30A Florida Real Estate Update
This year was one of the busiest vacation rental years on Scenic 30A, if not the busiest on record. Last month, I read in The Walton Sun Newspaper that tourism brought 3 billion dollars to Walton County in 2016. Yes—Billion! You can only imagine what this means for real estate along 30A and adjoining communities.
The look of 30A is changing (click here to learn more about Scenic 30A). I find a lot of product arising in new large-scale developments, but much more limited product available closer to the beach. 30A's average Single Family sold price is now at $1,130,000, which keeps us right on track with my 33 year up-trend line (see below).
I'm providing this link to Single Family and Condo statistics for different price-points, to help you get a better understanding of 30A market activity. Overall, these statistics depict a vibrant market. You will see as we near the $2M price-mark in Single Family Homes, the market becomes more balanced, which, in turn, can cause longer days on market.
In general, we have seen selling prices at 95 to 96% of asking price. The current asking price/sales price in some of the higher price points has a larger gap. It is possible some of the upper-end product may be a little ahead of itself price-wise, but this healthy market will take care of itself.
We all know every home is unique and values vary. This is where we, GO TO THE BEACH Real Estate, come into play—making sure your selection is priced appropriately. To receive a free, no obligation, market analysis of your 30A beach home click here.
Upper-end condo prices don’t seem to express the same gap as similarly priced Single Family Homes. In fact, the last 90 day sold average was $1M, with the average asking price of $925,000. Also, you will notice when looking at my statistics above, I classify Gulf Front Condos as Hot in pretty much all price-points.
I know to many, $1M+ seems like luxury pricing, but the reason 30A is a high-end market overall is because it is so special. With that said, I want to assure you, there are still affordable products in the market. There are currently 244 Single Family Homes and Condos along 30A priced at $600,000 or less.
We know the market well and would love to help you find your place at the beach. GO TO THE BEACH agents and I also work in the Destin area (for more on Destin, Florida click here). So don’t hesitate to reach out if you are considering purchasing in Destin.
The past few weeks are a favorite time of year for locals. No crowds and impeccable weather. I’ve walked on the beach almost every day; if I pass 3 or 4 people early in the morning it’s unusual. It’s truly a perfect time to come down and visit.
If you are looking for an Income Producing Vacation Rental, it is a lot easier to view these types of properties this time of year rather than during high/busy season. Also, this is the time of year to take possession of an Income Property, so you can receive a full rental season’s worth of income.
While we are busy and don’t always stay in touch often enough, we are here to help you in any way we can.
As we welcome the holiday season, we wish you and your family all the best! If you are visiting the area, don't miss out the holiday lights on 30A, check out a great guide here: www.30a.com-christmas-lights.
Hope to hear from you soon.
Take care,
JON MILLER
850.687.7504
Jon@gotothebeach.com
