DESTIN FLORIDA CONDOS FOR SALE: 1,592 condos currently for sale.
RE/MAX Paradise Properties * 12815 Highway 98 West * Destin, Florida 32550 *
(850) 865-6087
February 2012 -- The local condo market finished up in 2011. The chart below illustrates our local condo market's performance over the past 10 years as measured by the number of condos sold each year. As you can see from the graph, our local condo market hit bottom in 2008 and has been improving at a slow but steady pace over the past 4 years. Low prices and interest rates are fueling sales.
How are we doing this year?
Although the year just began, it's hard to resist the temptation to peak at
the early sales data and at get a hint of how we're doing so far this year.
Here are the numbers.
First 21 days Jan 2011: 53 condos
First 21 days Jan 2012: 62 condos
While too early to draw conclusions about this years market from the first 3 weeks, it does give at small hint at the markets inclination to continue moving upward. I will update these figures as we move into February in a couple weeks.
Condo Inventory. Condo inventory has been in rapid decline
since June of 2010 but as of Jan 29 showed at least a small increase in the
number of condos for sale. The total number of condos for sale as of January
1 was 1,665 units. As of January 29, there are 1699 units for sale.
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 15 condo foreclosures (as of Jan 29) along the 20 mile stretch of beach between Fort Walton and Sandestin Resort. Only five are located within a gulf front complex. Others are still near the beach but more inland.
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.
IMPORTANT NOTE: All information provided on this site is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.
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.
