2022 annual market report
Transition | a year in review
As we reflect on the 2022 real estate market along the Northwest Florida Gulf Coast, transition is the word that best describes the changes experienced in both the market and in the gulf side communities that compose this spectacular coastline. This year can best be described as “a tale of two halves” with the intense momentum of the past two years continuing through July and then sales activity beginning to transition during late summer in correlation with rising interest rates and inflation concerns.
2022 has brought a wealth of new homeowners as well as new full-time residents to our communities with the strong demand of the first two quarters met by increasing prices. We continued to have record low days on the market from January through July. Starting in late summer, the number of sales began to fall when compared to the year prior.
Prices have remained strong; however, we’ve seen indications that this may soften in conjunction with the number of sales over time. As we moved toward the end of the year, we saw a steady increase in the number of homes available for sale, yet sales remained at levels within historical norms.
With the growth of our local populations, there has been a transition in our communities to support new residents. More infrastructure is being put in place to better serve larger full-time populations including new businesses, additional housing options, and roadway improvements. The draw of the emerald green waters, sugar white sands, and welcoming Southern charm of this section of the Gulf Coast continues to have an undeniable appeal to homeowners.
Looking ahead to 2023, we expect that the market will continue to transition from what was a very robust seller’s market into one that is more in favor of the buyer. An increased amount of inventory coupled with a softening of sales should result in this with some pockets of strength and pockets of increased weakness remaining due to the exuberance of last year’s market. Depending on your overall goals, this could be a prime time to find your place along our shores.
Established in 2007 to be a premier real estate company dedicated to extraordinary customer service, our agency became an affiliate of Berkshire Hathaway HomeServices network in 2016 and wholly owned by HomeServices of America in 2022. Our brand is built on trust, integrity, stability, and innovation, and our customers benefit by being part of a firm that is an international leader in the sales and promotion of its properties. Our sales executives are experts in the market, and ready to guide you through any market conditions to the best possible outcome.
We look forward to a new year of brokering real estate sales along our coast and feel so blessed to have served all the extraordinary people that we encountered in 2022. We welcome the opportunity to serve you in 2023 and beyond.
1 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
MARKET REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA 2 1. DESTIN 151 Regions Way, Suite 4A Destin, FL 32541 850.502.2120 2. WATERCOLOR MAIN 28B WaterColor Way Santa Rosa Beach, FL 32459 850.534.3006 3. WATERCOLOR CROSSINGS 49A WaterColor Way Santa Rosa Beach, FL 32459 850.213.5450 4. WATERSOUND BEACH 6652 E Co Hwy 30A, Ste 110 Watersound, FL 32461 850.213.5150 5. PIER PARK 15750 Panama City Beach Pkwy, #140 Panama City Beach, FL 32413 850.252.4160 6. WINDMARK BEACH 101 Goodmorning Street Port St. Joe, FL 32456 850.296.3716 7. ST. GEORGE ISLAND 140 West 1st Street, Ste B St. George Island, FL 32328 850.927.6000 NWFL Beaches International Airport Destin Ft. Walton Beach Sandestin Blue Mountain Beach Seaside WaterColor Seagrove WaterSound Beach Rosemary Beach Panama City Beach West Bay Choctawhatchee Bay 5 98 1 4 2 331 79 office locations 3 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA 2
