First Half 2021 Home Market Snapshot Report for the Coastal Communities of Florida's Gulf Coast

FIRST ?8C= 2021 MARKET REPORT FOR THE

COASTAL COMMUNITIES of Florida’s Gulf Coast

HOME TRENDS FOR THE POPULAR COMMUNITIES OF N ORTHWEST FLORIDA’S GULF COAST compliments of Erin Oden

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59 McGee Drive Alys Beach, Florida SOLD $5,175,000 "I was pleased to introduce 59 McGee Drive to the market and procure a near list price cash contract of $5.175 million, the highest sold price per square foot established on a detached home sale on Alys Beach’s north side.” — Erin Oden

8 | Summer 2021

LETTER FROM THE BROKER

The Coastal Home Market Stays Hot Moving into Summer By Erin Oden

W

e have just finished the first half of the year as I am writing to you today.

With inventory of beach properties stunningly scarce, agents are working hard to carve out options and opportunities as the already high Buyer demand grows stronger by the month.

Exiting the pandemic shutdown in June 2020, the local home market heated up to an unprecedented level. Since the end of 2020’s second quarter, the average home sales price along the Scenic Highway 30A corridor has appreciated by 30% or more every single quarter. The volume of home and condo sales has just exceeded $2.2 billion in the first half of this year. For all home and condo sales along 30A (MLS areas 17 and 18), the average sales price is up 35%. Owners of beach properties have substantial equity, and while we know pricing is high in the current Seller’s market, it is important for Buyers to recognize that all signs and analyst projections point to continued appreciation in the coming months. Buyer demand has not waned — savvy purchasers have determined that our coastal home market is a smart investment.

The Wall Street Journal recently published a column with the headline “U.S. Home Prices Rise at Fastest Pace in 15 Years.” A deputy chief economist at First American Financial Corp was quoted in Wall Street Journal: “It really can only be characterized as a super Seller’s market, not even just a Seller’s market. The supply-demand imbalance isn’t going away anytime soon.” The National Association of REALTORS® (NAR) reported on the drastically low inventory in late spring, and those who had made early January projections on the national home market were forced to amend those projections. The Mortgage Bankers Association, Fannie Mae, the National Association of REALTORS®, and Zelman & Associates all adjusted their numbers upward after reviewing first quarter housing data. They key takeaway was that, entering 2021, there was speculation that we might see price appreciation slow dramatically this year. Today, experts believe that won’t be the case and that home values will remain strong throughout the year. In late June, the Journal reported on Blackstone Group Inc.’s $6 billion in investment into the housing market —

the Group acquired a company that buys and rents single-family homes — and reported this to be “a sign Wall Street believe the U.S. housing market is going to stay hot.” On the following pages, you will find a snapshot report of the local coastal home market trends for the first half of 2021. We hope you will find these trends informative and helpful. It’s common to point to how we feel the current market is, but being knowledgeable about the data, trendlines and analyst projections will help take the emotion out of your assessments.

Erin

Warmly from the beach,

First Half 2021

First Half 2021 Sales Snapshot F O R T H E G R E AT E R D E S T I N T O 3 0 A H O M E M A R K E T prepared compliments of Erin Oden Coastal Luxury

