Destin Florida Condos - Market Update

February 2012 -- Condo sales statistics for 2010 indicate our local market has fared much better than national averages in terms of sales trends. A rise in sales over the past three years indicates our local market continues to weather the storm and show improvement.

Condo Sales Trend.  The number of condo sales in 2010 was up 15% (1018 vs. 1168 units) compared to 2009. This is a remarkable figure considering condo sales were suppressed during the first half of 2010 due to the BP oil scare. Sales soured in the second half. Three factors driving sales were: 1) low prices, 2) low interest rates, and the earnings ratio (gross rental earnings/ gross cost) of condos becoming more investor friendly as measured by  gross rental earnings/ gross cost.

Condo Inventory Trend.   During 2010 condo inventory fell by 10% moving from 2,354 units to 2,156 units for sale.    Condo inventory as of today stands at 1,550 for sale.

Sales are up, but what about prices?   Condo prices which had fallen over the past 5 years have stabilized largely due to the increased number of buyers and the shrinking inventory.  Continued low interest have also lifted the sales numbers upward.  This trend is expected to continue. However, a watchful eye on interest rates is warranted..

Looking for a Short Sale or Foreclosure Property?   Short sales accounted for 27% of all condo sales in 2010 while foreclosures accounted for 19%. Traditional ‘non-distressed’ sales accounted for 54% of all condos sold.  Home short sales and foreclosures continue to exert downward price pressure while shrinking inventory and increased sales apply upward pressure. Both appear to offset the other at least for now as prices remain stable.

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!

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

SANTA ROSA BEACH

80

26

294

649

1,049

MIRAMAR BEACH

292

20

92

79

483

DESTIN

534

25

251

159

969

NAVARRE

36

14

141

175

366

GRAYTON BEACH AREA

156

20

375

320

871

NICEVILLE

18

29

217

113

377

FORT WALTON BEACH

251

60

269

66

646

SANDESTIN

183

31

88

56

358

FREEPORT

0

0

139

299

438

Total:

1,550

225

1,866

1,916

5,557