National:
For almost three years, many buyers have been sitting on the sidelines waiting for 3%, 4% or even 5% mortgage rates to return. Increasingly, they're deciding they can't put their lives on hold forever. As a result, pending sales and mortgage lock activity have shown signs of improving despite rates remaining in the mid-6% range. This ties in perfectly with what we're seeing locally.

The luxury market continues to outperform. Million-dollar home sales are increasing while lower-priced segments remain more constrained by affordability. Cash buyers and financially strong purchasers continue to drive much of the upper-end market.

Local:
Demand continues to be supported by military growth, tourism, investment, second-home ownership, retirees, and people relocating for the fabulous quality of life our area offers. While buyers have become much more selective and price-conscious, well-prepared properties continue to attract strong interest.

Every neighborhood has its own story. That's why we encourage buyers and sellers to look beyond the national headlines and focus on what's happening in their specific market. Importantly, these statistics do not indicate a lack of buyers. Buyers remain active throughout the Emerald Coast.

The average days on market for single family homes last month was 96. These homes sold for 96% of asking price. Expired homes were up to 1,200 days on the market. The data suggests that many sellers are entering the market with pricing expectations that buyers simply are not willing to support.

Regardless of current market conditions, the long-term outlook for the Emerald Coast remains positive. Population growth, continued investment in our region, and the area's enduring appeal as both a primary and second-home destination continue to support the market's long-term fundamentals.

One thing remains certain: every reasonably priced home or condominium on the market today will sell.

A summary of June’s Average Sold Prices:
                                                      Single Family                        Condo
 30-A                                          $2,385,976  (140)            $1,725,000  (33)                                   
Destin/Miramar Beach         $1,457,796  (75)              $    665,782  (78)
Ft. Walton Beach                    $   488,854  (119)            $    456,035  (23)

Ed & Terri Smith Team
Making Business a Pleasure ℠