There is a lot of things that go into owning, buying and selling real estate at the beach.  This blog is intended to help you in all aspects 

Nov. 23, 2020

November Market Update

Weathering a storm in rough seas or calm

 

First --- Happy Thanksgiving!  Okay, looking at the market I can tell you the following:

Pending Sales (under contract but not yet sold) continue to outpace New Listings coming on the market.  This is generally a good thing for seller’s because it means that inventory remains tight with limited options for buyers. 

Getting deals to close can be tricky.  We are seeing across the board that more and more deals are falling apart during the closing process.  Issues undermining sales are:

  • Appraisals – Appraisers are very backed up which means it is taking extra time to get the appraisal and that can cause closing to require extensions.  In addition, appraisals are often come in low.  This is typical in markets with quickly increasing prices because appraisals are a lagging indicator. 
  • Inspections and repairs – while we are seeing mostly normal things in inspection reports, Sellers are having a tough time finding qualified vendors to give estimates and/or actually do the repairs.  Like with the appraisal issues, this often can require closings to be extended. 

Other Issues At Play

Covid.  Many parts of the country are experiencing outbreaks of Covid. How this impacts our area remains to be seen but I am confident there will be some impact.  As of now, rental calendars seem to be filling up nicely and barring some unforeseen issue I would expect 2021 to be a very, good year for investors looking for high rental income.  High rental income generally leads to higher sales prices so we will continue to monitor this closely.

Financing:  It appears the Freddie Mac and Fannie Mae will be backing away from buying back condo loans from banks and mortgage brokers starting Dec. 7.  This will constrict the number of lenders in the market writing mortgages for condos and when money supply gets tighter that generally leads fewer buyers and ultimately to price softening.  The good news is that mortgage rates are still incredibly low right now and that is great news for both buyers and sellers.  Because financing is so important, it is something that we will continue to watch for you.

Politics.  We may have a new President soon and perhaps even a new Senate.  Like with Covid, how this impacts real estate at the beach remains to be seen but I am confident there will be some impact.   Capital Gains Taxes, 1031 Exchange Benefit, Travel Restrictions, Economy, Unemployment … and more.  There are a lot of balls up in the air right now that can and most likely will have an impact on investors who own real estate at the beach so we will definitely continue to watch this as it becomes more clear.

Summary: As always, we are in interesting times.  There are many really, really good things happening for both buyers and sellers, but deals are not easy to get together right now and they certainly are much harder to keep together.  If you are considering buying or selling a place here at the beach, you may want to do yourself a favor and make sure you hire a Realtor (us or someone else) with a long track record of success – especially in challenging times like we are in right now.  Rough seas require a good Capitan.
 

Posted in Market Updates
Nov. 23, 2020

Navarre Beach | Condo Sales | October, 2020

The chart below shows the market activity for Destin Area Condo Sales during the last calendar month.  The Destin Area includes: Fort Walton Beach, Destin, Miramar Beach and Sandestin Resort.  If you would like more information on a specific neighborhood please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these new links:

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

5

$2,297,900

$320,000

$459,580

20

20

$2,245,500

$309,000

$449,100

97.72

97.51

List/Sold

0

$0

$0

$0

0

0

$0

$0

$0

0.00

0.00

Co-Broker

5

$2,297,900

$320,000

$459,580

20

20

$2,245,500

$309,000

$449,100

97.72

97.51

New

3

$1,804,000

$528,000

$601,333

27

27

 

 

 

 

 

Pending

4

$2,177,900

$581,450

$544,475

45

45

 

 

 

 

 

Withdrawn

1

$275,000

$275,000

$275,000

37

37

 

 

 

 

 

Cancelled

1

$879,900

$879,900

$879,900

30

30

 

 

 

 

 

Expired

0

$0

$0

$0

0

0

 

 

 

 

 

Back On Market

0

$0

$0

$0

0

0

 

 

 

 

 

Extended

0

$0

$0

$0

0

0

 

 

 

 

 

Active In Range

28

$17,829,600

$642,500

$636,771

214

228

 

 

 

 

 

Current Active

16

$10,497,000

$650,000

$656,062

231

249

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

Navarre Beach | Home Sales Statistics | October, 2020

The chart below shows the market activity for Navarre Beach Home Sales during the last calendar month.  If you would like more information on a specific neighborhood please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website: Try out these new links.

