By Richard Eimers, May 23, 2024

The luxury real estate markets in Destin, Miramar Beach, Santa Rosa Beach, and Inlet Beach, Florida, have experienced notable changes between the periods of 1/1/2023 to 5/23/2023 and 1/1/2024 to 5/23/2024. By analyzing the key figures such as Total Active Listings, New Listings, Under Contract Listings, Number of Sold Listings, and comparing the Average Sales Price with the Median Sales Price, we can understand the impact on current buyers and sellers.

Total Active Listings

• 2023: 2,948
• 2024: 3,386

There is a significant increase in the total active listings, up by 438 listings, indicating a higher inventory in the market. This increase can provide buyers with more options, potentially easing the competition for homes. For sellers, the larger inventory may mean more competition and the need for strategic pricing and marketing.

New Listings

• 2023: 1,781
• 2024: 1,996

New listings have also seen an increase from the previous year, with 215 additional new listings. This suggests that more homeowners are looking to sell, which could be influenced by favorable market conditions or a desire to capitalize on high property values.

Under Contract Listings

• 2023: 1,192
• 2024: 1,078

The number of properties under contract has decreased by 114 listings. This could imply that while more properties are available, there might be a slowdown in buyer activity or longer timeframes to finalize contracts. This can be beneficial for buyers, providing them with more negotiating power.

Number of Sold Listings

• 2023: 1,015
• 2024: 942

The number of sold listings has decreased by 73. This decline might be indicative of a cooling market or more discerning buyers. For sellers, this may necessitate more competitive pricing and possibly incentives to attract buyers.

Average Sales Price

• 2023: $1,354,582
• 2024: $1,412,328

The average sales price has increased by $57,746. This rise in average price points to sustained demand for luxury properties, reflecting an appreciation in high-end real estate values. This trend benefits sellers who can command higher prices, but it may pose a challenge for buyers who need to stretch their budgets.

Median Sales Price

• 2023: $815,000
• 2024: $797,000

Conversely, the median sales price has slightly decreased by $18,000. This suggests that while high-end properties are driving up the average price, the typical home being sold is slightly less expensive, which could indicate a broader range of properties being sold, including more mid-market homes.

Impact on Buyers and Sellers

For buyers, the increased inventory and higher average prices present a mixed bag. They have more choices, but the cost of entry has risen, especially for high-end properties. The decrease in the number of sold and under contract listings might offer some negotiation leverage.

For sellers, the rising average sales prices are encouraging, but the larger inventory and slower sales pace mean they must be competitive. Pricing strategies, enhanced marketing, and property enhancements can help stand out in a crowded market.

Overall, the luxury real estate market in these Florida areas remains robust but shows signs of balancing. Both buyers and sellers need to be aware of these trends to navigate the market effectively.