The following market reports provide a detailed analysis of real estate activity across key areas in Walton County, with data reflecting numbers from September 2024. As we’re currently in October, last month’s data is used to ensure accurate and comprehensive reporting, since market trends often take time to fully assess. Across the region, there are notable trends of price corrections in condos, rising inventories, and extended days on market, while some areas like Santa Rosa Beach are experiencing rapid appreciation in single-family home prices.
Whether you’re buying, selling, or just monitoring the market, jump to your specific area of interest below for a detailed breakdown of what’s happening in your community:
Walton County
Average sales price (single-family homes): $1,231,000 (-12.1% change)
Average sales price (condos): $707,000 (-32.3% change)
Average days on market: 112 days (+15.5% change)
Months of inventory: 10.5 months (+63.9% change)
List-to-sales price ratio: 91% (-3.2% change)
Active listings: 2,507 (+30.2% change)
Pending listings: 246 (-7.5% change)
Sold listings: 239 (-20.3% change)
Walton County's real estate market is experiencing a notable shift, with several key indicators pointing towards a cooling trend in both single-family homes and condos.
Average Sales Price Declines:
The average sales price for single-family homes dropped by 12.1%, now at $1,231,000, while condos saw a more dramatic decrease of 32.3%, bringing the average price down to $707,000. This significant reduction in condo prices suggests that this segment of the market is seeing less demand or is becoming more competitive, possibly due to an oversupply or shifting buyer preferences towards single-family homes.
Increase in Days on Market:
Homes are staying on the market longer, with the average days on market rising to 112 days (+15.5%). This indicates a slower pace of sales, which could be linked to the overall cooling demand or higher inventory levels, giving buyers more options and bargaining power.
Rising Inventory and Slowing Sales:
Months of inventory increased by a substantial 63.9%, reaching 10.5 months, which suggests a growing supply of homes on the market. This is further supported by a 30.2% increase in active listings, signaling that more properties are available but are not being absorbed as quickly by the market. Pending listings are down by 7.5%, and sold listings have decreased by 20.3%, underscoring the weakening demand and slower sales cycle.
Price Negotiations Increasing:
The list-to-sales price ratio fell to 91% (-3.2%), indicating that sellers are accepting lower offers than they were a year ago. This decline is consistent with a market where buyers have more leverage due to higher inventory levels and longer listing times.
Conclusion:
Overall, the Walton County market is showing signs of softening, with prices falling, properties taking longer to sell, and inventory levels rising. This could be a reflection of broader economic trends or a local shift in demand dynamics. Buyers are gaining more negotiating power, while sellers may need to adjust expectations, especially in the condo market. If the trend continues, we may see further price adjustments in the coming months.
East and West 30A
Average sales price (single-family homes): $2,271,000 (-10.1% change)
Average sales price (condos): $945,000 (-32.9% change)
Average days on market: 124 days (+53.1% change)
Months of inventory: 15.3 months (+112.8% change)
Original sales price ratio: 90% (-4.3% change)
Properties for sale: 1,084 (+36% change)
Properties pending: 75 (-24.2% change)
Properties sold: 71% (-36% change)
The East and West 30A real estate market is showing clear signs of slowing down, with significant drops in sales activity and rising inventory levels.
Declining Sales Prices:
The average sales price for single-family homes fell by 10.1% to $2,271,000, while the average condo price saw a steeper decline of 32.9%, dropping to $945,000. These price reductions indicate a market where demand may be softening, especially for condos, which are seeing much larger price adjustments. The luxury home market in this area appears to be correcting from prior highs.
Longer Time to Sell:
Properties are taking longer to sell, with the average days on market increasing by 53.1% to 124 days. This sharp rise signals a market slowdown, as buyers are more cautious or taking longer to commit to purchases. Longer selling times often reflect buyer hesitation or more negotiating over prices.
Significant Inventory Increase:
Months of inventory surged by 112.8%, reaching 15.3 months—a sign of an oversupply in the market. A growing number of properties are available, as shown by the 36% increase in properties for sale. However, demand has not kept pace, contributing to the slower sales and longer listing times.