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

4

$2,856,000

$699,000

$714,000

157

201

$2,751,000

$685,500

$687,750

96.32

93.99

List/Sold

2

$1,208,000

$604,000

$604,000

46

46

$1,162,000

$581,000

$581,000

96.19

96.19

Co-Broker

2

$1,648,000

$824,000

$824,000

269

356

$1,589,000

$794,500

$794,500

96.42

92.44

New

1

$894,400

$894,400

$894,400

31

31

 

 

 

 

 

Pending

4

$3,159,900

$749,900

$789,975

85

85

 

 

 

 

 

Withdrawn

1

$949,000

$949,000

$949,000

159

159

 

 

 

 

 

Cancelled

0

$0

$0

$0

0

0

 

 

 

 

 

Expired

0

$0

$0

$0

0

0

 

 

 

 

 

Back On Market

0

$0

$0

$0

0

0

 

 

 

 

 

Extended

0

$0

$0

$0

0

0

 

 

 

 

 

Active In Range

15

$19,305,900

$1,149,000

$1,287,060

141

141

 

 

 

 

 

Current Active

8

$11,597,100

$1,174,900

$1,449,637

224

225

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

Destin | Condo Sales | October, 2020

The chart below shows the market activity for Destin Area Condo Sales during the last calendar month.  The Destin Area includes: Fort Walton Beach, Destin, Miramar Beach and Sandestin Resort.  If you would like more information on a specific neighborhood please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these links

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 
 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

213

$100,266,932

$385,000

$470,736

88

117

$96,336,130

$372,500

$452,282

96.08

94.73

List/Sold

38

$17,822,500

$369,950

$469,013

90

123

$17,083,101

$354,350

$449,555

95.85

95.23

Co-Broker

175

$82,444,432

$385,000

$471,111

88

115

$79,253,029

$375,000

$452,874

96.13

94.63

New

174

$79,851,198

$409,250

$458,914

24

35

 

 

 

 

 

Pending

216

$96,034,768

$394,500

$444,605

126

138

 

 

 

 

 

Withdrawn

18

$8,877,299

$474,000

$493,183

157

179

 

 

 

 

 

Cancelled

16

$13,082,800

$497,000

$817,675

152

172

 

 

 

 

 

Expired

29

$13,794,788

$399,900

$475,682

799

811

 

 

 

 

 

Back On Market

50

$19,639,294

$398,750

$392,785

182

197

 

 

 

 

 

Extended

39

$22,523,299

$479,500

$577,520

309

348

 

 

 

 

 

Active In Range

840

$474,403,229

$434,950

$564,765

143

170

 

 

 

 

 

Current Active

474

$310,510,958

$489,000

$655,086

207

249

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

Destin| Home Sales | October, 2020

The chart below shows the market activity for 30A / South Walton County Area Home Sales during the last calendar month.  The  Area includes: Blue Mt. Beach, Grayton Beach, Santa Rosa Beach, Seagrove Beach, Seacrest Beach, Rosemary Beach and Inlet Beach.  If you would like more information on a specific neighborhood please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these links:

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

180

$299,417,331

$1,168,500

$1,663,429

80

90

$288,869,156

$1,147,500

$1,604,828

96.48

95.50

List/Sold

40

$65,817,424

$1,272,500

$1,645,435

67

72

$63,002,339

$1,180,000

$1,575,058

95.72

95.12

Co-Broker

140

$233,599,907

$1,110,000

$1,668,570

84

95

$225,866,817

$1,066,250

$1,613,334

96.69

95.61

New

192

$315,374,607

$1,024,500

$1,642,576

17

41

 

 

 

 

 

Pending

180

$281,818,335

$885,000

$1,565,657

78

101

 

 

 

 

 

Withdrawn

18

$32,645,188

$1,449,500

$1,813,621

57

96

 

 

 

 

 

Cancelled

36

$70,860,758

$899,950

$1,968,354

154

178

 

 

 

 

 

Expired

13

$31,884,734

$1,775,000

$2,452,671

316

406

 

 

 

 

 

Back On Market

58

$78,509,663

$969,500

$1,353,614

117

136

 

 

 

 

 

