As We Head Into Fall - Where's The 30A Real Estate Market And How Do We Compare With Current National Trends
by Jamie Conley
on Friday, September 24th, 2021 at 2:18pm.
There are conversations buzzing in the air both nationally and for our area here in South Walton that perhaps the real estate markets may be experiencing a slight shift from the last year’s white-hot seller’s market. As we transition into the fall season what are the market numbers telling us? Are home prices changing? Is there a change in inventory levels? Is the market still strong as it was this time last year or is there a transition in process away from a sellers’ market? In today’s post, we’re taking a look at these questions and do our best to sort out what sales and inventory numbers may be telling us
According to both Florida and Nationwide industry analysts, major market home prices and appreciation remain at levels not seen in over thirty years. Appreciation of homes in the US has increased year over year by a record-breaking 18%. There are some signals of an increase in inventory for homes available for sale which may be an indicator of some softening in the market and interest rates are forecast to remain low for the immediate future.
As we look at home prices and trends locally the following numbers in our infographic below represent single-family homes located south of Hwy 98 and along the 30A corridor of South Walton. What we find is that for this year-to-date through the end of August; our market experienced increases in the number of homes available for purchase by a little over 7%. There was also a significant increase in the number of homes sold when compared to the same time of the previous year. Of course, the number that really jumps off the page is the 28.4% jump in average sales price over 2020 average prices.
A final indicator to note. The number of homes that are “pending” (aka: under contract) this year as compared to last year we are down just slightly by 2.4%. We also reached out to one of the local title companies and they too confirmed a slight decrease in what they're experiencing for new contract activity compared to last year. So, is possible that we’re at the very beginning of a market slowdown? We won’t really know with 100% certainty until after a definite change has already happened. It’s that “Hindsight is 20/20” thing! As a reminder, the market numbers here are only intended to provide you with a very broad overview of what we’re experiencing in market activity.
We would advise that it’s more important than ever to ensure you have a custom-tailored market study providing market data that directly relates to your specific property, location, and circumstances. Taking this first crucial step in planning to sell lays the foundation for making well-informed decisions about reaching your real estate goals. Are you considering placing your property on the market now or in the next few months? Our team has been assisting sellers with their real estate needs along 30A for over 28 years! We would appreciate the opportunity to work with you in planning and preparing for a successful sale of your home or property too! Please reach out with any questions or if we can be of any assistance.