2022 Annual Market Report - Brad Reese

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.

brad@southwaltonfl.com

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# 1

BROKERAGE ON 30A

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BROKERAGE ON THE FORGOTTEN COAST

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TABLE OF CONTENTS

Emerald Coast Annual Events

JANUARY

30A SONGWRITERS FESTIVAL – An action-packed weekend of original music from some of the country’s best singer/songwriters in intimate settings across South Walton, typically held over the Martin Luther King, Jr. holiday weekend.

FEBRUARY

SANDESTIN GUMBO FESTIVAL – Known as one of the largest and most popular winter food events on the Emerald Coast, the Sandestin Gumbo Festival in Baytowne Wharf features live music, family activities, and the best gumbo cook-off on the Gulf Coast!

CAMELLIA FESTIVAL – Enjoy the sights and sounds of Eden Gardens State Park during the height of camelia season with this fun annual festival featuring live music, food and beverage vendors, heritage presenters, and master gardeners.

MARDI GRAS DOG PARADE – This may be the most fun Mardi Gras celebration of all! The ever-popular Krewe of Arfeous parade takes place in Sandestin and stars four-legged friends on decorated wagons and golf carts.

SEASIDE HALF MARATHON AND 5K – Sponsored by Vera Bradley, this popular race sells out in advance. It features a weekend-long array of activities such as a silent auction benefiting the Seaside Neighborhood School and the delectable Taste of the Race evening event.

MARCH

UNWINED – One of the top foodie events of the season, this Panama City Beach festival offers two days of extraordinary food, drinks, and music designed to help you unwind including the premier kick-off party presented by Southern Living.

APRIL

SANDESTIN WINE FESTIVAL – Wine lovers can sample over 800 varieties of wine during this four-day festival at Baytowne Wharf, featuring culinary pavilions, live music, retail tents, and much more.

SOUTH WALTON BEACHES WINE & FOOD FESTIVAL –

Four days of exciting wine and food tastings, unique seminars, exclusive dinners, and live entertainment at Grand Boulevard Town Center in the Sandestin Golf and Beach Resort.

SEABREEZE JAZZ FESTIVAL – Relax and unwind at one of the country’s most acclaimed jazz showcases in Panama City Beach. This event is highly attended by jazz enthusiasts from all over the world.

GRAYTON BEACH KIDS FISHING TOURNAMENT – A day of fun and fishing is in store for the kids with free rod and reel combos, bait and tackle, and cool t-shirts with medals and prizes awarded to the top anglers.

MAY

ARTSQUEST FINE ARTS FESTIVAL – Over 125 juried artists, exhibiting in over a dozen mediums, fill Grand Boulevard’s Town Center for a weekend of art, food, wine, and great live music, generally held on Mother’s Day weekend.

DIGITAL GRAFFITI – The world’s first projection art festival lights up the white walls of Alys Beach for this one-of-a-kind event. Digital and video artists from around the world compete for cash prizes in this incredible weekend.

TEQUILA & TACO FEST – This three-day festival of culinary events and tastings held in the Village of Baytowne Wharf is sure to delight with local restaurants and food trucks competing for the Best Taco on the Emerald Coast.

JUNE

EMERALD COAST BLUE MARLIN CLASSIC – This top-rated tournament offers sport fishing enthusiasts the chance to win over $1.4 million in cash prizes. The daily tournament events are family friendly and full of excitement.

GULF COAST JAM – One of the year’s most popular and anticipated events, this three-day music festival in Panama City Beach features country music’s hottest artists at this open-air event.

JULY

RAGS TO RICHES REGATTA – Spend the day at Grayton Beach watching beautiful rainbow-colored sailboats engage in friendly competition as they race from Grayton to Seagrove Beach.

4TH OF JULY CELEBRATIONS – From Sandestin to 30A, there is no shortage of ways to pay tribute to the U.S.A.! Weekend events include symphony concerts, patriotic parades, and outstanding fireworks displays.

AUGUST

PADDLE AT THE PARK – Paddle at the Park is a standup paddleboard race event at Henderson Beach State Park with a Kids’ Fun Paddle, 1-Mile Beginner Ride, 3-Mile Recreational Race, and 6-Mile Elite Race.

SEPTEMBER

SANDESTIN TRIATHLON – Benefiting Sacred Heart Hospital, this event has grown to include more than 700 athletes competing in a half-mile swim in the Gulf of Mexico, a 20-mile bike ride to Blue Mountain Beach and back, and ending with a 4-mile run through Sandestin.

ALYS BEACH 5K AND 1 MILE FUN RUN – This Labor Day favorite takes you through the stunning streets of Alys Beach and its scenic nature trail for a breathtaking morning race and fun run for the kids.

