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Destin Florida Condo Market Report

May 2012  -- Foreclosures and short sales continue to dominate the condo market with over half of all condos going under contract in the past 30 days being either foreclosures or short sales. 

Overall Inventory. There are currently 1,464 condos for sale in our local area.  Our property summary table below shows the distribution of the overall condo inventory across the geographic markets of our area.

Foreclosed / Bank Owned Condo Inventory   Within the current total inventory of 1,464 condos for sale, 16  (1 percent) are bank owned either through foreclosure or deed in lue of foreclosure.  If you're looking for a foreclosed property, move fast.  As you can see, they are far fewer than you may expect and many buyers seeking these deals just like you.

Short Sale Condo Inventory.  Out of a total condo inventory of 1,464 condos for sale, 91 (6 percent ) of these are listed as short sale properties.  A potential short sale occurs when the seller is offering the property for sale at a price lower than the current balance on the loan.  It is a common misconception that a short sale automatically means the buyer is financially distressed.  Anyone selling a property for less than the loan value regardless of financial status, must be considered a short sale because the  need to obtain lender approval.

Sellers have become their own worst enemy.  The large number of condos for sale continues.  Those who are trying to sell at realistic prices are hampered by who are not yet in touch with the 2008 decline.  The net result is an over-inventory  of condos on the market.  This is the time for buyer's to shop smart and really bring home a bargain.

Condo Value Trends. Statistics show condo property values along the coast of have adjusted downward 35 to 45% from their market peaks in mid- 2005.  Although a slight downward slide in prices continue, recent cuts in prime lending rates combined with tax cut legislation being phased in by Florida's governor and legislature have finally succeeded in slowing this trend.

Condos For Sale

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.

Area Condos Town Homes Homes Lots / Land Total FORT WALTON BEACH 263 56 271 68 658 GRAYTON BEACH AREA 150 16 358 276 800 NAVARRE 41 7 150 191 389 SANTA ROSA BEACH 67 15 296 627 1,005 NICEVILLE 18 24 232 74 348 DESTIN 482 28 273 149 932 SANDESTIN 167 28 105 54 354 MIRAMAR BEACH 276 23 85 71 455 FREEPORT 0 0 127 265 392 Total: 1,464 197 1,897 1,775 5,333

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