The National Market:
The total value of homes for sale across the U.S. has surged to an unprecedented $700 billion—an all-time high. Despite the surge in inventory, millions of prospective buyers remain on the sidelines, mostly constrained by the usual suspects, specifically, high mortgage interest rates, escalating property taxes and insurance.
Notably, $331 billion worth of active listings—representing approximately 44% of all homes on the market—have been sitting for over 60 days, the highest days-on-market level since 2020. Yet despite this growing inventory stagnation, leading forecasters still anticipate national home price growth of 3–4% in 2025. One truth remains: if extended days on market go unmitigated, downward pressure on prices is inevitable. It's Economics 101.
The Local Market:
Single Family Home sales continue to outperform Condo sales. The absorption rates (months of inventory) are still high across Okaloosa, Walton and Bay counties:
• Single Family Homes: 8.5 months of inventory | 98 Days-on-Market to close.
Closed sales averaged 96% of asking price.
• Condos: 15.8 months of inventory | 213 Days-on-Market to close
Closed sales averaged 95% of asking price.
A summary of May Average Sold Prices:
Single Family Condo
30-A $2,592,348 $1,500,794
Destin/Miramar Beach $1,099,544 $ 567,876
Ft. Walton Beach $ 421,571 $ 506,232
Ed Sez: Historically, higher inventory levels are linked to longer marketing times and downward pressure on pricing. While we are seeing a definite uptick in days on market, the sales-to-list price ratios remain surprisingly resilient—a sign that pricing expectations haven't collapsed, even in a slower-moving environment.
Ed & Terri Smith
RE/MAX Coastal Properties
Selling Emerald Coast Real Estate Since 1987!
Inlet Beach - 30A - Santa Rosa Beach - Miramar Beach - Destin - Fort Walton Beach