The National Market:


The national housing market continues to work through a combination of elevated mortgage rates, affordability challenges, and economic uncertainty. Bond market volatility continues to influence mortgage rates, which remain in the mid-6% range and near the highest levels seen this year. As a result, affordability remains a challenge for many buyers. However, mortgage application activity has increased in recent weeks, suggesting that buyers are gradually adapting to today's financing environment.

Inventory levels have improved substantially in many markets across the country, providing buyers with more choices and greater negotiating power. As a result, home price appreciation has slowed nationally, and many economists are forecasting only modest price growth during the next 12 months.

The Local Market:


Within our primary market area, stretching from Fort Walton Beach to Inlet Beach, today's market continues to reward realistic pricing, strong presentation, and effective marketing.

The most revealing statistic may not be how many properties are selling, but how many are not. During the past 12 months, 454 single-family homes sold while 863 listings expired without selling. In other words, nearly twice as many homes left the market unsold as successfully closed.

The condominium market tells a similar story. During the same period, 146 condos sold while 807 listings expired, an expired-to-sold ratio of approximately 5.5 to 1.

Importantly, these statistics do not indicate a lack of buyers. Buyers remain active throughout the Emerald Coast. Rather, 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 May Average Sold Prices:


                                                                               Single Family                   Condo
 30-A                                                                  $2,707,909  (122)        $1,351,890   (17)                                   
Destin/Miramar Beach                                 $1,398,718  (74)          $    677,393  (70)
Ft. Walton Beach                                            $   496,734  (83)          $    422,592  (20)


Ed & Terri Smith Team
Making Business a Pleasure ℠