Condos For Sale
Destin Florida & Vicinity
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May 2012 -- Condo Inventory is at an 8 year low, sales are at a 7 year high. Condo sales in the first four months of 2012 indicate a continued upward trend in consumer demand for condos along the Emerald Coast. Buyers continue to take advantage of record low prices and interest rates.
Condo
Sales. The chart to the right illustrates the number of
condo sales January through April this year compared to the same period
each of the previous 9 years. Condo sales so far this year have
risen 12% compared to the same period last year. The last
time the number of condo sales was this high was in 2005.
Condo Inventory. Condo inventory has been falling rapidly since
July 2006 when it hit its high of 5,047 condos for sale. The total
number of condos for sale as of May 9th was 1,593 units. The number of
condos for sale has not been this low since February 2004 when condo
inventory fell to 1,175 condos for sale.
Effect of Inventory on the Condo Market. Inventories have fallen well below their 10-year median. Lower inventories and continuing low interest rates are beginning to nudge prices upward. Bargain basement distressed inventory is noticeably thinning and a rise in price seems inevitable especially in the condo and second home markets where buyer pressure is strongest.
Sales are up, but what about prices? Condo prices which had fallen have now stabilized largely due to the increased number of buyers and the shrinking inventory. Continued low interest rates and falling inventory will likely come into play this Spring and begin to lift prices slightly.
Expect your offer to be one of several being considered. It surprises some to hear that there are only 8 condo foreclosures (as of May 19) along the 20 mile stretch of beach between Fort Walton and Sandestin Resort. Only 4 of these are located within a gulf front complex. Others are still near the beach but more inland.
Many condo foreclosures sell at-or-above list price. With so few foreclosed condos, buyer pressure is high and multiple offers are typical. Since the beginning of the year, 21 foreclosures have been sold within gulf front condo complexes along 20 miles of beach between Okaloosa Island and Sandestin. The result is that 43 percent ( 9 units) sold at or above the actual list price. One foreclosure sold for $150,000 above list price The average discount from list price for these foreclosures was only 1%. Foreclosure buyers should hone expectations accordingly.
Bargain basement distressed inventory is noticeably thinning and a rise in
price seems inevitable, especially in the condo and second home markets
where buyer pressure is strongest.
What's fueling the condo market Recovery? Buyer polls show that condo sales are being fueled by the combination of three economic factors: 1) deflated condo prices; 2) Record low interest rates; and 3) increase in overall gross rental revenue as evidenced by the uptick in Okaloosa and Walton county bed tax collections
Please let us know if I may assist you in obtaining detailed information for properties located in any of the following cities or regions below.
Condos for sale - sorted by City and Complex -- we now provide a way for you to search for all Condos for sale at over 1,200 neighborhoods within 25 miles of Destin. Use the links below to find your favorite condo for sale, bookmark the page, and return often to keep track of local condo inventory and prices.
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