin & vicinity home sales bottomed in 2008 and have steadily increased each year since. The average price of homes sold have also increased steadily.
The lowest point in average Destin home prices occurred in 2009. All years since that time show Destin home sales prices to have increased. For the first time in a decade, 2015 showed the average home price in the Destin vicinity to be over $400,000.
The upward trend in the number of sales - and prices is expected to continue especially in light of the historically low mortgage loan rates.
The number Destin & vicinity home sales have doubled since 2008 as the beach areas of Destin and vicinity are supercharged with the influx of new families and second home buyers. The chart to the right illustrates the number of home sales YTD 2014 compared to the same period the previous 9 years. The sustained growth in the number of Destin home sales year-over-year is indicative of a strong and continuing high consumer demand for Destin homes for sale.
Destin & Vicinity Home Inventory Trend. While homesales boom are booming, the inventory is falling. The number of buyers far outweigh the number of sellers and the shrinking inventory proves this point very well.
While the number of new homes being built have has increased and helps fill the demand, it is barely keeping up. The number of homes for sale in Destin & vicinity. In fact, new home construction now accounts for 16% of all homes currently listed for sale.
Short Sales In short supply, but Foreclosure numbers are on the rise. The number of short sales has been falling over the past 4 years as the home market recovers. Foreclosures, however, are rising. This is in part due to lenders who no longer view short sales as favorable are now choosing foreclosure as the only option for handling loan default.
If you're buying a foreclosure or short sale expect your offer to be one of several being considered. Also have a realistic expectation of what a bargain really is. Few lenders are accepting deep discounts from value as they were in the post-bubble years. Now that recovery is in full bloom some lenders know it may even be to their advantage to take a longer time to find a buyer.
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.
Homes for sale - sorted by City and Complex -- we now provide a way for you to search for all Homes for sale at over4,000 neighborhoods within 40 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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