The National Market:
Affordability continues to weigh on the national housing market. The average 30-year fixed mortgage rate reached 6.76% on September 10, its highest level in more than 14 months.
August existing-home sales fell 2% from July, while inventory grew to 1.62 million homes—up 5.9% from a year ago. Despite slower sales, the national median price rose 1.6% to $429,100. Buyers have more choices, but monthly payments remain a hurdle for many—making competitive pricing essential for sellers.
The Local Market:
County Single-Family Sales Condo/Townhome Sales
Okaloosa Up 6.2% Up 16.8%
Walton Up 25.8% Up 27.1%
Bay Up 4.0% Up 16.5%
Those gains are encouraging, but a closer look at our coastal single-family market—from Fort Walton Beach through Destin, Miramar Beach and the Santa Rosa Beach/30A area—shows why sellers still need to be competitive.
Our September snapshot shows 1,641 homes actively listed and 361 pending. Active homes average $2.19 million in asking price and 138 days on the market, compared with 93 days for homes now under contract.
The search also returned 869 expired listings, averaging 207 days on the market—a reminder that time alone doesn’t produce a buyer. Additionally, there are 225 expired listings with more than 270 days on market which averaged 408 days before dropping out of the system.
Buyers are buying—but with plenty of homes to choose from, sellers have to earn their attention. Rising sales don’t justify an unrealistic asking price. Success comes down to three things: competitive pricing, a home that shows its best, and marketing that reaches the right buyers.
A summary of August Average Sold Prices:
Single Family Condo
30-A $2,411,418 (117) $1,249,227 (22)
Destin/Miramar Beach $1,222,456 (69) $ 637,639 (91)
Ft. Walton Beach $ 451,506 (107) $ 364,375 (28)
Ed & Terri Smith Team
Making Business a Pleasure ℠
Broker/Owners | 850-837-5500 | ED@FLORIDABROKERS.COM