December 2016 -- Condo sales . The Destin area condo market sector has demonstrated continued growth in number of sales since 2009. Strong buyer demand for local condos has continued unabated. The chart below illustrates the number of condo sales each year over the past decade.
What's fueling the increased number of condo sales? The growing popularity of our coastal area fostered by the sheer beauty of our white beaches and blue-green emerald water. Since 2008 local tourism has nearly doubled. Condo sales have done the same. Historically low interest rates during the past few years continue to encourage condo sales.
Condo Inventory. Condo inventory was at its highest point in July 2006 when condo inventory reached 5,047 units. The record lowest number of condos for sale in recent market history was in November 2004 when condo inventory fell to 1,240 units. As illustrated on the Condo Inventory chart to the right, the total number of condos currently for sale are near record low.
Effect of Low Inventory on the Condo Prices. Current low inventories and record high consumer demand for condos have nudged the average condo price upward over the past 5 years.
Most local condo markets have seen condo prices rise an average of 4-5% per year. While owners may wish for a more rapid rise in price, recent history has shown us a slow steady growth of prices in our area we are experiencing now more sustainable and healthy for real estate investment.
Foreclosures no longer control the local condo market. The number of short sales have been falling since 2010 and have diminished to a point where they have little influence on market value. While small in number, they linger within our local condo market as banks slowly release remaining backlog.
If you're buying a foreclosure or short sale expect your offer to be one of several being considered. Also expect the process to be rigorous with a long wait for the sale to be final and no guarantee of outcome. Also know the rising prices of condo inventory tends to make banks and other mortgage holders less likely to sell at bargain prices. Proceed with caution and with a clear view of the condos actual value is advised. THey are not always priced as a bargain.
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Condos for sale - sorted by City and Complex -- we now provide a way for you to search for all Condos for sale at over 1,200 neighborhoods within 25 miles of Destin. Use the links below to find your favorite condo for sale, bookmark the page, and return often to keep track of local condo inventory and prices.
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