Friday, May 22, 2009

Destin Condos - Sales Report

Is there a trend starting for the Destin Florida condo market?

1. There were 34 condo sales in Destin for April 2009. This figure is down from March, but there is no definite trend. Monthly sales volume decreaseed, as well.
2. The average Destin condo list price is $420,397. This is down from $711,000 one year ago!
3. The average Destin condo sold price was $375,739. This is down from $639,000 one year ago! But the sale price is up from January and February, and less the the March average.
4. The price per square foot is down to $260, down from $346 one year ago.
5. The median sold price for Destin condos is $297,500, the same as March.
6. The percent sold to list price is about 89%, fairly stable over the past year.
7. There are 1977 condos for sale in Destin, a slighty lower inventory level than one year ago, but not showing a strong downward trend.
8. There is a 58-month inventory of condos for sale. That means, it would take almost five years to sell all the condos on the market at the current rate of sales. A "normal" market is 6-7 months inventory.

The bottom line is that no clear trend is emerging in the Destin Florida condo market. If you analyze the chart, some of the indicators have bounced around during the last few months. One of the major problems affecting Destin condos is the severe Fannie Mae guidelines for Florida. Condos with delinquency rates for homeowner assocation dues over 15% will be denied funding. Condos cannot have daily check-ins, so called "condotels". All projects must be approved by Fannie Mae, which can delay sales a month or more. Buyers must have 20-25% down. And on and on. The guidelines are shrinking the pool of buyers, and will no doubt have a continued negative affect on sales and prices, outside the normal market decline we have been experiencing.

Fore more information, email me at [email protected]

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate

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