OCTOBER

FLUTTERBY FESTIVAL – Celebrating the migration of the Monarch Butterfly, this arts, crafts, and science festival features live music, interactive art activities, live theatre, dance performances, and even a butterfly parade!

ROSEMARY BEACH UNCORKED – A unique fall festival celebrating Rosemary Beach’s eclectic selection of dining establishments featuring specially-prepared cuisine paired with fine wines.

30A HALF MARATHON AND 5K – A scenic out-and-back race through Blue Mountain Beach, this course showcases the beauty of 30A’s west end with an incredible array of events to entertain racers throughout the weekend.

BAYTOWNE WHARF BEER FESTIVAL – A fun-filled weekend celebrating all things beer! This festival features more than 200 domestic and international craft beers available for sampling along with live music.

TRICK OR TREATING – Seaside, Rosemary Beach, and Sandestin are the destinations of choice for Halloween celebrations. Costumed town merchants hand out goodies among dazzling decorations.

NOVEMBER

HARVEST FOOD & WINE FESTIVAL - A fabulous food and wine festival that offers patrons the opportunity to sip and savor a selection of premium wines from around the world while enjoying the beauty of WaterColor.

SEEING RED WINE FESTIVAL – A tradition for over 20 years, Seaside’s Seeing Red Wine Festival includes dozens of tasting tents showcasing hundreds of fine wines from around the globe during its weekend-long festivities.

MOUNTAINFILM FESTIVAL – The alfresco MountainFilm festival features outdoor inspired short documentaries and films, projected against the backdrop of WaterColor’s lakeside amphitheater.

30A 10K AND FUN RUN – An annual fundraising race event for local charities, the 30A 10K is held on Thanksgiving morning in Rosemary Beach and features a fast and flat out-andback route designed for running enthusiasts.

DECEMBER

DESTIN HARBOR BOAT PARADE – Spend a gorgeous night with nautical holiday lights at this cherished Gulf Coast tradition. It can be viewed from any one of Destin’s many waterfront docks, eateries, or pubs.

CHRISTMAS CANDLELIGHT TOUR AND OPEN HOUSE –Enjoy a candlelit tour visit in Eden Gardens State Park letting luminaries guide you to the historic Wesley House where decorations and refreshments await.

NEW YEAR’S EVE CELEBRATIONS – Panama City, Rosemary Beach, Seaside, Sandestin, and Destin offer outstanding celebrations of music, fireworks, and fun for the whole family!

Digital Graffiti

221 SAND CLIFFS DRIVE

Due to the continued strong activity of the first two quarters of 2022, average days on market remained historically low. As inventory increases moving into 2023 in most communities, we expect this trend to change during the new year

98 % 2021

42 2021

98 % 2022

40 2022

ROSEMARY BEACH

SINGLE FAMILY HOMES

The Rosemary Beach market remained incredibly strong during 2022, with the highest increase in average sales price out of all the marquee 30A communities at 49% and boasted three properties closing at $20 million plus.

SINGLE FAMILY HOMES

Alys Beach continues to be a destination of choice for 30A’s most elite homebuyers, with the highest average sales price at over $6.4 million, nearly a million more than its closest price competitor Rosemary Beach.

SINGLE FAMILY HOMES

Activity decreased in WaterSound Beach during 2022, primarily due to a lack of inventory with average days on market falling and average sales price increasing. When properties come available, interested buyers need to move quickly!

200 SAWBUCK DRIVE

SINGLE FAMILY HOMES

The Watersound Origins community continues to be a highly coveted location for full-time residents. This community experienced one of the lowest decreases in sold volume for the year with average sales prices still experiencing a healthy increase.

SINGLE FAMILY HOMES

The Seaside market was one of the slowest along Scenic Highway 30A for number of sales, with both sold volume and number of sales decreasing nearly 50%. Less available inventory affects the overall data with this community still being a popular niche for specific buyers.

WaterColor experienced a significant increase in days on market during 2022, reversing a trend of extremely low days on market in years past due to an increase in available inventory. Despite this, the average sales price still increased at a higher rate than 30A overall.

SANTA ROSA BEACH

The Santa Rosa Beach area (including Point Washington) continued to experience growth with days on market, average sales price, and average price per foot with a very low decrease in sales likely due to the rising popularity of South Walton for full-time residents.

SINGLE FAMILY HOMES

The 30A West market experienced data very similar to 30A overall in regard to number of sales, sold volume, average sales price, and days on market. We expect to see this trend continue into the new year.

KAIYA BEACH RESORT

SINGLE FAMILY HOMES

Closings represented in new homes are a result of sales that occurred anywhere from 8 to 14 months in the past. New Homes was among the few categories that experienced an increase in sold volume and continued to be a strong market segment.