Destin Florida Homes - Market Update

May 2012 -- The first four months of 2012 showed a continued pattern of growth with respect to the number of homes sales. The number of home sales are at a 7 year high in our area. Buyers continue to take advantage of record low prices and interest rates.

March Sales.   The chart to the right illustrates the number of home sales January through April this year compared to the same period each of the previous 9 years.  Home sales so far this year have risen 12% compared to the same period last year.  The last time the number of condo sales was this high was in 2005.

What about distressed properties? Good news with respect to distressed properties. Distressed home sales in April this year only accounted for 26%, which is down from April last year when distressed sales comprised 39% of all home sales.

Home Inventory Trend.   Home inventory has been falling rapidly since July 2007 when it hit its high of 5,303 homes for sale.  The total number of homes for sale as of May 9th was 2,117 units.  The number of homes for sale has not been this low since June 2004 when condo inventory fell to 1,096 homes for sale.

Declining Inventory Continues.    Buyers looking for homes will notice a difference in the number of homes to consider for purchase. This means fewer choices for buyers.  Depending on the number of buyers seeking homes in 2012  it could also trigger the start of higher prices. 

Sales are up, but what about prices?   Home prices which had fallen have now stabilized due to the increased number of buyers, shrinking inventory, and continued low interest rates.  The number of distressed properties which has been dragging down home prices are still with us, but diminishing in number.  These factors will continue to lift home prices slowly.  While interest rates are low, qualifying for a home loan is more difficult which will likely prevent an upward price spike.

We'd appreciate an opportunity to earn your business.  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

SANTA ROSA BEACH

67

14

291

636

1,008

DESTIN

490

30

271

149

940

GRAYTON BEACH AREA

145

15

375

273

808

NAVARRE

40

7

150

193

390

NICEVILLE

17

26

226

75

344

SANDESTIN

163

28

101

53

345

MIRAMAR BEACH

272

22

85

72

451

FORT WALTON BEACH

263

56

274

68

661

FREEPORT

0

0

123

266

389

Total:

1,457

198

1,896

1,785

5,336