Like the Gulf Coast’s tidal conditions, the Destin real estate market is in a constant state of change. Fortunately, recent trends show a rising tide lifting all boats. According to the Emerald Coast Association of Realtors (ECAR), real estate sales along Florida's Emerald Coast in 2015 increased 16.1 percent over the previous year. In addition, reports from ECAR show increased demand with the average number of cumulative days for listings on market decreasing from 150 days in December 2014 to 140 days in December 2015.
While the housing market, like any other financially driven sector, can be precarious, analyzing past market conditions is helpful in predicting the future. According to FloridaRealtors.org, last year the Florida real estate market ended with strong gains, including increases in closed sales, more new listings and higher median prices compared to the year before. Dr. Brad O'Connor, Florida Realtors® chief economist, has been predicting what's next for Florida'sresidential real estate sector.
"In 2015, we saw very strong growth in both sales and prices for existing homes in Florida, particularly over the first three quarters of the year," Dr. O'Connor said. "We expect these positive trends in Florida's economy to continue into 2016, which is in stark contrast to much of the rest of the country, as nationwide growth in GDP and employment is expected to remain somewhat sluggish.”
Florida Realtors® President Matey H. Veissi is also optimistic, stating ‘home prices are rising at a more moderate pace while closed sales remain strong. Florida’s economy is in growth mode, more jobs are being created and mortgage interest rates remain at historically low levels, which will continue to drive the state’s housing market in 2016."
Along Florida's Emerald Coast, the median sales price for residential homes, including single family homes and condominiums in Walton and Okaloosa counties, has been growing over the last five years. If these trends continue, the real estate market in Destin and South Walton is poised to celebrate another year of positive growth.
To learn more about real estate in Destin, view our Newman-Dailey's experienced Real Estate team members online or call 1-800-225-7652.
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