Destin Home Sales
ERA Emerald Coast Realty
NW Florida Realtors
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The Destin real estate market has experienced many changes over the past seven years. One of the best ways to visualize what has happened and where we currently are is to study monthly home sales statistics.
The chart below represents January 1999 through March 2012 Destin real estate sales of residential homes. The horizontal axis is the month and the vertical axis is number of monthly home sales that had transpired.
The chart above clearly illustrates the housing bubble that started in 2001 and subsequently concluded in 2008.
The housing bubble that affected all real estate markets in this country was the result of a credit bubble that provided very cheap and available credit which resulted in over building (Green line is the up leg, Red line is the down leg of the hosing bubble).
The current sales that we see in Destin are very near "normal" market conditions (Orange line denotes a normal market).
When you reflect on home sales in 1999, 2000 and 2001 you will see there is a consistency that reflect and are indicative normal Destin market conditions. The current market are entering this range as this real estate market has recovered in large measure.
The Inventory of listed homes is still a little high but we have had a "neutral market" since late last year. This is neither a buyers or sellers market.
There are still some very good real estate values available on a case-by-case basis but overall prices are not changing dramatically. Good values sell quickly while over priced properties can stay on the market for years.
During a period of normal market conditions people buy and sell for reasons such as; job transfers, up-sizing, down-sizing and new home buyers entering the market for the first time. During this period there are more cash investors that are looking for value over a 2-3 year horizon.
The Destin area monthly average residential sales price stabilized in early 2010 (the average price is not declining) and is approximately tracking the 5% appreciation line, the average price is no longer declining.
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