May 2013 -- The number of home sales in Destin and the local vicinity has steadily grown since the market's bottom in 2009. This year is off to a good start with January - February home sales up 14% compared to same two months in 2013. The number of home sales are at a 8 year high.
Home Sales. The chart to the right illustrates the number of Home sales in 2013 compared to the same period previous 9 years. The change in the market is striking compared to the housing bottom in 2009. The average price of homes sold in the Destin Florida vicinity January-February last year was $358K compared to $371K in 2013 resulting in a 3.6% rise in the average price of homes sold so far this year compared to January-February 2012. The average price of homes sold is expected to continue to rise slowly.
Home Inventory Trend. Home inventory has been falling rapidly since July 2007 when it hit its high of 5,303 homes for sale. The number of homes for sale has not been this low since June 2004 when home inventory fell to 1,096 homes for sale.
Higher prices. Buyers looking for homes will notice a difference in the number of homes to consider for purchase. This means fewer choices for buyers. More buyers and fewer homes is fueling a slow rise in prices especially in the beach condo and second home markets where buyer pressure is strongest.
Expect your offer to be one of several being considered. It surprises many to hear that there are usually just a dozen or so foreclosed homes along 40 mile stretch of beach between Fort Walton and Panama City Beach at any one time. The number of foreclosures have been falling since last year and continue to shrink in number.
Expect the property to sell at-or-above list price. With so few foreclosed homes buyer pressure is high and multiple offers are typical. The result is that about half of all foreclosed homes sell at or above the actual list price.
Foreclosures and short sales are decreasing in number. With many buyers focused on foreclosed homes, multiple offers are common. When this occurs, sales processes often evolve into a process that seems more like an auction than a traditional property sale.
Watch for value, ignore hype. Many potential buyers loose their value perspective in the 'auction atmosphere' surrounding the sale of distressed home sales. Competitive drive to win can tempt buyers to push offers above value. While there are good deals to be had, expect surprises as you push through the foreclosure process. Watch for value, and ignore the hype.
Expect an unusual experience. Another emerging problem with bank owned property is that you may be under contract to purchase a foreclosed home, but the property will be transferred to the ownership of another bank or entity before you close. When this happens - you loose the opportunity to purchase it even after moving forward in good faith with the bank. Foreclosures are never easy and not for the faint of heart. While there are ways to with foreclosures, there are also an equal number of ways to lose. If you're going after a foreclosure just be aware that it may be a 'rough ride' which neither you or your agent can smooth.
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 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.
IMPORTANT NOTE: All information provided on this site is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.
RELIABILITY: RE/MAX Paradise Properties strives to ensure the accuracy of the data contained within this site. Information is deemed reliable, but is not guaranteed.