The Destin Real Estate Forecast is Heating Up

When summer arrives and the weather heats up, all thoughts turn to the beach, and not just for vacation. The South Walton and Destin real estate markets saw positive gains in May, as evidenced by the market report provided by the Emerald Coast Association of Realtors.
 
Walton County Real Estate Market Stats
 
In Walton County, single family home sales were up 19.3% over 2014, along with a 13% higher sales price. Prices may have been affected by declining inventory due to pending sales, which were up a whopping 30.9% over last year. Last year’s inventory of listings indicated a 10.4 month supply; May 2015 inventory is down 24% to 7.9 months. 
 
Listings were being priced to sell, with the sold prices averaging 93.3% of listing price. Both median and average sales prices were up, 10.6% and 13%, respectively. Average sale price was $679,401, with a median sale price of $387,000.
 
Condo and townhome sales were up 7% over last year, along with the average sale price, which increased 18.4% to $414,977. As with single family homes, pending sales were up 18.4%, reducing inventory to an 8.7 month supply.
 
Okaloosa County Real Estate Market Stats
 
The trend for single family homes was similar in Okaloosa County, but to a lesser degree. Sales were up 13.1% over the same period last year, with pending sales up 12%. The average sale price was up 4.3% at $239,455, with the median sale price holding steady at $189,900.
 
Properties moved quickly, with the median number of days on the market at only 45, yet still sold at 95.1% of asking price. Inventory was down 5.3%, with only a 5.6 month supply available as of the end of May.  
 
Sales of townhomes and condos were down 12.2%, despite a 20.9% lower median sale price of $205,750, and a 5.1% lower average sale price. Properties also spent nearly 50% more days on market (82), before selling at 91.3% of asking price. Although inventory was down 4.9%, there was an 11.1 month supply at the end of May.
 
If you’ve been considering your own place at the beach, now is a great time to speak with one of Newman-Dailey’s experienced Realtors. Newman-Dailey’s team of South Walton and Destin real estate agents have decades of combined experience and can provide valuable advice regarding local market trends. Contact one today for a free consultation, and you just might turn that dream of owning your own beach home into a beautiful reality. Call us at 1-800-225-7652 or visit www.DestinSales.com to explore the possibilities.
 
See you @ the beach!

*Market statistics provided by the Emerald Coast Association of Realtors.
 
**Pictured above: 4410 Stonebridge Road in Kelly Plantation, Destin