Market Overview – Midyear 2013
2013 is off to a great start, demonstrating that one year can make a substantial difference in the local real estate market. Today there are 20% less Gulf front condominiums and homes, and 22% less residential lots for sale than at this time last year. These dropping inventory levels have helped prices to solidify, and a number of neighborhoods posted their first gains in recent memory. The numbers confirm that the market has passed the worst of the current real estate cycle and is heading in an upward trend.
Average sales prices compared to asking prices on residential properties have been hovering around 6% off the list price and 20% off the original list price during the first half of this year. We expect this trend to continue and perhaps tighten further in the coming months, revealing an increasing seller confidence – pricing condos to sell.
Average price per square foot is also a realistic indicator of the direction in which the local real estate market is moving. Gulf front condominium sales along 30A led the coastal submarkets with a 15% increase in price per square foot year over year and Miramar Beach followed with a 6% increase. We expect the direction of the market to remain relatively strong with price gains ahead, particularly in key communities.
There are property types and communities which have begun to demonstrate strength, leading to broader market stabilization. Although overall price per square foot remains flat, some locations have seen significant increases on comparable properties. Tops’l Beach and Racquet Resort is a great example of a property which demonstrated a significant upward pricing trend, with several sales reaching a roughly $100,000 increase over last year’s sale price of a comparable condominium.
As you read through statistics and trends, it is important to understand the fundamentals of the local real estate market. What is occurring in particular neighborhoods and with specific property types at varying price points will reveal true market indicators, more so than blanket data for a large region. The market reports available on our website provide a wealth of information on the current real estate market in our coastal communities; however, I encourage you to contact one of our local real estate professionals to receive a customized market analysis for a specific property or community.
As the numbers reveal, this is not a typical market and we are not typical Realtors. We have been a leader in listing and selling homes and condominiums on the Emerald Coast for over 35 years. We are an acute-listening, results-minded, kind-hearted, clever-thinking bunch who will gladly drive the back roads to help you find your perfect home along the Gulf Coast. Furthermore, you can count on us to supply you with the tools needed to determine what your money can buy, what it can’t buy and what will forever remain priceless.
I hope you enjoy learning more about the current real estate market in Northwest Florida and encourage you to contact a ResortQuest Realtor for all of your real estate needs.
ResortQuest Real Estate
2013 Midyear Reviews