Market Update – Emerald Coast of Florida – Summer… It’s Hot!
Real estate pending sales on the Emerald Coast of Florida in August 2020 are going full throttle compared to last year and early April this year. Looking at the entire region, including Destin, Niceville, Santa Rosa Beach, 30-A, Miramar Beach, Fort Walton Beach, Navarre and Crestview, there were 20% more units under contract in the three month period from May to July 2020 compared to the same period in 2019. 2750 houses, condos, lots, townhomes and commercial properties went under contract, compared to 2289 last year, an increase of 461 sales. Pending sales are a good indicator of the current pulse of the market, as opposed to closed sales, which show the result of activities a month or more prior. Pending sales track where the market is going.
In addition, average sale prices for the Emerald Coast real estate market are up by 24% compared to a year ago and median sale prices are up by 15% in the Metropolitan Statistical Area. Why is the market so much in favor of the seller? There is limited inventory of properties for sale. COVID-19 has caused reticence in some owners to sell their homes, reducing the number of properties for sale. That, coupled with very low interest rates, averaging under 3%, have caused a strong demand for housing and a corresponding increase in selling price.
Where is the market going heading into Fall and Winter? Keep an eye here for the latest info.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: [email protected]
