2017 proved to be another successful year for the Emerald Coast real estate market. The ever-increasing popularity of our area continues to fuel the economy and growth. These strong tourism numbers, combined with elevated awareness of alternative accommodations that has resulted from the popularity of service providers such as Airbnb and VRBO, have resulted in our location being a smart investment market. In fact, a recent poll revealed that 93% of Floridians were in favor of maintaining laws that would allow homeowners to rent their homes to vacationers.
According to the Rented.com Annual Short-term Rental Report for 2017:
Destin ranked #1 as the best performing place to own a short term rental property in the
vacation market. Panama City ranked at #5, and Santa Rosa Beach at #8!
Overall our area has seen many increases in sales. 30A continues to be a favorite of both condo and home buyers. 30A East saw an increase in both home sales (+13%) and condo sales (+15%) . While 30A West proved to be more popular with home sales (+15%) over condo sales (-1%). Miramar Beach favored condo sales (+27.5%) over the slow and steady increasing of home sales (+4%). Popularly known for Gulf side condos along it's 3 miles strip, Okaloosa Island saw condo sales (+15%) go up as well.
Check out a few more highlights:
The highest priced condo sold within the areas of Okaloosa Island, Destin, Sandestin, Miramar Beach, and 30A was:
Viridian | Unit 401
30A East
$2,925,000
3 Bed | 3.5 Bath
3,831 Square Feet
The highest priced home sold within the areas of Okaloosa Island, Destin, Sandestin, Miramar Beach, and 30A was:
24 South Briland Lane
30A East | Rosemary Beach
$12,500,000
5 Bed | 5.5 Bath
4,520 Square Feet
Our team had an active share in the 2017 market. We assisted our wonderful buyers in the sales of the following properties:
Villas at Suncrest | Unit O202
Hidden Dunes Grand Villas | Unit 640
We worked with our sellers to get the folow listings sold in 2017:
The Palms of Destin | Unit 11113
Bayside at Sandestin | Unit 6769
Seagrove Highlands | Unit 1102
Emerald Towers West | Unit 5001
Seascape Condo Garden Villa | Unit 27A
Noblat Townhomes | Unit 132 & 134
Seascape Condo Garden Villa | Unit 39B
Gulf Place Town Center East | Unit 220
Lasata at Sandestin | Unit 3505
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Fact: The average days on the market for the areas
included in our highlights was 138.
Fact: Our average days on the market for properties
we listed and sold in 2017 was 63 days!
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Adding to the listings we sold above, we also worked with sellers to get these properties on the market in 2017:
Lasata at Sandestin | Unit 3310
The activity in 2017 was exciting and we're hustling our way right through the beginning of this year. We love staying in touch to keep both our buyers and sellers prepared for the rest of this year, with our current focus on the upcoming spring season. This is a great time to perform some due diligence regarding purchasing property. Spring will be here before you know it and keeping on top of the market will ensure that you don't miss any deals. We are getting a new influx of inventory daily and there are some great opportunities out there right now. The daily hot sheet has new listings hitting the market every day, so let us know if you would like to receive updates on the market!
With the start of 2018, we were able to get several more properties under contract. We'll have all the details in the January Market Report.