Destin Florida Homes - Market Update

March 2010 -- The home market is improving with the number of sales up significantly in 2009 compared with the previous 3 years.  Year-to-date sales show significant improvement.  Unfortunately for sellers, prices continue to fall largely pushed by a significant number of short sales and foreclosures.  Buyers are enjoying bargain prices and record low interest rates.  A recent Gallup poll shows that 71% of Americans believe this is the time to buy a home.

Falling Inventory Trend.   The number of homes for sell continue to decrease each month.  Sellers are letting listing contracts expire and not renewing them.  Many have started they had rather hold on to the property than sell at market prices.  The declining inventory spells good news for stabilization of the home market.  Our property summary table below shows the distribution of the condo inventory across the geographic markets of our area.

Destin home Sales  are slow, but not stagnant. If you find that perfect home - 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, Foreclosure, or REO Property?   Financially distressed property sales accounted for 44% of all home sales in our local area over the past 30 days.  Bargains can can be found in distressed property, but there are perils involved and experience is required.  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 "normal" deal 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!

Overall Home Value Trends.  Statistics show home values along the coast adjusted downward 14% nationally  over the past year.  Although a slight downward trend exists, the rate of decline has slowed as 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.  While difficult for sellers, buyers have never had it so good.  Home buyers looking for a bargain can expect to be rewarded.  This is especially true in the next few months as improving interest rates and lower cost of ownership 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!

Homes 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

GRAYTON BEACH AREA

263

17

459

467

1,206

SANDESTIN

336

55

148

71

610

SANTA ROSA BEACH

133

29

406

746

1,314

FORT WALTON BEACH

422

126

375

69

992

MIRAMAR BEACH

384

41

166

126

717

NICEVILLE

32

62

275

106

475

FREEPORT

0

10

156

289

455

DESTIN

747

61

409

198

1,415

NAVARRE

29

10

161

182

382

Total:

2,346

411

2,555

2,254

7,566