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

FORT WALTON BEACH

263

56

271

68

658

GRAYTON BEACH AREA

150

16

358

276

800

NAVARRE

41

7

150

191

389

SANTA ROSA BEACH

67

15

296

627

1,005

NICEVILLE

18

24

232

74

348

DESTIN

482

28

273

149

932

SANDESTIN

167

28

105

54

354

MIRAMAR BEACH

276

23

85

71

455

FREEPORT

0

0

127

265

392

Total:

1,464

197

1,897

1,775

5,333