Each issue through the fall, Beachcomber will feature a frequently asked question answered from the perspective of a local professional realtor. This issue’s subject matter expert is Jerry Sullivan from Century 21 Blue Marlin in Destin. (850) 837-7800. C21BlueMarlin.com
Sullivan has been involved in commercial and residential real estate for over 14 years, including management, construction and ownership of a successful real estate company on the Emerald Coast.
Now is a great time to be in the real estate market, whether you are buying or selling. We continue to see an uptick across a number of statistics for Okaloosa County’s real estate market.
Closed sales are one of the simplest—yet most important—indicators for the residential real estate market. According to Florida Realtors® Monthly Market Detail for April 2017, the dollar value of closed sales for single-family homes has increased 4.6 percent year to year. The dollar value for closed sales on single-family homes in April 2017 came in at $91.7 million compared to 2016’s $87.7 million.
More impressive is the increase in dollar value of closed sales on townhomes and condominiums. Year over year, there has been an increase of 31.3 percent since 2016, with an average dollar value of $30.7 million dollars for townhomes and condominiums by the end of April 2017.
When buying a home in or around Destin, it helps to know when a home for sale goes under contract. Pending sales are an important point of reference as you search for the perfect home or condo to buy in Destin. Compared to April 2016, we see an impressive increase of 23 percent in new pending sales for single-family homes and 35.8 percent for townhomes and condos.
It is important to note that not all comparisons see a positive percentage increase. In fact, the inventory or number of active listings in Okaloosa County is down 19.9 percent for single-family homes and 19.9 percent for townhomes and condos since April 2016.
We can attribute the increases in dollar value, pending sales and the decrease in inventory to our desirable area. We are known for year-round tourism, ease-of-accessibility and amenities. There are very few places you can affordably vacation or live in that boast world-class fishing, award-winning golf courses, premium shopping and jaw-dropping beaches.
Nestled amongst the Gulf of Mexico and the Choctawhatchee Bay in Northwest Florida, statistics show Destin is a popular place to call home.