Has Destin real estate hit bottom yet?
Destin Real Estate is on the rise with inventory dropping and more properties under contract today then in years. Between Ft Walton Beach and Rosemary Beach there are currently 863 homes and condos under contract and 3774 homes and condos actively for sale. These number show us that we have less than a 4 1/2 month inventory. So what does this mean? With an average of 6 months of real estate inventory on a stable market, we have considerably less. We have far less selection of real estate available today than this time last year. We should expect the Destin real estate market to become more stable with small increases of prices over the next year. With it more difficult to find a large selection to choose from the next question have we reached the “bottom” of our market? By just looking at these numbers I would say the answer is yes. We will have a bit of a up and down effect in neighborhoods as foreclosures get released into the market, but that will be sporadic and unpredictable. We have seen small increases in prices in a few subdivisions in the Destin area over the past few months for the first time in several years. Investment property is getting more difficult to find at those “rock bottom” prices but our team has been swamped with more investors interested in buying. For more investment opportunities in Ft Walton Beach, Destin, Santa Rosa Beach call Danny Margagliano at 850-830-4747 or email.