It is that time of the month again where the newest market reports and data for our area are provided by the Florida Association of Realtors. Below are the February 2023 vs February 2022 statistics for single family homes in Destin, Miramar Beach, Santa Rosa Beach and Inlet Beach. If you would like additional areas added let us know in the comments below.
Santa Rosa Beach
Note - Inventory is up 176% from this time last year! That is a significant increase but the amount of new listings (listings added within 30 days) is lower than it was last year. Not a surprise that pending sales, closed sales and total volume are all down proportionally to a year ago especially with interest rates being double to what they were this time last year. The median price has held up for Santa Rosa Beach so prices have also not decreased which is good for sellers entering the market and wanting to get a similar valuation.
Destin
Note - The Destin housing market is down across the board. There is a big increase in the amount of inventory on the market now versus February 2022. The number of new listings entering the market is also down but there is a much larger backlog of existing inventory.
Miramar Beach
Similar to Destin the Miramar Beach single family market is also down. One bright spot is an increase in new pending sales which is up 26% over last February. The bad news for sellers is that even though there is more activity the market has softened and prices are coming down. This is good for buyers in this market as they have more available inventory in which to negotiate.
Inlet Beach
Note - Inlet Beach has managed to buck the trend of the other cities and had a nice 6% increase in median sales price over this time last year. The average sales price (not pictured) is an even bigger increase of 35%! All of the other metrics are down (closed sales, dollar volume and new pending sales) while new listings are actually up 16% over the same time last year. This area also features more high end luxury listings than the other areas mentioned.
Keep an eye out for our next post going over the newest condo data.
