What Do Recent Emerald Coast Market Trends Mean for You?

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Hello, and welcome to the At the Beach Team's video blog! We service all of the Emerald Coast, from Panama City all the way to Pensacola Beach. Today, we want to give you a market update for the area for June! 

Summer is here, and this means three things: crowds at the beach, an active real estate market, and unpredictable weather. We've been very fortunate here at the beach for quite a while. The last storm to hit us was tropical storm Claudette, which hit us in 2009; the last hurricane to hit us was Dennis in 2005. So we've been very lucky. However, because it's been so long, we are statistically two years overdue for a storm to actually hit our area. We have to be ready for that! 

There are a couple of things you need to do to prepare for a storm. First, you need to contact your HOA and get on the same page with storm protocol. Next, contact your insurance provider to ensure that you know exactly what will be covered in the event of a storm. If you're waiting until the fall to sell your home, you may need to reconsider. Statistically speaking, September is the time of year the most hurricanes hit our area. To avoid a potentially complicated home sale, listing your home now might be the wise thing to do. 

Now, back to market conditions. The real estate market on the Emerald Coast is still very active. We've had strong sales for condos, houses, and land! New home sales are perhaps the most active, as builders have lowered prices and added a lot of incentives for purchasing new construction. Existing home sales are also very strong. We're getting a lot of showing activity on our existing homes, and in some cases, we're seeing multiple offers and homes selling for above asking price. 

There are a couple new condo developments happening in Panama City and Destin, so if you're interested in these pre-construction sales, just let us know. Currently, there are about 1,400 condos for sale. Each week, about 50 condos come on the market and about 50 sell, so it's a flat market right now for condo sales. This means it's hard to get your condo to appreciate in price, despite the fact that condos are still selling.

Land sales are pretty strong right now. We're still seeing a lot of sales, but the frenzy we saw last year has cooled off a bit. If you're looking to buy or sell land, the market is still active and healthy, so it's not a bad time.

Like the weather, it's hard to predict what market conditions will be like later this year. If you want to stay in touch with current market trends, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!