The National Market:
Mortgage rates are still the big story. Rates have been hovering around the 6% range, which many analysts see as an important level for buyers. Another quarter-point decline would likely be psychologically significant and could bring more buyers off the sidelines.

But there’s another factor that continues to shape the market. Millions of homeowners refinanced during the pandemic and locked in mortgage rates below 4%. Because of that, many remain reluctant to sell and give up those ultra-low payments.

The result? Inventory across much of the country remains tighter than normal. So even though higher rates have cooled the pace of sales somewhat, limited supply continues to help support home prices.

The Local Market:  
Our local market is showing many of the same patterns we’re seeing nationally. Inventory has increased somewhat, which is actually a healthy development because it gives buyers more choices than they’ve had in a while.

Buyers are still very much out there. They are simply taking their time a bit and are being more selective. Homes and condos that are priced right and presented well are getting attention and selling, while properties that start out too aggressively priced tend to sit until the market helps find the right number.

The February numbers illustrate the range of our market well. Along the 30-A corridor, the average single-family home sold for about $2.27 million, while condos averaged roughly $1.48 million. In Destin and Miramar Beach, the average single-family sale came in at $1.42 million. In Fort Walton Beach the average was about $458,000.

All in all, the market is still working — it’s just more thoughtful and measured than it was a few years ago.

A summary of February Average Sold Prices:

                                                  Single Family                     Condo
 30-A                                        $2,272,289  (80)            $1,478,891  (23)                                   
Destin/Miramar Beach         $1,423,253  (53)            $   714,101  (41)
Ft. Walton Beach                   $  457,946   (52)            $   435,925  (14) 
 

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