Condos For Sale
Destin Florida & Vicinity
Looking for Destin Condos For Sale?
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February 2012 -- The number of condo sales in 2011 was the highest in four years. The increase in the number of buyers has stabilized prices and the early signs of rising prices are present. Shrinking supply and the rising buyer demand is a simple matter of numbers, and is applying upward price pressure.
Inventory Trend. Inventory has fallen each month over the past 18 months and is the lowest it has been since 2006. The excess inventory of 2006 - 2009 has been absorbed.
Where's
the condo market headed in 2012? The condo market trend revolves,
as do most markets, supply / demand. Same is true of anything from bananas
to boats to automobiles. It is especially true here in our Fort Walton,
Destin and South Walton condo markets where condo development has halted for
five years thus freezing the supply. As you can see from the number of
sales illustrated by the chart on the right, the buyers are returning.
Effect of Inventory on the Condo Market. Inventories have shrunken below their 10-year median. Lower inventories and continuing low interest rates are beginning to nudge prices upward. Although too early to call it a trend, bargain basement distressed inventory is noticeably thinning and a rise in price seems inevitable, especially in the condo and second home markets where buyer pressure is strongest.
Inventory Trend. Inventory has fallen each month over the past 18 months and is the lowest it has been since 2006. Condo inventory now stands at 1,606. The excess inventory of 2006 - 2009 has been absorbed and the inventory is still shrinking.
Sales are up but what about prices? Shrinking supply usually causes rising prices, right? It works with barrels of oil, why not condos? It actually does, but there is another factor at play: Financially Distressed Sales. Short sales and foreclosures accounted for approximately 1/3 of all condo sales in 2011. These sellers are selling under financial pressure. This downward price pressure on condo prices as offset the tendency for prices to rise - at least for now. As the pressure of smaller supply increases, we expect this change.
Looking for a Short Sale or Foreclosure? Bargains can be found in distressed property, but there are perils involved and experience is needed. For example, all banks and lending institutions require "as Is" contracts which take away specific buyer friendly clauses. Also, as banks and other lending institutions have become inundated with short sale requests. The time it takes for bank review and acceptance of buyer offers has become longer and longer.
Many banks now take 120 days and even 180 days to accept, respond, and close a short sale. That means a long time in "limbo" for buyers who seek financially distressed property. A "normal" deal between buyer and seller with no bank or lender involved can be completed in 30 days. Professional help with this difficult process is important - and available. Just call us!
Please let us know if I may assist you in obtaining detailed information for properties located in any of the following cities or regions below.
Condos for sale - sorted by City and Complex -- we now provide a way for you to search for all Condos for sale at over 1,200 neighborhoods within 25 miles of Destin. Use the links below to find your favorite condo for sale, bookmark the page, and return often to keep track of local condo inventory and prices.
IMPORTANT NOTE: All information provided on this site is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.
RELIABILITY: RE/MAX Paradise Properties strives to ensure the accuracy of the data contained within this site. Information is deemed reliable, but is not guaranteed.
