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MLS Search | The Wired Buyer | The Wired Seller | About Destin | Local Market Pulse | Destin Links DESTIN, FL. November 1, 2006 -- Historically the slowest time of the year for home sales is the holiday season. Most folks are planning their family gatherings and travel plans and do not want to be bothered with showing, looking or negotiating during an already stressful time of the year. This is not slowing down Destin sellers from listing their homes, 7 more went on the market today according to the HOTSHEET. I suspect many coming up on expiration will pull their homes off of the market and relist during better selling conditions next year. Let's take a look at the Destin single family homes' market facts since 2001*:
Wow! Only 10% of listed homes have sold this year! Some agents will tell you the slow down in sales is due is to increased inventory. There is some merit to that sentiment as we see an approximate 20% jump in listings since 2004. Why the increase in listings? Because of the appreciation homeowners enjoyed from 2001 to 2004 many opted to take that equity off of the table. But why are sales so dramatically off? In the immortal words of top producer Walter Sanford, "If it doesn't sell - it's priced too high!" It may sound simple but it really is true. The successful 10% sellers of listed inventory accepted a reasonable offer and still left the closing table with a substantial profit - if they had owned their house for more than three years. If they were investors looking for a quick score they may have lost money as we now know that the flip is the flop. Brace yourself for this next table of Destin condominium sales over the same period:
Ouch! Only 5% of listed condos have sold this year with an increase of approximately 25% in 2005 inventory due to new construction. Insurance increases have helped to slow the condo market along with prices being too high. The vacation rental market is coming off a great year seeing 90% occupancy, tourists are still packing the condos for a week or two at a time - they just are not buying like they were from 2001-2004 as investors have taken their foot off the gas and have settled into a holding pattern waiting for prices to reduce. In conclusion, keep an eye on the Destin Seller's Sentiment and when you start seeing green you'll know we've hit bottom and are on our way back up. *All statistics from Emerald Coast Association of Realtors. Kerry McNulty, The Wired Agent 850.642.1081 Receive a week's worth of the HOTSHEET - Destin's brand new listings and PRICE CHANGES emailed to you every Monday: Previous Market Pulse articles: October 12, 2006 August 16, 2006 June 27, 2006 April 8, 2006 March 31, 2006 Feb 21, 2006 Jan 3, 2006 Oct. 10, 2005 Sept. 16, 2005 Copyright © 2006 TheWiredAgent.com -- ALL RIGHTS RESERVED. |