By Gail Pelto, Realtor
2019. Done. Caput! On to a new, exciting year! So, let’s recap the Destin and Miramar Beach residential real estate market stats for 2019 compared to 2018:
– In 2019 the number of SOLD Listings was down by 7.2%.
– In 2019 the Median Sales Price was up by 5.3%.
– In 2019 the Number of New Listings was down by 5.4%.
– In 2019 March, April and May had the highest number of sales, compared to March, May and August in 2018.
– The Median Sales Price was $395,000 in 2019; in 2018 it was $375,250.
– Average Cumulative Days on Market (length of time from listing to under contract) was 134 days in 2019 compared to 154 in 2018.
– Average Sold to List Price was 95% in 2019 and the same in 2018.
– In 2019, we averaged 6.35 months of inventory; in 2018 we averaged 6.22 months of inventory…five months or less is considered a sellers’ market; we just might be transitioning to a buyers’ market.
– The current Active Listings have been on the market 245 days on average; the sold listings were on the market an average of 134 days.
Keep in mind that these stats were for ALL residential sales through Dec. 27, 2019, and depending on where you are selling or buying, the numbers might change.
What does this all mean to YOU?
We had less inventory and fewer sales in 2019 over prior year; however, prices were slightly higher.
If you are on the market for sale now and you’ve been on the market for more than 134 days, it’s time to review why and think about some changes. Maybe it’s because of the condition? Or maybe it’s the price? Talk to your real estate agent.
If your property is priced correctly, you should expect to sell at about 95% of the list price.
If you are looking to sell in 2020, LIST NOW! March is right around the corner and the stats show you have a better chance of going under contract in the spring; you need to be on the market soon. It’s time to interview to make sure you get the right agent. Don’t know how to interview agents? Reach out to me, I’ll give you some pointers, 850.374.0454 or email me at Gail.Pelto@KW.com.
If you’re looking to buy, BUY NOW. There aren’t too many buyers in January and February and you mighty have a good chance at finding a motivated seller! Need an agent? I can help. Call me, 850.374.0454 or email to Gail.Pelto@KW.com.
Know the stats…more importantly, make sure your real estate agent knows the stats…just sayin.’
Cheers to a healthy, prosperous and joyful new year!
Gail Pelto is a full-time real estate agent with Keller Williams and a board member with the Mattie Kelly Arts Foundation and The Rotary Club of Destin. She is also a mentor to new agents at Keller Williams helping them be better agents for their clients.