The Housing Market Update on 30A in Florida as of JUNE | 2022 Market Update

Dated: June 28 2022

Views: 17

You're watching all these market updates and you're like, “but what about 30A?”. Because it's kind of its little niche there and its little ecosystem, if you will because it's not like the rest of Florida.

I'm AJ Beddouk with the luxury division of the Emerald Group right here on the Emerald Coast. We are doing videos everywhere from Pensacola to Panama City Beach and everywhere in between. So if you have any questions about our area, you’re interested in moving to the area or maybe you just want to know more information, go ahead and hit us up. We have been getting calls, texts, emails, Facebook messages, and the whole gamut of different forms of communications, and we love it. I know you can't see it on my face because I'm still a little bit sick but we do love it. I'm still working even though I'm not feeling well and that's what we do because we love what we do. So please, if you have any questions about the area or you're thinking about purchasing here, go ahead and give us a call, send us an email, whatever it is that you prefer. We'll be happy to communicate with you however you prefer. 

So obviously, everybody is seeing this sort of the change in the market. We're not sure what to call you. We don't know what's going to happen. Is it a shift? Is it switching from seller to buyer? What's it doing? Well, we're not ready to name it anything. But we would like to share some trends with you specifically for this blog. We're going to be talking about 30A because these trends have kind of been shifting a little bit. We'd like to go ahead and discuss the past two months. So we're going to be looking at May and June, even though June isn't lately done yet. We're pretty far into it. So I think it's safe to show what's going on right now. For this blog because I only handle residential transactions going to be talking about residential places. So that's not going to include land or commercial properties or any form of, like, timeshares or rental market. This is strictly going to be talking about purchasing in sales of residential places. So it's going to cover all your condos townhomes and houses. It’s just not going to cover any type of, you know, commercial buildings or land purchases. So as far as what came onto the mark, it. 

For May, we saw three hundred and sixteen active listings. But in June already, we've seen four hundred and fifty-two. So we've seen an increase in those houses and townhouses. All those residential properties have come up for sale. For what? sold, however, in those months in May, there were a hundred and fifty-seven, whereas this month there have been a hundred and eleven. So just looking at those numbers alone, we’re seeing about half of those properties that went active in May were sold. Right? now that we've come into June, we're seeing, like, a quarter of them. Right? Because a hundred and fifty-seven to three hundred and sixteen for Maya hundred and fifty-seven sold three hundred and sixteen active versus a hundred and eleven sold out of four hundred and fifty-two active for June. So that's telling us a couple of things. so more properties came onto the market, but fewer properties were sold. And if we look at the if we compare the active days on the market for both of those. We see that in May, they were on the market for an average of eighteen days. But in June, they were on the market for an average of thirty days. So you can see there was kind of an influx of properties hitting the market, but a slowdown of them selling. 

What does this mean for prices if you're in the market and you're thinking, well, is this going to be a time for me to say some money, you know? Maybe I can get some negotiating in or something. Well, let's take a look at it and see if those of you have been kind of sitting back waiting for the market to cool off. Is this your time? 

So in May, the average list price for a property was two point seven five million, and the average sold price was one point eight million. So a little bit of a disparity there obviously listing a bit higher than the average sales bill lower. So that doesn't necessarily mean that everybody was negotiating a lower deal. It’s just that maybe the lower-priced properties were the ones selling fast So what's it looking like in June? In June, the average list price was two-point seven nine million. So we're not just a little bit, but the actual sale price or the average sold price was two point one million. So we've seen an uptick in both. We saw the list price go up a little bit, but we saw the sold price go higher. So some of the key takeaways essentially, what we're seeing just right now, you know, as of June, I'm recording this on the twenty-first. So what are we seeing right now? Right now, we're seeing that prices are continuing to go up and inventory is still going up. And the properties being sold on average are priced higher than they were last month. We’re also seeing a longer period where properties are sitting on the market. So what does this mean for you as a buyer? Well, it's going to mean the same thing it typically always means what is the motivation of the seller for selling? Are they in a hurry? Or are they not? Are they trying to, you know, take advantage of, you know, the price increases that we're seeing and potentially move up? Are they just ready to be done? Maybe the property is a rental and they're getting older and they don't want to handle it anymore. Who knows? Maybe they don't need to sell it all. So the ability to negotiate is always going to depend on the motivation of the seller and how motivated they are. Right? So just something to keep in mind, these are the trends that we're seeing, something else that this means for you is that while interest rates are increasing, so our prices of properties. So if you're waiting for you know, prices to come back down, that might be all well and good unless interest rates continue to go up. Unless you're paying cash in case, that would be awesome for you. But if you're not, if you're having to finance any portion of the purchase, then you're still looking at a pretty, you know, the sizable bill if your interest rates are going to continue to go up and up regardless of the price that you're looking at. So kind of keep things in mind you know, because what's your motivation? Are you moving here because this is your primary residence? And you've got to get into a place regardless. And it's just a question of, are you going to throw money away renting, or are you going to purchase something and keep it long term and have it as an investment later on. Or are you looking at potentially a second home or an investment of your own? Everything is going to be determined by motivation whether you're a buyer or a seller. 

If you have any questions about what you should do in this market. Maybe you're a potential buyer, but you have a unique situation. You’re just not sure what the best course of action is for you. We would invite you to give us a call for a one-on-one consultation to talk about your portfolio whether. Now is the time to expand it into real estate or not. So if you're thinking about purchasing in the area, go ahead and comment down below and let us know, are you looking to purchase It's a second home, strictly an investment, or you want to move here full time because it's amazing. Alright. And we will just catch you guys at the next one.

See you next time.

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