Weaker Negotiating Power for Sellers:
The original list-to-sales price ratio dropped to 90% (-4.3%), indicating that sellers are accepting offers further below their asking prices. Buyers in this market clearly have more leverage, likely due to the abundance of options and the extended time homes are staying on the market.
Falling Sales Activity:
Both properties pending and the number of properties sold have seen significant declines. Properties pending dropped by 24.2%, and the number of properties sold plummeted by 36%. This points to reduced buyer activity and could suggest a market correction or shifting interest in other areas.
Conclusion:
The East and West 30A market is experiencing a downturn, with falling prices, longer selling times, and a growing supply of homes. The substantial increase in inventory and the decrease in sales suggest that the market is becoming more favorable for buyers, who can take advantage of price drops and increased negotiating power. Sellers, on the other hand, may need to adjust their pricing strategies and be prepared for longer sale cycles.
Miramar Beach/Sandestin
Average sales price (single-family homes): $956,000 (-39.6% change)
Average sales price (condos): $729,000 (-1.4% change)
Average days on market: 99 days (+10% change)
Months of inventory: 13.2 months (+81.1% change)
Original list-to-sales price ratio: 90% (-4.3% change)
Properties for sale: 608 (+36.9% change)
Properties pending: 35 (-31.4% change)
Properties sold: 46 (-24.6% change)
The Miramar Beach/Sandestin market is experiencing a noticeable decline, particularly in the single-family home segment, which is facing steep price reductions and a slowdown in sales activity.
Sharp Drop in Single-Family Home Prices:
The average sales price for single-family homes fell significantly by 39.6% to $956,000, indicating a major correction in this segment. In contrast, condos saw a relatively modest decline of 1.4%, with the average price now at $729,000. This suggests that while both markets are softening, single-family homes are seeing much sharper price corrections.
Moderate Increase in Time on Market:
Properties are taking longer to sell, with the average days on market rising by 10% to 99 days. While this increase isn’t as drastic as in other nearby markets, it still points to a slowing pace of transactions, particularly when paired with the rise in inventory.
Growing Inventory Levels:
Months of inventory have increased by 81.1%, now sitting at 13.2 months. This, combined with a 36.9% increase in properties for sale, signals a buildup of supply without a corresponding increase in demand. A growing inventory can further drive down prices as sellers compete for a shrinking pool of buyers.
Lower Seller Bargaining Power:
The original list-to-sales price ratio has dropped to 90% (-4.3%), reflecting that sellers are accepting lower offers than they were a year ago. The decreased ratio aligns with the overall market softness, as sellers adjust to changing conditions and buyers become more selective.
Declining Sales Activity:
Both properties pending and the number of properties sold have fallen sharply. Properties pending is down by 31.4%, and the number of properties sold has dropped by 24.6%. This decline reflects reduced buyer activity and possibly an increase in unsold inventory, suggesting a more sluggish market overall.
Conclusion:
The Miramar Beach/Sandestin market is experiencing significant downward pressure, especially in the single-family home segment. With falling prices, increasing inventory, and slower sales, the market is clearly cooling. Buyers may have more negotiating power and better deals to consider, while sellers may need to lower expectations, adjust pricing strategies, and prepare for longer listing periods. The combination of lower prices and extended inventory suggests a buyer's market may be emerging in the area.
Destin
Average sales price (single-family homes): $1,391,000 (+7.6% change)
Average sales price (condos): $656,000 (-23.4% change)
Average days on market: 109 days (+45.3% change)
Months of inventory: 14.9 months (+71.7% change)
Original list-to-sales price ratio: 91% (-2.2% change)
Properties for sale: 701 (+28.6% change)
Properties pending: 4 (-14.3% change)
Properties sold: 63 (-25.4% change)
The Destin real estate market is experiencing mixed signals, with some segments showing growth while others are seeing notable declines. The data reflects a market in transition, with shifts in both pricing and inventory levels.
