By Richard Eimers Broker October 4, 2024
Based on the provided search results and current market trends, here are the primary concerns for buyers and sellers of vacation rental properties in Destin, Santa Rosa Beach, and Inlet Beach for the 4th quarter of 2024:
Number 1 Concern for Buyers:
The primary concern for buyers of vacation rental properties in these areas is likely to be the market’s competitiveness and pricing. According to the data:
- The median sale price in Santa Rosa Beach was $890K, down 10.6% since last year.
- The market is described as “not very competitive,” with homes selling in an average of 119 days.
- Properties are selling for about 4% below list price on average.
This suggests that while prices have decreased, buyers may be concerned about the long-term value of their investment, given the current market conditions and the potential for further price fluctuations.
Number 1 Concern for Sellers:
The main concern for sellers of vacation rental properties in these areas is likely to be the slower market and potentially lower sale prices. Key points include:
- The number of homes sold in Santa Rosa Beach decreased by 40% from August to September 2024.
- 83.3% of homes sold below asking price in the previous month.
- The average time on market is 119 days, indicating a slower-moving market.
Sellers may be concerned about the need to price their properties competitively to attract buyers in a market where properties are taking longer to sell and often going for below asking price. They may also be worried about the overall decrease in sales volume, which could indicate less demand for vacation rental properties in the area. It’s important to note that these concerns are based on the available data and general market trends. Individual properties and specific locations within these areas may experience different conditions.