Destin Real Estate: Condos and Houses Are Telling Two Different Stories

Destin Real Estate: Condos and Houses Are Telling Two Different Stories

Right now, the Destin market is splitting in two. Houses are more popular than they’ve been in years. Condos are a different story entirely. Here’s what the numbers show, and what it means if you’re buying, selling, or holding.

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Destin Condos

Destin-area condo transactions have fallen off significantly this summer, and the direction has clearly reversed from last year:

  • June condo sales: down 27.4% year-over-year (vs. +28.4% the same month last year)
  • July condo sales: down 13.7% year-over-year (vs. +15.9% the same month last year)
  • August condo sales: currently projected down ~9% year-over-year (vs. +2.4% the same month last year)

SIRS requirements, higher HOA fees, insurance costs, and the overall elevated cost to own have taken some of the shine off the condo market this year.

The good news for many condo owners: if you’re locked into a low mortgage rate — or own free and clear — you have the ability to ride this out. Rental income may not match a few years ago, but if the numbers still work for you, you can hold and wait for the next up-cycle.

If you bought late, have an adjustable-rate mortgage, your costs have gotten away from you, or you don’t have the stomach for a difficult condo market, it’s worth at least considering selling while values are still relatively high. That’s not a prediction that condo prices are about to collapse — it’s recognizing where we are right now and making a smart decision based on your numbers, your property, and your goals.

Own a Destin condo? Get List Price Trend updates for your building

Destin Houses

Houses are telling a completely different story — and it’s not coming off a weak prior year, either:

  • May house sales: up 64.4% year-over-year
  • June house sales: up 24.5% year-over-year (vs. +15.2% the same month last year)
  • July house sales: up 21.3% year-over-year (vs. +14.6% the same month last year)
  • August house sales: currently projected up ~10% year-over-year (vs. +25% the same month last year)

Sales volume isn’t the only headline here — Destin just saw its median house sales price spike to its highest level ever.

Own a 30A condo? Get monthly updates on how list prices are changing in your building

What We’re Watching Next

Want to stay ahead of the next market shift instead of reacting after it happens?

Bottom Line for Destin Real Estate

Whether you’re buying, selling, or holding, our job is to help you see the market clearly and then max out your position based on your goals for your property. A great tool for doing that is knowing your SaleAbility Score — it tells you how buyers see your property.

Get your SaleAbility Score, or reach our team directly at 850-654-3325 to talk through where you stand.

Committed to your success,

John Moran – CEO

The Smart Beach Investor | Keller Williams Realty At The Beach Team

See how the market compares in Destin or Panama City Beach