OV E RA L L 30A CORRIDOR

R O S E M A RY B E A C H

A LYS B E A C H

D O L L A R VO LU M E O F SA L ES

First Half 2020

$920,290,312

$42,930,000

$110,967,486

First Half 2021

$2,197,353,821

139%

$202,105,900

371%

$167,325,692

51%

AV E R A G E S A L E P R I C E

First Half 2020

$1,140,385

$1,866,522

$3,698,916

First Half 2021

$1,543,086

35%

$2,972,146

59%

$3,414,810

-8%

AV G S O L D P R I C E P E R S Q F T

First Half 2020

$472

$751

$1,146

First Half 2021

$615

30%

$1,023

36%

$1,189

4%

WAT E R S O U N D B E A C H

WAT E R C O L O R

SEASIDE

D O L L A R VO LU M E O F SA L ES

First Half 2020

$63,176,700

$89,817,056

$14,274,155

First Half 2021

$106,647,075

69%

$241,909,028

169%

$62,217,000

336%

AV E R A G E S A L E P R I C E

First Half 2020

$2,339,878

$1,995,935

$2,039,165

First Half 2021

$3,047,059

30%

$2,282,161

14%

$2,592,375

27%

AV G S O L D P R I C E P E R S Q F T

First Half 2020

$693

$633

$1,374

First Half 2021

$884

28%

$783

24%

$1,287

-6%

Average closed sales prices of homes, condos and attached units. Statistics according to data gathered from FLEX MLS for combined residential properties (detached homes, attached units and condos). Deemed reliable but not guaranteed. Data pulled on 7/5/2021. Statistics may vary with late June closing entries, posted after 7/5/2021. Copyright ©2021 Coastal Luxury. All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means — electronic, mechanical, photocopied, recorded or otherwise — without prior consent of both the copyright owners and the publisher of this report.

3 0 A G U L F- F R O N T

30A HIGH END L U X U RY $ 3 M +

G R AY T O N B E A C H

D O L L A R VO LU M E O F SA L ES

First Half 2020

$154,168,255

$264,027,224

$19,220,500

First Half 2021

$369,537,675

140%

$765,726,122

190%

$34,580,525

80%

AV E R A G E S A L E P R I C E

First Half 2020

$2,028,530

$4,190,908

$2,135,611

First Half 2021

$2,820,898

39%

$4,669,062

11%

$2,161,283

1%

AV G S O L D P R I C E P E R S Q F T

First Half 2020

$905

$1,041

$671

First Half 2021

$1,078

First Half 2020 First Half 2021

19%

$1,123

8%

$807

20%

DESTIN, MIRAMAR

SANDESTIN RESORT

B U R N T P I N E AT SANDESTIN RESORT

D O L L A R VO LU M E O F SA L ES

$559,030,940

$102,333,900

$24,380,000

$1,364,766,956 144%

$305,129,755

198%

$65,095,255

167%

AV E R A G E S A L E P R I C E

First Half 2020

$568,699

$541,449

$1,523,750

First Half 2021

$723,247

27%

$646,461

19%

$2,244,664

47%

AV G S O L D P R I C E P E R S Q F T

First Half 2020

$298

$308

$381

First Half 2021

$377

26%

$387

26%

$452

19%

B AY F R O N T D E S T I N T O S O U T H WA LT O N

CARILLON BEACH

DESTIN, MIRAMAR G U L F- F R O N T

D O L L A R VO LU M E O F SA L ES

First Half 2020

$58,878,180

$12,280,000

$129,982,270

First Half 2021

$122,034,299

107%

$35,742,851

191%

$318,350,903

145%

AV E R A G E S A L E P R I C E

First Half 2020

$1,132,273

$1,023,333

$792,575

First Half 2021

$1,470,293

30%

$1,083,117

6%

$906,983

14%

AV G S O L D P R I C E P E R S Q F T

First Half 2020

$349

$475

$444

First Half 2021

$459

32%

$545

15%

$533

20%

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means — electronic, mechanical, photocopied, recorded or otherwise — without prior consent of both the copyright owners and the publisher of this report.

Working to Exceed our Customers’ Expectations in Navigating Prudent Real Estate Aquisistions Throughout Northwest Florida’s Gulf Coast, Coastal Luxury is proudly serving our clientele.

RESIDENTIAL R E A L E S TAT E

COMMERCIAL PROPERTIES

LAND ACQUISITIONS

INVESTMENT PROPERTIES

C O M P L I M E N TA R Y VA L U E A N A LYS E S

Additionally, Coastal Luxury offers consultation services to investment-focused Buyers, developers and investors. Learn first-hand about our unique local area and real estate opportunities from the area experts.

Contact me to schedule an appointment at (850) 502-1220. Erin Oden | erin@coastalluxury.com | (850) 502-1220 CoastalLuxury.com

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