Extended

30

$61,831,447

$1,297,500

$2,061,048

265

300

 

 

 

 

 

Active In Range

535

$1,144,312,663

$1,449,000

$2,138,902

92

110

 

 

 

 

 

Current Active

222

$619,083,804

$2,394,500

$2,788,665

171

197

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

30A - Home Sales - October, 2020

The chart below shows the market activity for 30A / South Walton County Area Home Sales during the last calendar month.  The  Area includes: Blue Mt. Beach, Grayton Beach, Santa Rosa Beach, Seagrove Beach, Seacrest Beach, Rosemary Beach and Inlet Beach.  If you would like more information on a specific neighborhood please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these links:

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

180

$299,417,331

$1,168,500

$1,663,429

80

90

$288,869,156

$1,147,500

$1,604,828

96.48

95.50

List/Sold

40

$65,817,424

$1,272,500

$1,645,435

67

72

$63,002,339

$1,180,000

$1,575,058

95.72

95.12

Co-Broker

140

$233,599,907

$1,110,000

$1,668,570

84

95

$225,866,817

$1,066,250

$1,613,334

96.69

95.61

New

192

$315,374,607

$1,024,500

$1,642,576

17

41

 

 

 

 

 

Pending

180

$281,818,335

$885,000

$1,565,657

78

101

 

 

 

 

 

Withdrawn

18

$32,645,188

$1,449,500

$1,813,621

57

96

 

 

 

 

 

Cancelled

36

$70,860,758

$899,950

$1,968,354

154

178

 

 

 

 

 

Expired

13

$31,884,734

$1,775,000

$2,452,671

316

406

 

 

 

 

 

Back On Market

58

$78,509,663

$969,500

$1,353,614

117

136

 

 

 

 

 

Extended

30

$61,831,447

$1,297,500

$2,061,048

265

300

 

 

 

 

 

Active In Range

535

$1,144,312,663

$1,449,000

$2,138,902

92

110

 

 

 

 

 

Current Active

222

$619,083,804

$2,394,500

$2,788,665

171

197

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

30A | Condo Sales | October, 2020

The chart below shows the market activity for 30A / South Walton County Area Condo Sales during the last calendar month.  The  Area includes: Blue Mt. Beach, Grayton Beach, Santa Rosa Beach, Seagrove Beach, Seacrest Beach, Rosemary Beach and Inlet Beach.If you would like more information on a specific neighborhood please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these links.

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

55

$40,075,161

$660,000

$728,639

115

152

$38,778,461

$645,000

$705,062

96.76

83.29

List/Sold

14

$9,351,645

$633,500

$667,974

107

203

$9,061,245

$613,750

$647,231

96.89

92.63

Co-Broker

41

$30,723,516

$660,000

$749,354

114

131

$29,717,216

$645,000

$724,810

96.72

80.80

New

48

$65,131,856

$687,450

$1,356,913

19

54

 

 

 

 

 

Pending

57

$52,395,566

$679,900

$919,220

107

150

 

 

 

 

 

Withdrawn

2

$825,000

$412,500

$412,500

217

217

 

 

 

 

 

Cancelled

5

$8,417,114

$1,549,999

$1,683,422

191

226

 

 

 

 

 

Expired

5

$4,779,799

$669,900

$955,959

617

652

 

 

 

 

 

Back On Market

9

$8,300,799

$669,900

$922,311

283

283

 

 

 

 

 

Extended

7

$6,769,000

$1,270,000

$967,000

377

395

 

 

 

 

 

Active In Range

171

$185,891,415

$689,000

$1,087,084

108

142

 

 

 

 

 

Current Active

83

$98,270,550

$749,000

$1,183,982

187

250

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

Panama City Beach | Condo Sales | October, 2020

The chart below shows the market activity for Panama City Beach Condo Sales during the last calendar month.  If you would like more information on a specific building please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these new links:

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

165

$55,236,622

$309,900

$334,767

79

77

$53,804,020

$299,000

$326,084

97.41

96.47

List/Sold

29

$9,715,300

$319,000

$335,010

66

61

$9,498,400

$319,000

$327,531

97.77

97.63

Co-Broker

136

$45,521,322

$306,200

$334,715

81

80

$44,305,620

$298,000

$325,776

97.33

96.23

New

176

$57,384,525

$306,000

$326,048

20

26

 

