30A Market Activity

When is the right time to buy? Which 30A community is right for me? Check back  often for the latest 30A real estate news for South Walton homes, condos and home sites.


A YEAR IN REVIEW

We're pleased to provide you with a unique perspective and in-depth look at real estate for each community along Scenic 30A.

2022 began with home prices at an all-time high, inventory was the lowest it's ever been, and homes sold at a never-before-seen pace.

Then, for the first time in history, interest rates doubled within just one year. The number of sales started to dip, and by the third quarter, home sales had declined 39% compared to the third quarter of 2021.  

Even though mortgage rates have helped to cool down the housing market, sales prices continued to climb along 30A. 

Will prices continue to rise in our area in 2023?  Many markets across the country are currently experiencing a housing correction, but…

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Many are surprised to learn that Spring, not Summer, is typically the peak Selling Season at the beach. Historically, more properties are sold in the second quarter (April-June) than any other, as illustrated below (except for the anomolous 2020):

While Spring may be the best time to sell, Fall is usually the best time to buy. For one, homes and condos rented during the height of vacation season are more accessible in the Fall. Now that our overheated market is slowing down, we're beginning to see regular seasonal trends pick back up in our market.

Here are a few reasons why Fall is the best time to buy: 

  • More inventory: Although availability is not yet back to pre-pandemic levels, inventory has increased 20% since last year.

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On this day last year, we shared the Top 30A Beach Towns that were the most popular with Buyers. One year later we decided to look at what the trends show now. 

Drum roll please . . .

Coming in at first place again!

#1 Seagrove Beach

We think Seagrove Beach stays at the top of the list for a few reasons:

  • Diversity of selection among homes and condos -- from upscale, luxury, and modern to elegant, Old Florida and beach bungalow-style.
  • Seagrove is largely comprised of several small pockets of neighborhoods, many of which allow owners more freedom with design and fewer community restrictions.
  • Plenty of ways to get to the beach, with 22 neighborhood access points, one regional access at Santa Clara, and another regional access is…

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The median sales price for homes along 30A rose 21.5% in June, signaling that the market is still hot for sellers, even though sales are declining, and inventory significantly jumped compared to last year.

Median sales prices for a home are $1,525,000, compared to $1,255,000 this time last year. In a previous couple of months, inventory was up; by 30% in May and 39% in June.

Why are some sellers reducing their listing price?

We've grown accustomed to homes selling as quickly as they hit the market. For example, median-priced homes last on average just 23 days on the market. While the pace is still at record levels, how quickly a home sells largely depends on how well-priced a property is when it hits the market. 

Price reductions along 30A…

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As we reported last week, there are signs that the real estate market along 30A is cooling. Some of the big questions for the remainder of the year are, will mortgage rates keep going up? Are residential prices continuing to climb - or are they going to go down soon? 

Locally, existing home sales have dropped significantly over the last 6 months compared to last year. But inventory still has some catching up to do to keep up with the demand in our area. It's been reported nationally that inventory has risen as much as 25% during April and May, but available properties along 30A are still declining compared to this same time last year. Seasonality trends conclude that sales will drop further in the fall and winter months, but it's too soon to tell if a…

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While sales prices on 30A have risen as much as 35% year-to-date, the number of sales has dropped by as much as 28% year-to-date. It would appear our market has finally turned a corner, which in no way means disaster is waiting around that corner. We all recognized the housing frenzy brought on by the pandemic would eventually fade. And thanks, in part, to new lending regulations, our market and that of the nation are in far better health today than what precipitated the crash in 2008.

A few key factors impacting our market locally:

  • Available inventory is still at record lows
  • Prices continue to rise
  • Mortgage rates surged from 3% to 6% within just a week

Several national headlines are reporting record-setting price reductions…

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Ever heard the phrase absorption rate in real estate? Put simply, the absorption rate is a measure of supply and demand. By taking the number of properties sold in a month and dividing it by the number of properties for sale, we can gauge how long it might take to sell ALL available properties on the market.

Along Scenic 30A, the current estimate to sell all available properties is just 2.08 months compared to just 1.04 months this same time last year. Could this be a sign that sales are starting to slow down?

This week we looked at available inventory a bit differently for a fresh perspective on where our market is headed. We normally report on the number of new listings entering the market, but what about the other active listings, the ones…

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You've probably seen several news articles and headlines predicting a price correction for most real estate markets across the country in the coming months. There are already reports of month-over-month waning sales in some parts of the country for 2022. But despite what national markets do, real estate is always local by nature. While we don't have a crystal ball to predict the future, we can tell you what we're seeing here along 30A and South Walton.

By this time last year, the number of homes sold on Scenic 30A was 635. This year - so far there have been 509 home sales representing a 19% decrease over 2021 year to date.  While this may make all the predictions appear true, we dug a little deeper to compare how inventory and sales…

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Timing the Real Estate Market

Strong buyer demand in our South Walton real estate market continues to have a significant impact on the prevailing "Sellers’ Market".  These impacts include

  • A continued lack of available properties to purchase.   
  • A substantial overall market appreciation when compared with previous years.
  • A significant increase in more buyers coming to the table with cash. 

Market Fact:  During the last three years roughly 40% of all sales in South Walton were cash transactions!

Is the time right for selling YOUR property right now?  The short answer is - maybe!  Just because we continue to remain in a "Seller's Market" along 30A and South Walton, those conditions don’t automatically translate to good timing for everyone’s situation.  There are…

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Inlet Beach Florida

In today’s blog post we take a look at the area’s easternmost community - Inlet Beach Florida. Considered the gateway to South Walton County and Scenic 30A, Inlet Beach encompasses a little more than 3.5 square miles. Bordered on the south by the gulf and beach, and on the north by Lake Powell, the largest Coastal Dune Lake in the Northern Hemisphere.  (Learn more here:  30A's Rare Coastal Dune Lakes.)

In the last few years, this formerly sleepy little area at the eastern entrance of Scenic 30A has experienced a surge of growth and popularity both commercially and in the development of new homes and businesses. There are now three main shopping and dining areas located within Inlet Beach 30Avenue, The Crossings at Inlet Beach, and Shops of Inlet…

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