More specifically, gulf front condominiums. Including units on the gulf and pass.
YTD Average Sale Price: +20%
YTD Median Sale Price: +13%
Please click graph to enlarge.
Is there really anyone reading this that truly believes these rates of increase are reliable, meaningful and sustainable?
Yes. There are two groups who believe these numbers. Realtors. And those folks who bought properties in late 2005. Remember 2005? The glory days. Well, that depends on who you talk to.
Folks, do not use an 18-month window of drunken prices and unprecedented staggering rates of increase fueled by speculators as a basis for real estate.
Check this table out. This data comprises data samples of Destin gulf front and gulf/pass condominiums:
The table above indicates an 11% increase in the median sale price from 2010 to June 24, 2014.
The table above supports a less than 1% increases in the average sale price and in fact, a decline in the average sale price from 2010 through 2013.
The SLP has increased meaning properties are selling closer to list. But overall the SLP has been pretty consistent for five years.
As of June 24, 2014 there are 230 Active MLS listings of gulf front and gulf/pass front condominiums in Destin. Based on the 2013 absorption rate, this market data supports an 11-month supply. That is an oversupply.
Supply and demand are not in balance for Destin gulf front condominiums.
My advice to sellers. Lower your list price immediately.
My advice to buyers. Negotiate hard. Or wait.
I am concerned about statistical data results I’m seeing in our markets. I’m talking about Walton, Bay and Okaloosa counties. It’s volatile in some places. I’m seeing early signs of potential trouble. Please be careful. Please engage a competent, experienced, educated realtor.
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BBQ: Long-range planning works best in the short term. – Doug Evelyn
BLT: “What’s Going On” by Marvin Gaye