DESTIN FLORIDA CONDOS FOR SALE: 1,628 condos currently for sale.
RE/MAX Paradise Properties * 12815 Highway 98 West * Destin, Florida 32550 *
(850) 974-3511
January 2012 -- The local condo market finished up in 2011. The chart below illustrates the improvement this year in the number of condo sales compared to previous years.
Condo sales ended in a virtual tie December-over-December but up 33% (1,168 vs. 1,556 condos) year-over-year. Distressed sales accounted for 36% of all sales while traditional non-distressed sales accounted for 64%. Distressed sales percentage is the sum of foreclosure sales that were 16% of all condos sold and short sales that were 20%.
Condo Inventory. Condo inventory fell 6% (-99 units) in December and is down 19% for the year (-461 units). The total number of condos for sale as of January 1 was 1,665 units.
Effect of Inventory on the Condo Market. Inventories have shrunken below their 10-year median. Lower inventories and continuing low interest rates are beginning to nudge prices upward. Although too early to call it a trend, bargain basement distressed inventory is noticeably thinning and a rise in price seems inevitable, especially in the condo and second home markets where buyer pressure is strongest.
Sales are up, but what about prices? Condo prices which had fallen have now stabilized largely due to the increased number of buyers and the shrinking inventory. Continued low interest rates and falling inventory will likely come into play this Spring and begin to lift prices slightly. Inventory is at a six year low.
Expect your offer to be one of several being considered. It surprises some to hear that there are only 27 condo foreclosures (as of Jan 9) along the 20 mile stretch of beach between Fort Walton and Sandestin Resort. Only eight are located within a gulf front complex.
Many condo foreclosures sell at-or-above list price. With so few foreclosed condos, buyer pressure is high and multiple offers are typical. For this reason, 40% of all condo foreclosures sell at or above list price. Hone expectations accordingly.
Make sure you understand the challenges. Please call us if you'd like additional info with respect to what to expect when making an offer on a foreclosed condo.
We'd appreciate an opportunity to earn your business. Buyers searching for bargains will be successful if they do their homework. Although true bargains are scarce, smart buyers teamed with a great Realtor team can find the right fit. We're here to help if you need us!
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.
Condos for sale - sorted by City and Complex -- 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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RELIABILITY: RE/MAX Paradise Properties strives to ensure the accuracy of the data contained within this site. Information is deemed reliable, but is not guaranteed.
