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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 signs of normalizing with average list prices in June falling 11% from the previous June and 10.5% lower when looking at YTD averages. As listing prices continue to normalize, this will release pent up demand and result in increased transaction volume.
Anecdotally (and it may seem obvious), new listings that are appropriately priced move very quickly in the current market. Those that are overpriced sit on the market with little interest from buyers. While this is historically true, it is even more true now. It takes an experienced agent to help understand and interpret the market. Premier's agents are ready to help you. I'm proud to say that in a market where volume has declined by 8%, Premier's volume during the same period has increased by 9% and is #1 in sales volume in Destin. Let us guide you through the market.