Posts from July 24th, 2024
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Jason White's May 2024 Real Estate Market Analysis
The real estate market along the Emerald Coast is showing signs of resilience. Throughout the Destin and 30A submarkets, prices are flat to increasing despite lower to flat sales volume (the large increase in sales volume in 30A East is due to the closings in a completed Alys Beach condominium building.) The combination of stable to growing sales price and lower sales volume is unusual and points to two external forces and one internal force (that is starting to self correct.)
The two external forces are the return of mortgage rates to normal levels after an extended period of historically low rates and the normal behavior of buyers during presidential election years. Both of these factors have buyers sitting on the sidelines, one waiting for rates to come down and one waiting for the outc...
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Jason White's June 2024 Real Estate Market Analysis
Normally, those two statistics do not go together (lower sales volume and higher sales prices.) Last month, we discussed some of the reasons that explain why this is occurring: higher mortgage rates, Presidential election year pauses, and over-priced inventory in the market. Mortgage rates have not significantly reduced and the Presidential election isn't until November. If anything, the recent Presidential debate increased the amount of uncertainty. However, inventory pricing is showing...