Condos

For Sale

Destin Florida Condos - Market Update

June 2008 -- The 2008 condo market continues to outperform 2007.  Although last month only tied the same month in 2007, the number of contracts for sale / purchase in 2008 has increased 20% over last year.  Condo prices have continued to hold their own largely due to the somewhat renewed buyer interest so far this year.  While the rebound over the past few months is noticeable, the sales numbers will still require some improvement to signal a sustainable recovery.  They are strong enough to indicate we are likely seeing the bottom and recovery will be slow.

Signs of Fragile Recovery: Rising sales - Falling Inventory.  While sales have increased, market recovery is still fragile due to the large number of condos ( 3,347 units) for sale in our local area along 40 miles of beach east and west of Destin Florida.  Condo inventory remained steady in May, and down approximately 8% from the same time last year.  The large number of condos for sale means that sellers outnumber buyers by a large amount and prices will hover near the bottom for a time to come.  Our property summary table below shows the distribution of the condo inventory across the geographic markets of our area.

Destin Condo Sales Slow, but Not Stagnant.  Last month, 79 contracts for the sale and purchase of a condo in our local area was signed.  If you find that perfect beach condo - go for it.  Don't count on it being available later.  Don't confuse "slow sales" with "no sales" and 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"?  You may want to rethink your strategy.  While sellers who find themselves in short sales situations tend to be motivated, buyers should be aware that risks are involved.  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 short sale buyers.  A "normal" deal between buyer and seller with no "Short Sale" bank or lender involved can be completed in 30 days.

Overall Condo Value Trends.  Statistics show condo values along the coast have adjusted downward 30-35% from their market peaks in mid- 2005.  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.

Remember .. true bargains are 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.  We're here to help if you need us!

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

174

86

696

716

1,672

FORT WALTON BEACH

521

132

518

103

1,274

NICEVILLE

46

84

355

151

636

DESTIN

1,001

98

607

223

1,929

MIRAMAR BEACH

592

60

236

114

1,002

SANDESTIN

467

66

203

96

832

SANTA ROSA BEACH

152

42

597

892

1,683

GRAYTON BEACH AREA

394

29

632

583

1,639

POINT WASHINGTON

0

0

51

124

175

FREEPORT

0

18

208

511

737

Total:

3,347

615

4,103

3,513

11,578

Condos for sale -- Search by City and Complex

Condos for sale - sorted by City and Complex -- we now provide a way for you to search for all Condos 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.

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