2014 Shows a Market Beginning to Stabilize
On a national level, the real estate market cooled down in 2014 compared to 2013. The double-digit gains of 2013 are gone, and that is good for the health of the overall market.*
We are happy to see local real estate activity and trends slowly progressing upwards. As the market continues to stabilize along with a healthier economy there should be brighter days ahead for the housing market and our local real estate activity.
Looking Forward – 2015 Expectations
The information in this infographic comes from a video of NAR Chief Economist Lawrence Yun talking about his 2015 housing market expectations. He expects existing-home sales to rise about 7% in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices.
Destin Year in Review
Sales of condos and townhomes in Destin decreased by volume in 2014 compared to 2013, yet the average sold price increased by 13% and price per square foot increased 31%.
Single family home sales in Destin decreased across the board, with the price per square foot decreasing by 3%, however the homes were on the market
20 days less.
Miramar Beach Year in Review
The median price of condos and townhomes in Miramar Beach increased 12% in 2014 and the price per square foot increased 8%.
Single family homes in Miramar Beach were on the market 30 days less and price per square foot increased 10%.
30A Year in Review
30A real estate sales increased across the board in 2014.
Condo and townhome price per square foot increased 21% and the units were on the market 70 days less.
The median price for single family homes increased 13% and price per square foot increased 8%.
North Santa Rosa Beach Year in Review
Sales for single family homes in North Santa Rosa Beach remained stable in 2014 with homes selling at 98% of list price.
Panama City Beach Year in Review
Panama City Beach condo sales volume decreased 10% in 2014 with the price per square foot increasing 5%.
If you would like to receive automatic updates by email for the local market including Destin, Fort Walton Beach, Miramar Beach, Santa Rosa Beach, Rosemary Beach, Niceville and Panama City Beach register online atwww.NathanAbbottTeam.com/Stats.
Look for quarterly updates on the Emerald Coast real estate market from the Nathan Abbott Team by mail and on our blog.
*According to CNBC Real Estate News writer Diana Olick. Statistics and market information obtained through ECAR and BCAR MLS – Updated 1/12/15. All numbers are averages unless otherwise noted.