Welcome to another market review of sales activity in the 30A, Destin, and Miramar Beach/Sandestin areas.
Our market continues to be steady with no large dark clouds visibly forming. Median sale prices on 30A East, 30A West, and in Sandestin/Miramar Beach exploded year-over-year for October with double-digit increases while Destin fell just a tad. That said, the year-to-date price jumps in all four areas are in the reasonable single digits indicating that overall the market price is nowhere near overheating and is consistent.
Closed sales year-over-year fell on 30A East as inventory continues to lag, are near break even on 30A West and in Destin, and rose significantly in Sandestin/Miramar Beach.
Inventory continues to as our enemy dropping across the board except 30A West which had a tiny increase, but generally continues to be low. This supply/demand dynamic is surely keeping prices buoyed and putting a damper on sales activity.
The mid-term elections are over and any fear investors had over who would control Congress and its impact on our economy has been somewhat mitigated by the fact each party controls a chamber. As we all know, not much gonna happen in that scenario.
The general consensus seems to be that because tax breaks and deregulation are for the most part already in full effect Congress with its split chambers will have little to no effect on either, nor the positive effects to the economy.
Interest rates, although increasing some, are still at historical lows but surely might have some negative impact on corporate earnings and stock valuations. Of course keep an eye on China and tariffs potential effects, but Congress shouldn’t be the problem.
That said, it seems asset prices are very high, overheated even, especially stock valuations, with more and more corporate stock buy-backs occurring due to a lack of reasonably priced assets to purchase, and bonds don’t seem that attractive either; even the Asian countries don’t seem to want our Treasury’s anymore. It seems not a bad idea to look at real estate as a “safe haven” with it’s potential for depreciation, income production, appreciation, and of course enjoyment of use. Of course, I’m a real estate broker so take that for what it’s worth.
As always, our goal in sharing this data with you is to create a better understanding of trends, local and the broader economy, affecting our unique housing market. We hope you find it to be a valuable resource, and we look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the 30A, Destin, Miramar Beach/Sandestin market, please do not hesitate to reach out to me at 850-376-3269.
Snapshot Comparison: Year-over-year
30A/Sandestin/Miramar Beach
30A East
- Closed sales fell 18.2%.
- Pending sales rose 8.8%.
- Median sale price jumped 44.37%.
- Inventory dropped 8.56%.
30A West
- Closed sales fell 8.1%.
- Pending sales are down 61.4%.
- Median sale price is up 24.77%.
- Inventory rose 0.43%.
Sandestin/Miramar Beach
- Closed sales are up 23.5%.
- Pending sales are down 20.4%.
- Median sale price rose 15.79%.
- Inventory fell 18.79%.
Destin
- Closed sales jumped 1.1%.
- Pending sales rose 9.1%.
- Median sale price is down 6.9%.
- Inventory fell 20.53%.
