Richard Eimers Broker Owner, November 2, 2024
The Emerald Coast’s real estate market is experiencing significant shifts as we compare data from May to October 2024 against the same period in 2023. Our analysis of Destin, Miramar Beach, Santa Rosa Beach, and Inlet Beach reveals a changing landscape that presents both challenges and opportunities for buyers and sellers alike.
Inventory Explosion:
The most striking change across all areas is the substantial increase in active listings. Total active properties surged by 61%, rising from 2,530 in 2023 to 4,071 in 2024. This dramatic increase provides potential buyers with a wider array of choices, potentially easing the competitive pressure seen in recent years. The 30A West area saw the most significant jump, with an 82% increase in active listings, followed by 30A East at 64%.
New listings have also seen a remarkable uptick, with a 53% increase year-over-year. Between May and October 2024, 2,575 new properties hit the market, compared to 1,686 during the same period in 2023. 30A West led this trend with a 94% increase in new listings, while Destin saw a 49% rise.
Sales Activity Cools:
Despite the inventory surge, sales activity has slowed across the board. The number of properties under contract decreased by 15%, from 1,586 in 2023 to 1,356 in 2024. Destin experienced the sharpest decline with a 24% drop in properties under contract, while North Santa Rosa Beach bucked the trend with a 6% increase.
The number of sold properties fell by 20%, from 1,786 to 1,434. This decrease was most pronounced in Destin (-27%) and 30A East (-21%). Consequently, the total sold volume dropped by 17%, from approximately $2.51 billion to $2.08 billion.
Pricing Trends Hold Steady:
Interestingly, despite the decrease in sales volume, the average sale price increased slightly by 3%, from $1,403,705 in 2023 to $1,451,941 in 2024. This trend was particularly strong in 30A East, where the average sale price rose by 8% to $2,572,938.
However, the median sale price saw a small decrease of 3%, dropping from $899,950 to $875,000. This indicates that while some high-end properties are still commanding premium prices, the overall market is seeing a slight downward pressure on prices.
Area-Specific Insights:
- Destin: Experienced the largest decrease in sold volume (-31%) and a 5% drop in average sale price, suggesting a significant market correction.
- Miramar/Sandestin Resort: Saw a 59% increase in active listings but a 19% decrease in sold properties, indicating a shift towards a buyer’s market.
- North Santa Rosa Beach: Showed resilience with an 8% increase in both sold volume and average sale price, despite a 57% increase in active listings.
- 30A West: Experienced the largest increase in new listings (94%) but only a 12% decrease in sold properties, suggesting strong demand despite increased inventory.
- 30A East: Maintained the highest average and median sale prices in the region, with an 8% increase in average sale price despite a 21% decrease in sold properties.
Market Dynamics:
The percent of list price received by sellers has decreased slightly, from 96% in 2023 to 95% in 2024. This 1% drop suggests that buyers may have more negotiating power in the current market conditions.
Looking Ahead:
The Emerald Coast real estate market is clearly transitioning. The substantial increase in inventory, combined with a decrease in sales, indicates a shift towards a buyer’s market. However, the resilience of average sale prices, particularly in luxury areas like 30A East, suggests that the region’s desirability continues to support property values.
For potential buyers in Destin, Miramar Beach, Santa Rosa Beach, and Inlet Beach, the current market conditions offer more choices and potentially more room for negotiation. Sellers, on the other hand, may need to be more strategic in their pricing and marketing efforts to stand out in an increasingly crowded market.
As we move forward, it will be crucial to monitor how these trends develop, particularly in light of any changes in mortgage rates or broader economic conditions that could influence our local real estate market. The Emerald Coast remains a highly desirable destination, and these market shifts may present unique opportunities for both buyers and sellers in the coming months.