According to the Conference Board, “Consumer confidence retreated in December after reaching a 17-year high in November”…. “Despite the decline in confidence, consumers’ expectations remain at historically strong levels, suggesting economic growth will continue well into 2018.”
Resort real estate markets live and die as a reflection of the Consumer Confidence Index. So for 2018, the prognosis appears quite good.
The market serviced by Emerald Coast Association of Realtors is a huge geographic area encompassing all of Okaloosa and Walton counties. Average sales prices for December single family homes and condos vary widely across our market:
Single Family Condo
30-A $1,035,636 $626,270
Destin/Miramar Beach $610,553 $447,382
Ft. Walton Beach $237,037 $332,368
As you can see from page two, 2017 Okaloosa and Walton county sales significantly exceeded that of 2016. In sum:
• Combined single family sales volume was $3.465 billion vs $2.874 billion equating to a 20.6% increase.
• Combined condo sales volume was $991.7 million vs $845.3 million equating to a 17.3% increase.
Our market’s ability to surpass these numbers in 2018 will be to a large extent dependent upon our inventory levels. Home and condo inventory is now razor thin in many segments. Buyers are plentiful, but more owners must be willing to enter the sales market if we are to duplicate or exceed the sales volume statistics of 2017.
Please call us anytime for a market update!
Ed, Terri, Kay, Denis and Tammy