Real Estate Market Overview: 30A, Sandestin/Miramar Beach, and Destin

As we move through the summer of 2024, the real estate market along Florida's Emerald Coast is displaying a range of trends across different property types and locations. In this report, we'll break down the market data for 30A, Sandestin/Miramar Beach, and Destin. Each area presents its own unique insights, but together they offer a broader picture of what's happening in this dynamic market.

Whether you're considering buying or selling, understanding these trends is crucial. Let's dive into the numbers and explore what they mean for you.

30A Market Data

• Single-family homes: $3,235,000, up 9.4%
• Condos: $881,000, down 14.2%
• Average days on market: 122, up 69.4%
• Months of inventory: 16.6, up 68%
• Original list to sales price ratio: 92%, down 2.1%
• Properties for sale: 1,109, up 46.1%
• Properties pending: 94, up 27%
• Properties sold: 67, down 13%

The July real estate data for the 30A area reflects a market in transition. While single-family homes have seen a healthy price increase of 9.4%, indicating strong demand or a shift toward premium properties, the condo market is showing signs of strain with a 14.2% price drop. This suggests possible oversupply or reduced demand for condos in this region.

The overall market appears to be slowing down, as evidenced by the significant rise in average days on market (up 69.4%) and months of inventory (up 68%). These increases suggest that properties are taking longer to sell, and the inventory is growing, which could signal a cooling market. Despite the increased inventory, with properties for sale up 46.1%, the actual number of properties sold has decreased by 13%, further emphasizing the slowdown.

Sandestin/Miramar Beach Market Data

• Single-family homes: $1,510,000, up 2.4%
• Condos: $797,000, up 22.1%
• Average days on market: 85, down 2.3%
• Months of inventory: 14.6, up 92.7%
• Original list to sales price ratio: 91%, down 2.2%
• Properties for sale: 673, up 72.1%
• Properties pending: 62, down 11.4%
• Properties sold: 46, down 17.9%

In Sandestin and Miramar Beach, the market shows a blend of positive and challenging trends. Single-family homes have seen a modest price increase of 2.4%, while the condo market is experiencing a robust 22.1% price surge. This could indicate strong demand or a higher volume of luxury condo sales.

Despite the slight decrease in average days on market (down 2.3%), which suggests some properties are still selling quickly, the months of inventory have nearly doubled, up 92.7%. This substantial increase in inventory could lead to a more competitive market environment. The decrease in both properties pending (down 11.4%) and properties sold (down 17.9%) suggests that while more options are available, fewer transactions are being completed, possibly indicating a market slowdown.

Destin Market Data

• Single-family homes: $1,145,000, up 57.5%
• Condos: $681,000, down 7.8%
• Average days on market: 91, up 26.4%
• Months of inventory: 13.2, up 80.89%
• Original list-to-sales price ratio: 90%, down 5.3%
• Properties for sale: 686, up 34.2%
• Properties pending: 69, down 5.5%
• Properties sold: 52, down 25.7%

The Destin market in July presents a stark contrast between single-family homes and condos. Single-family homes have experienced a dramatic price increase of 57.5%, which could be driven by a surge in demand for higher-end properties. Conversely, condo prices have declined by 7.8%, suggesting weaker demand or an oversupply.

The market is generally slowing down, as shown by a 26.4% increase in average days on market and a substantial rise in months of inventory (up 80.89%). The decrease in the original list-to-sales price ratio by 5.3% indicates that sellers are having to make more concessions. With properties for sale up 34.2%, but both pending and sold properties down, the data points to a cooling market where buyers may have the upper hand.

The Market at Large

Across 30A, Sandestin/Miramar Beach, and Destin, several common trends are emerging. Most notably, all three markets are experiencing significant increases in inventory, which is a key indicator of a more competitive environment and a potential shift toward a buyer's market.

Another shared trend is the increase in average days on market, with the exception of Sandestin/Miramar Beach, which suggests properties are generally taking longer to sell. This could be indicative of a cooling market as buyer demand slows down.

Finally, the decrease in the original list-to-sales price ratio across all markets suggests that sellers are increasingly having to negotiate their prices down to close deals, highlighting the growing negotiating power of buyers in the current market.

Conclusion

As we analyze the July 2024 data, it's clear that the real estate market across 30A, Sandestin/Miramar Beach, and Destin is experiencing some cooling trends, with increased inventory, longer selling times, and more price negotiations. Whether you're looking to buy or sell, understanding these trends is crucial for making informed decisions.

If you're ready to navigate this evolving market, connect with the Kendall Hood Collection for expert guidance tailored to your needs. Our team is here to help you make the most of your real estate journey.

^{Disclaimer: The data presented in this report is sourced from TrendGraphix for the month of July 2024. This information is based on a comprehensive analysis of market trends over the past year. While every effort has been made to ensure the accuracy and reliability of the data, it is subject to potential errors and should not be relied upon as the sole basis for significant financial or real estate decisions.}