Destin Real Estate Market Update

The Destin real estate market, like many areas around the country remains weak. The good news for buyers is that if you are looking to buy, you probably could not pick a better time, assuming you are very aggressive with your offers.

What everybody knows in this market is that it will return, and will return very strong at some point. When that turning point actually occurs however is anybody’s guess.

The data below provides a good indication of the market status.

  • # Sales : Down by 55% compared to last year
  • $/Sqft: $182 which is down 9% from last year
  • Median Price: $290,000
  • Average Sales Price: $433K
  • Average List Price: $888K

Notice in the table below there is a very large difference between the average list price and the average sale price. This simply means that currently, most of the sales are occurring only in lower priced properties.

IF YOU ARE INTERESTED IN A CONDO

If you have ever planned to own a Destin condo on the beach, now may be one of your best times because of the extreme market conditions. In addition, you can consider a Destin property by getting into a Foreclosed homes or condos.

Our latest report shows that there are over 180 condos for sale in the $300k to $350k range which is unbelievable for this area. We can almost promise you that you will find some owners willing to wheel and deal to make their pain go away.

IF YOU ARE INTERESTED IN A DESTIN HOME FOR SALE

Let’s face it, for almost any price bracket, there is a lot of inventory on the ground, even in the $1Million range right now. However, our sub $200K range is showing very few properties so if you could acquire on cheaply and touch up a bit, it might be a great opportunity.

Source by Chris Anderson, PhD