Destin Florida Condo Market Update
August 2016 -- Condo sales . The Destin area condo market
sector has demonstrated continued
growth in number of sales since 2009. Strong buyer demand for
local condos has continued unabated. The chart below
illustrates the number of condo sales each year over the past decade.
What's fueling the
increased number of condo sales? The growing popularity of our
coastal area fostered by the sheer beauty of our white beaches and blue-green emerald water. Since 2008
local tourism has nearly doubled.
Condo sales have done the same. Historically low interest rates
during the past few years continue to encourage condo sales.
Condo Inventory Trend
Condo Inventory. Condo
inventory was at its highest point in July 2006 when condo inventory reached 5,047 units. The record lowest number of condos for sale in recent market history was in November 2004 when condo inventory fell to 1,240
units. As illustrated on the Condo Inventory chart to the right, the
total number of condos currently for sale are near record low.
Condo Price Trend
Effect of Low Inventory on the Condo Prices. Current low inventories and
record high consumer demand for condos have nudged the average condo price upward over the past
Most local condo markets have seen condo prices rise an
average of 4-5% per year. While owners may wish for
a more rapid rise in price, recent history has shown us a slow steady growth of prices in our area
we are experiencing now more sustainable and healthy for real estate investment.
Foreclosures no longer control the local condo market.
The number of
short sales have been falling since 2010 and have diminished to a point
where they have little influence on market value. While small in number, they
linger within our local condo market as banks slowly release remaining backlog.
If you're buying a foreclosure or short sale expect your offer to
be one of several being considered. Also expect the process to be
rigorous with a long wait for the sale to be final and no guarantee of
outcome. Also know the rising prices of condo inventory tends to make banks and
other mortgage holders less likely to sell at bargain prices.
Proceed with caution and with a clear view of the condos actual value is
advised. THey are not always priced as a bargain.
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.
Lots / Land
FORT WALTON BEACH
PANAMA CITY BEACH
N SANTA ROSA BEACH
Condos for sale -- Search by City and Complex
Condos for sale - sorted by City and
we now provide a way for you to search for all Condos for sale
at over 1,200 neighborhoods within 25 miles of Destin. Use
the links below to find your favorite condo for sale, bookmark
the page, and return often to keep track of local condo
inventory and prices.
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