Our goal is to provide valuable insight for current homeowners, investors, or those simply interested in the Destin to 30A condo and home market. Understanding the real estate market makes you a more empowered buyer or seller. Let's explore some key real estate statistics highlighting the nuances of the Emerald Coast housing market during the last bit of 2023!
As seen in the infographic below inventory continues to rise a fair amount in nearly all areas comparing the numbers year-over-year. This could be due to the economic projections release by the US Federal Reserve that predicted rates would drop over the next year. Investors may be looking to sell current holdings to invest elsewhere when the time is right. Median sales prices are fluctuating a little more in the condo market than the home market. We anticipate any rate drops in the coming year to bring both sellers and buyers to the market and that could potentially drive prices up as those who have waited on the sidelines to buy are now ready to put in offers. The total number of properties sold was down 18% compared to last year, while the sold volume only slightly decreased to 3%. We're not surprised by these numbers as 2023 followed a historical year in real estate not only along the Emerald Coast, but nationwide. We cannot say definitively what the 2024 real estate market will look like, but we are prepared for the potential influx of buyers and sellers and are here to assist however we can. We're excited to see what this year brings and can't wait to work with old and new clients as we assist in making real estate their best investment!
Now is a great time to look into the real estate market. If you'd like more detailed information on a particular area or community, or if you would like to know the value of your property, feel free to reach out to us. Our priority is to provide valuable info to those seeking it!
Check out the area sales highlights for December:
The highest-priced condo sold within the areas of Okaloosa Island, Destin, Sandestin, Miramar Beach, Santa Rosa Beach, and 30A was:
Watersound Beach Unit 423
Watersound | 30A East
3 Bed | 3.5 Bath
2,450 Square Feet
531 Norriego Road
5 Bed | 5.5 Bath
5,118 Square Feet
Now is a great time to perform some due diligence whether you're considering selling or purchasing property. With the current supply and demand and ever-changing economic landscape, timing is crucial. You need a team who will help you make the right decisions, at the right time. If you feel unsure about your current real estate holdings, we're here to help guide you to make the best decision for you.