3 Lynn Haven Mexico Beach WindMark Beach Cape San Blas Apalachicola National Forest St. George Island Port St. Joe Apalachicola Tyndall AFB Tallahassee Eastpoint Carrabelle Panama City Apalachicola Bay 6 71 98 231 20 20 7 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
# 1 BROKERAGE ON 30A *Transactions TOP 4 BROKERAGE IN PANAMA CITY BEACH *Volume # 1 BROKERAGE ON ST. GEORGE ISLAND + APALACHICOLA *Transactions + Volume TOP 3 BROKERAGE ON THE FORGOTTEN COAST *Transactions + Volume #21 GLOBALLY BROKERAGE WITHIN BERKSHIRE HATHAWAY HOMESERVICES *Gross Commission Income | 2021 Top 50 Brokerage Annually Since 2016 NEARLY $1.8 BILLION 2022 COMPANY SALES VOLUME 2022 ACCOLADES 4 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
TABLE OF CONTENTS
forgotten coast ST. GEORGE ISLAND 5 APALACHICOLA 10 CAPE SAN BLAS 12 PORT ST. JOE 14 MEXICO BEACH / ST. JOE BEACH 16
176 279 207 244 356 127 218 121 64 57
6 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF
AVERAGE DAYS ON MARKET AVERAGE SOLD PRICE 2013 $400,000 100 $200,000 0 $600,000 200 $800,000 300 $1,000,000 400 2015 2015 2019 2019 2013 2016 2016 2020 2020 2014 2014 2018 2018 2017 2017 2021 2022 2021 2022 80% 163% % GROWTH 2013 - 2022 % GROWTH 2013 - 2022 FORGOTTEN COAST $570,107 $474,134 $617,147 $489,459 $672,758 $790,518 $563,336 $654,059 $1,071,145 $1,246,885
CAPE SAN BLAS | ST. GEORGE ISLAND
FLORIDA
NUMBER OF SALES PRICE PER SQUARE FOOT 150 100 200 250 300 2015 2019 2013 2016 2020 2014 2018 2017 2021 2022 66% 157% %
%
COAST 155 157 165 147 169 269 158 144 323 261 $200 $100 $300 $400 $500 $600 2015 2019 2013 2016 2020 2014 2018 2017 2021 2022 $277 $223 $298 $245 $307 $366 $268 $311 $485 $573 7 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
GROWTH 2013 - 2022
GROWTH 2013 - 2022 FORGOTTEN
ST. GEORGE ISLAND 1732 MAGNOLIA ROAD 8 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
ST. GEORGE ISLAND SINGLE FAMILY HOMES 2021 2022 PERCENT CHANGE 149 120 19% $172,883,784 $153,697,348 11% $1,160,294 $1,280,811 10% $503 $589 17% 73 77 5% 96% 95% 1% 73 2021 77 2022 95 % 2022 96 % 2021 19% 17% 1% 5% NUMBER OF SALES AVERAGE SOLD PRICE PER SQUARE FOOT PERCENTAGE OF LIST PRICE SOLD AVERAGE DAYS ON MARKET 2021 2021 2022 2022 149 $ 503 120 $ 589 NUMBER OF SALES YEAR SOLD VOLUME AVERAGE SOLD PRICE AVERAGE SOLD PRICE PER SQ. FT. AVERAGE DAYS ON MARKET % OF LIST PRICE SOLD After the tremendous growth in average sales prices for the island, 2022 brought less dramatic increases and
softening in number of sales. The attractive price points and relaxed lifestyle remain appealing to buyers
to move away from the extreme growth of other areas
the Gulf Coast. 9 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
a
wishing
of
APALACHICOLA 1 SCIPIO CREEK 10 ANNUAL REPORT 2022 | BERKSHIRE
HOMESERVICES BEACH PROPERTIES
HATHAWAY
OF FLORIDA
APALACHICOLA SINGLE FAMILY HOMES 2021 2022 PERCENT CHANGE 49 46 6% $14,812,253 $17,687,505 19% $302,291 $384,511 27% $205 $234 14% 131 121 8% 93% 94% 1% 131 2021 121 2022 94 % 2022 93 % 2021 6% 14% 1% 8% NUMBER OF SALES AVERAGE SOLD PRICE PER SQUARE FOOT PERCENTAGE OF LIST PRICE SOLD AVERAGE DAYS ON MARKET 2021 2021 2022 2022 49 $ 205 46 $ 234 NUMBER OF SALES YEAR SOLD VOLUME AVERAGE SOLD PRICE AVERAGE SOLD PRICE PER SQ. FT. AVERAGE DAYS ON MARKET % OF LIST PRICE SOLD
price
price per foot
11 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
With its smaller size, the Apalachicola market often experiences a slower growth than neighboring areas, however in 2022, this market experienced an increase in sold volume, average sales
and average
and a decrease in days on the market.
