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 prices are doing.
What we discovered was that in keeping up with the intense demand for homes in 2021, there was a 32% growth of available homes from January to April 2021. This year, the number of homes available has declined by 21%.
We continually see those reasonably priced properties entering the market, get snatched up as quickly as they become available. As for prices, while we don't expect the 50%+ increases that we saw in 2021, sale prices and property values are still continuing to trend upwards. Check out the comparison numbers below for both homes and condos.
As always, reach out to learn more about our market or if you're curious about the value of your property.