2021. Done. Caput! On to a new, exciting year! So, let’s recap the Destin and Miramar Beach residential real estate market stats for 2021 compared to 2020:
• In 2021 the number of SOLD Listings was up by 23.9% over prior year.
• In 2021 the Median Sales Price was up by 23.4% over prior year.
• In 2021 the Number of New Listings was up by 10.6% over prior year.
• In 2021 March, April and May had the highest number of sales.
• The Median Sales Price was $549,000 in 2021 and in 2020 it was $448,250. WOW!
• Average Cumulative Days on Market (length of time from listing to under contract) was 63 in 2021 compared to 129 in 2020.
• Average Sold to List Price was 97% in 2021 and 95% in 2020.
• In 2021 we averaged 1.94 months of inventory, in 2020 we averaged 4.48 months of inventory. (Five months or less is considered a sellers’ market; we just may be transitioning to a buyers’ market.)
• The current (as of January 26) Active Listings have been on market 206 days on average; the sold listings were on market an average of 49 days.
Keep in mind that these stats are for ALL residential sales through Dec. 31, 2021. Depending on where you are selling or buying, the numbers may change.
What does this all mean to YOU?
2021 was an incredible year! The number of new listings were lower than the number of sales, so inventory was (and still is) really low which in turn, drove prices higher. Prices were up more then 22% over prior year! Statistically, a 10% increase is considered a great year.
If you are on the market for sale now and you’ve been on market for more than 63 days, then it’s time to review why and make some changes. Maybe it’s because of the condition? Or maybe it’s the price? Talk to your Real Estate Agent and find out why your house hasn’t sold.
If your property is priced correctly, you should expect to sell at about 97% of list price, maybe higher. (Remember, this number is an “average.”)
If you are looking to sell in 2022, LIST NOW! Why? First, 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. Second, what goes up, usually comes down. Could housing prices continue to rise? Maybe. Could they come down? Maybe. So, strike when the iron is HOT and it’s hot NOW! Third, interest rates are rising which has an effect on what buyers can afford. Don’t let the buyer pool shrink. Time to interview to make sure you get the right agent. Don’t know how to interview agents? Reach out to me at 850.374.0454 or Gail.Pelto@KW.com and I’ll give you some pointers.
If you’re looking to buy, BUY NOW—there aren’t too many buyers right now and you might have a good chance at finding a motivated seller! Plus, you want to avoid the next rate increase if you’re financing. Need an agent? I can help. Call me at 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 Your Healthy, Prosperous and Joyful New Year! Call me if you need some help.
Gail Pelto is a full-time real estate agent with Keller Williams and a board member with both the Mattie Kelly Arts Foundation and The Rotary Club of Destin.