 

 

 

 

Pending

195

$66,384,685

$319,000

$340,434

96

353

 

 

 

 

 

Withdrawn

11

$3,270,800

$275,000

$297,345

85

85

 

 

 

 

 

Cancelled

31

$10,918,799

$289,000

$352,219

129

127

 

 

 

 

 

Expired

18

$6,123,600

$356,200

$340,200

285

283

 

 

 

 

 

Back On Market

69

$22,187,142

$315,000

$321,552

154

161

 

 

 

 

 

Extended

28

$11,208,049

$382,400

$400,287

287

315

 

 

 

 

 

Active In Range

692

$250,430,740

$339,000

$361,894

170

666

 

 

 

 

 

Current Active

287

$105,384,390

$328,000

$367,192

199

481

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

Panama City Beach | Home Sales | October, 2020

The chart below shows the market activity for Panama City Beach Home Sales during the last calendar month.  If you would like more information on a specific building please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these new links:

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

109

$62,719,781

$375,000

$575,410

67

74

$60,697,403

$361,000

$556,856

96.78

96.21

List/Sold

15

$12,760,650

$384,900

$850,710

60

58

$12,686,250

$384,900

$845,750

99.42

99.50

Co-Broker

94

$49,959,131

$372,000

$531,480

68

76

$48,011,153

$360,000

$510,756

96.10

95.38

New

123

$75,852,400

$359,950

$616,686

23

28

 

 

 

 

 

Pending

108

$49,138,438

$352,425

$454,985

66

72

 

 

 

 

 

Withdrawn

12

$7,629,800

$454,950

$635,816

62

61

 

 

 

 

 

Cancelled

19

$11,090,669

$353,000

$583,719

162

191

 

 

 

 

 

Expired

15

$11,156,922

$419,000

$743,794

388

392

 

 

 

 

 

Back On Market

45

$18,685,127

$329,900

$415,225

115

122

 

 

 

 

 

Extended

27

$15,977,327

$337,175

$591,752

191

188

 

 

 

 

 

Active In Range

376

$259,133,144

$389,000

$689,183

85

89

 

 

 

 

 

Current Active

174

$154,524,622

$427,000

$888,072

136

142

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.

Nov. 23, 2020

Panama City Beach | Lot Sales | October 2020

The chart below shows the market activity for Panama City Beach Residential Lot Sales during the last calendar month.  If you would like more information on a specific building please call or text John Moran at 850-217-7618 or send an email to JohnMoran@AtTheBeachTeam.com and I will be happy to get it for you.

Note: Introducing our new website – Try out these new links:

We are very excited about launching it and are confident it will be a terrific tool for you.

MARKET SUMMARY 

 

Total

Total List Volume

Median List Price

Average List Price

DOM

CDOM

Total Sold Volume

Median Sold Price

Average Sold Price

SP/LP

SP/OLP

Sold

20

$2,992,200

$84,950

$149,610

132

185

$2,629,000

$76,250

$131,450

87.86

81.77

List/Sold

6

$666,800

$82,450

$111,133

166

228

$608,000

$80,500

$101,333

91.18

82.73

Co-Broker

14

$2,325,400

$87,400

$166,100

117

167

$2,021,000

$75,750

$144,357

86.91

81.48

New

40

$6,357,350

$89,700

$158,933

27

31

 

 

 

 

 

Pending

28

$3,530,690

$101,950

$126,096

236

258

 

 

 

 

 

Withdrawn

4

$965,000

$80,000

$241,250

330

330

 

 

 

 

 

Cancelled

6

$1,883,500

$115,500

$313,916

337

337

 

 

 

 

 

Expired

5

$591,400

$115,000

$118,280

340

338

 

 

 

 

 

Back On Market

4

$472,700

$101,950

$118,175

138

134

 

 

 

 

 

Extended

14

$2,085,399

$89,500

$148,957

540

537

 

 

 

 

 

Active In Range

197

$35,907,974

$115,000

$182,273

265

276

 

 

 

 

 

Current Active

133

$24,471,784

$119,000

$183,998

303

316

 

 

 

 

 


Information is deemed to be reliable, but is not guaranteed. See copyright notice.