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Destin Florida Condos - Market Update

September 2008 -- The 2008 condo market continues to outperform 2007.  In August this year 69 condo contracts were written compared to 57 last year.  This past months performance is in line with the year as the number of condo contracts maintain a 20% increase in last year's numbers.  Condo prices have continued to hold their own largely due to the somewhat renewed buyer interest so far this year.  While the rebound over the past few months is noticeable, the sales numbers will still require some improvement to signal a sustainable recovery.  They are strong enough to indicate we are likely seeing the bottom and the beginning of a slow recovery.

Signs of Fragile Recovery: Rising sales - Falling Inventory.  While sales have increased and a slow recovery is occurring in the condo market, market recovery is still fragile due to the large number of condos ( 3,268 units) for sale in our local.  Condo inventory remained steady in August.  The large number of condos for sale means that sellers outnumber buyers by a large amount and prices will hover near the bottom for a time to come.  Our property summary table below shows the distribution of the condo inventory across the geographic markets of our area.

Destin Condo Sales Slow, but Not Stagnant.  Last month, 69 contracts for the sale and purchase of a condo in our local area were signed.  If you find that perfect beach condo - go for it.  Don't count on it being available later.  Don't confuse "slow sales" with "no sales" and remember that there are likely to be other bargain shoppers looking at the same property you are for all the same reasons.

Looking for a "Short Sale"?  You may want to rethink your strategy.  While sellers who find themselves in short sales situations tend to be motivated, buyers should be aware that risks are involved.  For example, all banks and lending institutions require "as Is" contracts which take away specific buyer friendly clauses.  Also, as banks and other lending institutions have become inundated with short sale requests, the time it takes for bank review and acceptance of buyer offers has become longer and longer.  Many banks now take 120 days and even 180 days to accept, respond, and close the deal.  That means a long time in "limbo" for short sale buyers.  A "normal" deal between buyer and seller with no "Short Sale" bank or lender involved can be completed in 30 days.

Overall Condo Value Trends.  Statistics show condo values along the coast have adjusted downward 30-35% from their market peaks in mid- 2005.  Although a slight downward trend continues, recent decreases in interest rates, property taxes, and hazard insurance are beginning to lessen  the cost of ownership and assert a positive effect in our local market tempo and stabilize prices.  While difficult for sellers, buyers have never had it so good.  Condo buyers looking for a bargain can expect to be rewarded.  This is especially true in the next few months and improving interest rates replenish the number of buyers seeking bargains in the market.

Remember .. true bargains are scarce.  Just because there is a lot of inventory doesn't mean there are a lot of genuine bargains.  Buyers searching for bargains must do their homework.  Although true bargains are scarce, smart buyers teamed a smart Realtor team can find them.  We're here to help if you need us!

Condos for For Sale

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.

Area Condos Town Homes Homes Lots / Land Total NAVARRE 163 82 677 676 1,598 FORT WALTON BEACH 514 136 494 94 1,238 NICEVILLE 54 50 337 145 586 DESTIN 963 93 588 218 1,862 MIRAMAR BEACH 549 56 239 116 960 SANDESTIN 465 64 191 93 813 SANTA ROSA BEACH 167 44 632 989 1,832 GRAYTON BEACH AREA 393 30 608 556 1,588 FREEPORT 0 16 208 478 702 Total: 3,268 571 3,974 3,365 11,178

Condos for sale -- Search by City and Complex

Homes for sale - sorted by City and Complex -- we now provide a way for you to search for all Homes for sale at over 1,200 neighborhoods within 25 miles of Destin.  Use the links below to find your favorite home for sale, bookmark the page, and return often to keep track of the market.

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IMPORTANT NOTE: All information provided on this site is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.

RELIABILITY: RE/MAX Paradise Properties strives to ensure the accuracy of the data contained within this site. Information is deemed reliable, but is not guaranteed.