The National Association of Realtors (NAR) recently provided an instant reaction to the state of mortgage rates as of December 14, 2023.
The momentum generated by rates falling below 7% opens up opportunities for both buyers and sellers. Buyers may find themselves with increased purchasing power, while sellers could experience heightened demand. This symbiotic relationship between rates and market momentum is a dance we'll be closely observing in the coming year.
In the "here and now," we're experiencing a stabilization in home sales prices along 30A. We focused our info today to bring you a "snapshot" of what's happening with homes and condos for sale in South Walton and 30A:
The local median home price increased this year by 5.25%. The local median home price in the area is $1,700,000, up from $1,615,000 last year. The median sales price for condos increased 21%, from $825,000 last year to $1,000,000 this year. The trend for the number of homes sold is down 26%, and condo sales are down 30%. As more properties enter the market each week, buyer interest remains steady, and property values have continued to grow.
Our role in the real estate process is to provide buyers and sellers with current, relevant information to assist them in making well-informed decisions. While all the numbers and percentages here are "broad level" market data, our team can easily customize a market report to specific communities, neighborhoods, and property types to suit your interests.
If you are an owner considering selling your 30A or South Walton home – now may be a particularly good time to consider placing your property on the market. Reach out for a complimentary, no-obligation, custom market valuation. We are here to advise and guide you with your 30A real estate needs and questions.