Destin Florida Condos - Market Update

March 2010 -- The condo market continues to improve slowly but steadily with the number of sales trending upward again this year.  The increase in consumer interest has tended to stabilized prices.  The sustained buyer interest is expected to continue.

Inventory Trend.  While sales have increased and a slow recovery is occurring in the condo market, market recovery is still fragile due to the large number of condos (2,346 units) for sale in our local area.  Condo inventory has decreased approximately 8% over the past eight months.  However, the inventory remains high and the large number of condos for sale means that sellers outnumber buyers 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.  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, Foreclosure, or REO Property?   Financially distressed property accounted for over half of all condo units going under contract this past month.  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 "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 Condo Value Trends.  Statistics show condo values along the coast have adjusted downward 40-45% from their market peak in 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

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