November 2014 -- The number of home sales in Destin and vicinity has steadily grown since the local market bottom in 2009. Current sales stats show another winning year here in Destin for local home sales.
The rising price trend of the past 4 years may take a bit of a breather this year as sales to date show a slight decrease in the average price of homes sold. As illustrated by the chart to in the the right 2014 might be the first year of the last 5 that show a decrease in price average.
The chart to the right illustrates the number of home sales YTD 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 replenished inventory to it's current level. In fact, new home construction now accounts for 18% 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.
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