A Closer Look at the Emerald Coast Market | Year-to-Date Analysis 2023

September 27, 2023

The Emerald Coast real estate market has experienced several notable changes when comparing year-to-date statistics from both 2022 and 2023. This analysis will provide insights into key trends and shifts in the market. Data examined reflects sales from January 1st to August 31st in both 2022 and 2023 for single family homes and condominiums.

DESTIN/SANDESTIN/MIRAMAR – DETACHED SINGLE FAMILY HOMES

Year-to-Date Top Single Family Home Sales at Berkshire Hathaway HomeServices Beach Properties of Florida through 8.31.2023

1. Detached Single-Family Homes – Number of Listings Sold:

  • In 2022, there were 595 detached single-family homes sold.
  • In 2023, this number decreased to 420, representing a significant 29.41% decrease in the number of listings sold.

2. Detached Single-Family Homes – Average Sold Price:

  • The average sold price for detached single-family homes in 2022 was $1,504,574.
  • In 2023, the average sold price decreased to $1,311,492, marking a 12.83% decrease in the average sold price.

3. Detached Single-Family Homes – List to Sales Price:

  • The list to sales price ratio for detached single-family homes in 2022 was 98%.
  • In 2023, this ratio decreased to 96%, indicating a 2% decrease in the percentage of the listing price that properties are selling for on average.

4. Detached Single-Family Homes – Cumulative Days on Market (DOM):

  • The cumulative DOM for detached single-family homes in 2022 was 37 days.
  • In 2023, the cumulative DOM increased significantly to 100 days, reflecting a substantial 170.27% increase in the time it takes for these properties to sell.

DESTIN/SANDESTIN/MIRAMAR – CONDOMINIUMS

Year-to-Date Top Condominium Sales at Berkshire Hathaway HomeServices Beach Properties of Florida through 8.31.2023

1. Condominiums – Number of Listings Sold:

  • In 2022, there were 1,161 condominiums sold.
  • In 2023, this number decreased to 673, marking a notable 42.03% decrease in the number of condominium listings sold.

2. Condominiums – Average Sold Price:

  • The average sold price for condominiums in 2022 was $645,436.
  • In 2023, the average sold price increased to $743,381, reflecting a significant 15.18% increase in the average sold price.

3. Condominiums – List to Sales Price:

  • The list to sales price ratio for condominiums in 2022 was 99%.
  • In 2023, this ratio decreased to 96%, indicating a 3% decrease in the percentage of the listing price that condominium properties are selling for on average.

4. Condominiums – Cumulative Days on Market (DOM):

  • The cumulative DOM for condominiums in 2022 was 61 days.
  • In 2023, the cumulative DOM increased to 82 days, representing a 34.43% increase in the time it takes for condominium properties to sell.

MARKET INSIGHTS

Berkshire Hathaway HomeServices Beach Properties of Florida has $64,751,104 in sales volume and 69 transaction sides in Areas 14-15 YTD through 8/31/23.
  • Detached single-family homes and condominiums in the Destin/Sandestin/Miramar area have both experienced shifts in the market from 2022 to 2023.
  • For detached single family homes, there has been a decrease in the number of listings sold, a drop in average prices, and an increase in the time it takes for properties to sell. This suggests a more challenging market for sellers in this segment.
  • In contrast, condominiums have seen a significant decrease in the number of listings sold but an increase in average prices. However, the time on market has also increased, indicating that buyers are taking longer to make decisions.
  • Overall, the real estate market in the Emerald Coast region has been characterized by changing dynamics, with both segments experiencing shifts in supply, demand, and pricing. Buyers and sellers should carefully consider these trends when making real estate decisions in this area.

Please note that these trends are based on data up to August 31, 2023, and the market may continue to evolve in the coming months.