12 ANNUAL REPORT 2022 |
CAPE SAN BLAS
BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
CAPE SAN BLAS SINGLE FAMILY HOMES 2021 2022 PERCENT CHANGE 155 141 9% $154,087,200 $171,739,729 11% $994,111 $1,218,012 23% $463 $559 21% 62 40 35% 97% 97% 0% 62 2021 40 2022 97 % 2022 97 % 2021 9% 21% 0% 35% NUMBER OF SALES AVERAGE SOLD PRICE PER SQUARE FOOT PERCENTAGE OF LIST PRICE SOLD AVERAGE DAYS ON MARKET 2021 2021 2022 2022 155 $ 463 141 $ 559 NUMBER OF SALES YEAR SOLD VOLUME AVERAGE SOLD PRICE AVERAGE SOLD PRICE PER SQ. FT. AVERAGE DAYS ON MARKET % OF LIST PRICE SOLD A continued trend of very low inventory has made the Cape San Blas and South Gulf market competitive for buyers wishing to purchase in these areas. Average sales price and average sold price per foot experienced similar increases during 2022. 13 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PORT ST. JOE 14 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES
BEACH PROPERTIES OF FLORIDA
PORT ST. JOE SINGLE FAMILY HOMES 2021 2022 PERCENT CHANGE 123 112 9% $36,862,534 $39,265,573 7% $299,695 $350,585 17% $185 $233 26% 54 43 20% 97% 96% 1% 54 2021 43 2022 96 % 2022 97 % 2021 9% 26% 1% 20% NUMBER OF SALES AVERAGE SOLD PRICE PER SQUARE FOOT PERCENTAGE OF LIST PRICE SOLD AVERAGE DAYS ON MARKET 2021 2021 2022 2022 123 $ 185 112 $ 233 NUMBER OF SALES YEAR SOLD VOLUME AVERAGE SOLD PRICE AVERAGE SOLD PRICE PER SQ. FT. AVERAGE DAYS ON MARKET % OF LIST PRICE SOLD
St. Joe is experiencing a slow growth which provides a unique value that we don’t see in
other communities. Market trends for this segment were consistent with most of the Forgotten Coast with slight increases in average sales price and decreases in number of sales and sold volume 15 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
Port
many
MEXICO BEACH | ST. JOE BEACH
16 ANNUAL REPORT 2022 |
BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
MEXICO BEACH | ST. JOE BEACH SINGLE FAMILY HOMES 2021 2022 PERCENT CHANGE 154 166 8% $77,327,148 $102,395,361 32% $502,124 $616,840 23% $266 $329 24% 35 46 31% 98% 93% 5% 35 2021 46 2022 93 % 2022 98 % 2021 8% 24% 5% 31% NUMBER OF SALES AVERAGE SOLD PRICE PER SQUARE FOOT PERCENTAGE OF LIST PRICE SOLD AVERAGE DAYS ON MARKET 2021 2021 2022 2022 154 $ 266 166 $ 329 NUMBER OF SALES YEAR SOLD VOLUME AVERAGE SOLD PRICE AVERAGE SOLD PRICE PER SQ. FT. AVERAGE DAYS ON MARKET % OF LIST PRICE SOLD The continued rejuvenation of these two quaint beach communities since Hurricane Michael has allowed this area to flourish, one of the only market segments of the Forgotten Coast to experience an increase in sales. Keep an eye on this one in 2023! 17 ANNUAL REPORT 2022 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
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Affiliates,
of
Affiliates, LLC.
For You For Life EMERALD COAST | SOUTH WALTON | BAY COUNTY | FORGOTTEN COAST Get to know us at BeachPropertiesFLA.com
Market data for 2022 as of 1/10/23. Infromation reported is deemed reliable but is not guaranteeed.
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LLC. An independently operated subsidiary
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