2015 Shows a Growing Market
As the first quarter of 2015 comes to a close, we are happy to share that most of the market is still steadily increasing in sales volume and sales prices. The steady increase in the real estate market is surely connected with the area’s recent growth in both the commercial and residential real estate markets.
Although the market appears to be appreciating in most areas, prices are not increasing at the same rate from the first quarter of 2014-2015 as they did from 2013-2014. It is very important to price a property within the target zone of the market to get the proper exposure towards a successful sale.
Northwest Florida’s Emerald Coast is growing and there are major commercial deals that prove it. From Okaloosa Island to Panama City Beach, there will be four new amusement parks built from 2013-2016. The area is seeing tourism growth with a few new hotels going up. There are also new luxury condominium and resort developments scheduled for completion in 2015 and 2016. Don’t forget about the Highway 331 expansion that has been going on since 2012 and will hopefully be completed around 2016. But, one of the most exciting recently announced growth benchmarks is the largest detailed sector plan in US history by St. Joe Company that spans over 100,000 acres in Bay and Walton Counties.
What does that mean for residents, property owners and interested investors? Large commercial and residential companies have put serious research and planning behind the growth. If these highly skilled planners agree that the Emerald Coast is the place to invest and build, we agree.
Want to know the details? Read our blog article here.
Sales of condominiums in Destin increased in volume by 54% in the first quarter of 2015 compared to first quarter 2014. The median price increased 6% and the average price per square foot increased 2%.
Single family home sales in Destin increased 46%. The average price increased 30% and the price per square foot increased 14%.
During the first quarter of 2015 compared to the first quarter of 2014, the median price for condos in Miramar beach only increased .4%. However, there amount of sales increased by 23%.
There were 16% more single family homes sold in Miramar Beach in the first quarter of 2015. The median price and price per square foot increased 14% and the average price increased 17%.
The median price of condominiums sold during the first quarter of 2015 versus 2014 increased by 22%. The price per square foot increased 3% and there were 30% more units sold.
There was 21% more single family homes sold during the first quarter of 2015 and the price per square foot increased 2%.
North Santa Rosa Beach
Sales for single family homes in North Santa Rosa Beach had a slight decrease in price during the first quarter of 2015, but there were 7% more home sold.
Panama City Beach
In the first quarter of 2015 compared to the first quarter of 2014, Panama City Beach condos median price increased 3%, average price and price per square foot increased 4%, and days on the market decreased 10%.
Info obtained through MLS – Updated 4/15/15. All numbers are averages unless otherwise noted.