Single-Family Home Prices Rise, Condo Prices Drop:
The average sales price for single-family homes increased by 7.6% to $1,391,000, indicating continued demand for higher-end properties in this segment. However, the condo market is facing a sharp decline, with the average price dropping by 23.4% to $656,000. This disparity suggests that while luxury homes are holding strong, the condo market is softening considerably, possibly due to oversupply or changes in buyer preferences.
Longer Time on Market:
Properties are staying on the market much longer, with the average days on market increasing by 45.3% to 109 days. This slowdown in the time it takes to close a sale indicates a cooling in demand across the board, making the market more favorable for buyers who have more time to negotiate.
Inventory Surge:
Months of inventory have risen by 71.7%, now at 14.9 months, a strong signal of oversupply. Properties for sale are also up by 28.6%, further highlighting the imbalance between supply and demand. More listings on the market typically mean more competition among sellers, which can lead to downward pressure on prices over time.
Reduced Seller Leverage:
The original list-to-sales price ratio dropped to 91% (-2.2%), reflecting that sellers are having to accept offers lower than their initial asking prices. This reduction in negotiating power aligns with the longer time on market and the rising inventory, as buyers have more options and bargaining power.
Lower Sales and Spending:
Sales activity has decreased, with properties sold down by 25.4% and properties pending reduced by 14.3%. This decline indicates fewer transactions and possibly reduced interest from buyers. The drop in sales volume is consistent with the growing inventory and longer listing periods, suggesting that demand is not keeping pace with supply.
Conclusion:
The Destin market is showing contrasting trends between single-family homes and condos. While high-end homes have seen price increases, the condo market is struggling, pulling down the overall market performance. With rising inventory and longer times to close sales, the market is tilting towards buyers, who now have more options and negotiating power. Sellers, especially in the condo market, may need to adjust their pricing and expectations to align with the current demand dynamics.
Santa Rosa Beach
Average sales price (single-family homes): $1,272,000 (+129.2% change)
Average days on market: 95 days (+6.7% change)
Months of inventory: 8 months (-15.8% change)
Original list-to-sales price ratio: 92% (-2.1% change)
Properties for sale: 168 (+18.3% change)
Properties pending: 15 (+40% change)
Properties sold: 15 (+40% change)
The Santa Rosa Beach real estate market is seeing remarkable growth in single-family home prices, though other key metrics indicate a balanced but slowly cooling market overall.
Massive Increase in Single-Family Home Prices:
The standout figure is the 129.2% surge in the average sales price of single-family homes, reaching $1,272,000. This dramatic price jump suggests a shift toward higher-end, luxury homes in the area or a significant increase in demand for prime properties, positioning Santa Rosa Beach as a rapidly appreciating market.
Moderate Increase in Days on Market:
Properties are spending slightly more time on the market, with the average days on market increasing by 6.7% to 95 days. While this is a modest rise, it indicates a small slowdown in the pace of transactions compared to last year, though homes are still selling relatively quickly given the price surge.
Inventory Levels Decreasing:
Months of inventory fell by 15.8%, now standing at 8 months. A reduction in inventory typically reflects strong demand outpacing supply, contributing to the steep rise in home prices. This limited supply could continue to drive prices higher in the short term.
Slight Drop in Seller Negotiating Power:
The original list-to-sales price ratio dropped by 2.1% to 92%, signaling that while sellers still hold some leverage, they may need to be more flexible on price compared to a year ago. However, given the massive price appreciation, this shift is relatively minor.
Increase in Properties for Sale and Sales Activity:
The number of properties for sale increased by 18.3%, indicating more listings entering the market, possibly as sellers look to capitalize on the higher prices. Properties pending and the number of properties sold both saw healthy increases, each rising by 40%. This suggests that buyer activity is still strong, with more transactions happening despite the higher price points.
Conclusion:
Santa Rosa Beach is experiencing a dramatic rise in single-family home prices, driven by high demand and shrinking inventory. While homes are staying on the market a bit longer, the market remains competitive, with both sales and spending increasing. Sellers can still benefit from favorable conditions, though they may need to be slightly more flexible on price. Overall, the market's rapid appreciation signals ongoing demand for high-end properties, positioning Santa Rosa Beach as a premium real estate destination.
