Destin Florida Condos - Market Update

January 2012 -- The number of condo sales rose for the by 12% in 2009. This is the first time in 4 years the local condo market has shown year-over-year improvement. January and February this year show continuing improvement with similar rises in the number of sales.

Sales are up - but what about prices? -- While the increased number of sales demonstrate true recovery within the market,  condo prices have yet to show improvement.  However, decreasing inventory and improving sales have stabilized prices at least for now.   As we all know supply and demand work together to set the market.   With inventory diminishing and sales rising, the stage is set for condo prices to begin a slow rebound.

Inventory Trend.   Condo inventory currently stands at 1,628 units for sale in our local area.  Inventory has been trending downward over the past 2 1/2 years .   Condo inventory has decreased 22% since January 2009.  Our property summary table below below shows the distribution of the condo inventory across the geographic markets of our area.

Most Frequently Asked Buyer Question: "Why is this condo priced higher the the other?".  One of the most frequent questions we receive from this web site is why one condo is priced higher than another when they are nearly identical.  Truth is, many sellers continue to price their units from a the perspective: "this is what I have to net" rather than a market driven price.  Successful sellers understand the market and price accordingly.  If you're looking to sell your condo, We'd appreciate an opportunity to earn your business. Please give us a call!

If you're buying -- remember that true bargains are scarce.  Although there is a lot of inventory on the market, true bargains remain remarkably scarce.  Just because there is a lot of inventory doesn't mean there are a lot of genuine bargains. Buyers searching for bargains must do their homework.  Although true bargains are scarce, smart buyers teamed a smart Realtor team can find them.  If you find that perfect beach condo for the right price - go for it.  Don't count on it being available later.  Remember that there are likely to be other bargain shoppers looking at the same property you are for all the same reasons.

Looking for a Short Sale, Foreclosure, or REO Property?   Financially distressed property (short sales, foreclosures, etc.) continue to account for over half of all condo units going under contract.  Bargains can be found in distressed property, but there are perils involved and experience is needed.  For example, all banks and lending institutions require "as Is" contracts which take away specific buyer friendly clauses.  Also, as banks and other lending institutions have become inundated with short sale requests, the time it takes for bank review and acceptance of buyer offers has become longer and longer.  Many banks now take 120 days and even 180 days to accept, respond, and close the deal.  That means a long time in "limbo" for buyers who seek financially distressed property.  A traditional transaction between buyer and seller with no bank or lender involved can be completed in 30 days.  Professional help with this difficult process is important - and available.  Just call us!

Condo Value Trends.  Statistics show condo values along the coast have adjusted downward 45-50% from their market peak in 2005.  These prices combined with historically low interest rates mean there has never been a better time to add a condo to your investment portfolio.  Ten years from now, everyone be be talking about the "deals that got away".  The down cycle in prices will not last forever. 

Although a slight downward trend continues, recent decreases in interest rates, property taxes, and hazard insurance are beginning to lessen  the cost of ownership and assert a positive effect in our local market tempo and stabilize prices.  While difficult for sellers, buyers have never had it so good.  Condo buyers looking for a bargain can expect to be rewarded.  This is especially true in the next few months and improving interest rates replenish the number of buyers seeking bargains in the market.

Condos for For Sale

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.

Area

Condos

Town Homes

Homes

Lots / Land

Total

NAVARRE

38

13

148

186

385

FORT WALTON BEACH

288

59

274

69

690

NICEVILLE

26

30

205

116

377

DESTIN

545

28

255

159

987

MIRAMAR BEACH

299

19

87

79

484

SANDESTIN

184

32

87

61

364

SANTA ROSA BEACH

86

26

302

677

1,091

GRAYTON BEACH AREA

162

21

383

328

894

FREEPORT

0

0

142

296

438

Total:

1,628

228

1,883

1,971

5,710