by Murray Balkcom – March home sales on 30A once again exceeded expectations and broke new records for homes sold during the month of March, compared to March sales in previous years, according to the Emerald Coast Association of Realtors. Our second best March on record is March 2005, with $73.8 million. In March of 2016, Realtors sold $76.1 million of homes, along the 30A corridor. In March 2015, we saw a strong March, but only $62.6 million in 30A home sales were reported by Realtors.
The quantity of sales for March 2016 equaled March 2016 with 70 homes sold in the 30A area. The math is fairly simple. The total dollar volume sold increased and the quantity sold remained the same, so the sold price increased. The median sold price for homes on 30A increased from $597,500 in March 2015 to $767,500 in March 2016, which represents a 28% increase in median sales price.
Inventory continues to trickle down and Sold Price to List Price Ratio is at 94%.
Sellers will have to be careful not to increase prices more than the market demands, or they may find themselves holding the property for time to come.
That’s the 30A real estate market snapshot. If you want to learn more about a particular neighborhood or area, please call me for a private consultation. Also, if you are interested in buying or selling in the 30A or Destin areas, please contact me to learn more about how to use my experience to make the best purchase or selling decisions.
Murray Balkcom is a Broker Associate with 30A Local Properties located in Grayton Beach, FL, proudly serving the 30A real estate market since 2003.
Murray Balkcom | Maximizing Your Real Estate Dreams