2021 | Forgotten Coast Annual Market Report | Berkshire Hathaway HomeServices

2021

annual market report

B

MARKET REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

unprecedented | a year in review If one word can characterize the 2021 real estate market along the Northwest Florida Gulf Coast, we choose unprecedented. In a year still filled with much uncertainty and struggle, an unprecedented number of people are finding sanctuary along the Emerald Coast. A nationwide shift in the way we view work and lifestyle has resulted in a surge of interest in finding a place to live, whether part or full time, that feels welcoming and prosperous. Northwest Florida has become just that to many new homeowners.

The past year has been an unprecedented year for real estate sales in our area. We experienced the highest priced single-family home to sell on our shores, a gulf front estate in Alys Beach at $16.9 million. Average sales prices soared in the majority of the communities we serve, up by as much as 38%. Average days on market decreased as demand rose higher than supply in many desirable areas. Our brokerage reached a once unimaginable goal, surpassing over $2.1 billion in annual sales volume.

As we look ahead for 2022, we believe this unprecedented trend of high demand will continue as indicated in every community along our coast by historically low days on the market. We have not experienced this low of a length of time on the market since we began tracking it in 1993. Adding support to this prediction are the robust sales that the market has already experienced in the first weeks of 2022. Our agents are busy with strong buyer demand, and we continue to find off market opportunities for customers to purchase.

With interest rates still favorable for buyers wishing to finance, it is a key time to make educated investment decisions. While we expect some potential headwinds if we do enter a rate-increasing environment, rates are still currently at historical lows and there may never have been a better time to acquire property in our market, provided you plan to hold it for the medium to long term.

For those that may be considering selling, to leave the market or to reposition, we always recommend selling into strength. Therefore, due to what we are seeing in the current market conditions, our market has never been more favorable for sellers. As seasoned experts, our agents can help maximize the sale of your property. Now more than ever, having a trusted and knowledgeable real estate agent representing your best interests whether you are buying or selling property is essential.

Established in 2007 to be a premier real estate company dedicated to extraordinary customer service, our agency became an affiliate of the Berkshire Hathaway HomeServices network in 2016 and wholly owned by HomeServices of America in 2022. Our brand is built on trust, integrity, stability, and innovation, and our customers benefit by being part of a firm that is an international leader in the sales and promotion of its properties. We look forward to another strong year for real estate sales along our coast and feel so blessed to have worked with all the incredible people that we encountered in 2021. We welcome the opportunity to serve you in 2022 and beyond.

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

1

office locations 1 Ft. Walton Beach

Choctawhatchee Bay 331

98

23

Destin Sandestin 4 Blue Mountain Beach WaterColor Seaside Seagrove WaterSound Beach Rosemary Beach

Northwest Florida Beaches Internationa Airport

79

Panama City Beach

2

1. destin

5. pier park

151 Regions Way, Suite 4A Destin, FL 32541 850.502.2120

15750 Panama City Beach Pkwy, #140 Panama City Beach, FL 32413 850.252.4160

2. watercolor main

6. port st. joe

28B WaterColor Way Santa Rosa Beach, FL 32459 850.534.3006

200 A Reid Ave Port St. Joe, FL 32456 850.227.3300

3. watercolor crossings

7. windmark beach

49A WaterColor Way Santa Rosa Beach, FL 32459 850.213.5450

101 Goodmorning Street Port St. Joe, FL 32456 850.296.3716

4. watersound beach

8. st. george island

6652 E Co Hwy 30A, Ste 110 WaterSound, FL 32461 850.213.5150

140 West 1st Street, Ste B St. George Island, FL 32328 850.927.6000

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

5

West Bay

al

20

20

231

Tallahassee

Lynn Haven Panama City Tyndall AFB

Mexico Beach

98

71

Apalachicola National Forest

6

Windmark Beach

7 Port St. Joe

Carrabelle

Apalachicola

Eastpoint

8 Cape San Blas

Gulf of Mexico

Apalachicola Bay

St. George Island

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

3

2021 ACCOLADES

$2,131,251,941 2 0 2 1 C O M PA N Y S A L E S V O LU M E

#

1

B R O K E R AG E O N 3 0 A * T r a nsa c tio ns

TOP 6

B R O K E R AG E I N PA N A M A C I T Y B E AC H * T r a nsa c tio ns + Vo l um e

#

1

B R O K E R AG E O N S T. G E O R G E I S L A N D * T r a nsa c tio ns + Vo l um e

TOP 3

B R O K E R AG E O N T H E F O R G OT T E N C OA S T * T r a nsa c tio ns + Vo l um e

TOP 50

B R O K E R AG E W I T H I N B E R K S H I R E H AT H AWAY H O M E S E R V I C E S 2 0 1 6 , 2 0 1 7, 2 0 1 8 , 2 0 1 9, 2 0 2 0, 2 0 2 1 * Gr o ss Co mm i ssi o n I n co m e

4

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

TABLE OF CONTENTS

forgotten coast A PA L AC H I C O L A 8 S T. G E O R G E I S L A N D 1 0 CAPE SAN BLAS 12 M E X I C O B E AC H / S T. J O E B E AC H 1 4 P O R T S T. J O E 1 6

FORGOTTEN COAST

AVERAGE SOLD PRICE

111%

% GROWTH 2012 - 2021

$1,000,000

$800,000

$419K

$406K

$406K

$465,543

$461,768

$501,198

$554,233

$488,123

$619,490

$882,747

$600,000

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

$400,000

$200,000

AVERAGE DAYS ON MARKET

79%

% GROWTH 2012 - 2021

400

300

200

6

250

212

202

173

183

255

108

114

56

0

263

100

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

FORGOTTEN COAST

PRICE PER SQUARE FOOT

110%

% GROWTH 2012 - 2021

$400

$350

$300

$250

$200

$215

$233

$241

$258

$279

$250

$300

$409

$150

$195

$200

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

NUMBER OF SALES

121%

% GROWTH 2012 - 2021

500

400

300

226

231

239

245

266

264

268

441

458

100

207

200

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

7

APALACHICOLA

264 HIGHWAY 98 8

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

APALACHICOLA SINGLE FAMILY HOMES

YEAR

NUMBER OF SALES

SOLD VOLUME

AVERAGE SOLD PRICE

AVERAGE SOLD PRICE PER SQ. FT.

AVERAGE DAYS ON MARKET

% OF LIST PRICE SOLD

2020

49

$14,307,008

$291,980

$172

101

92%

2021

49

$14,812,253

$302,291

$205

131

93%

PERCENT CHANGE

19%

4%

4%

0%

1%

30%

0%

2021

19%

92% 2020

93% 2021

1%

AVERAGE DAYS ON MARKET

2020

PERCENTAGE OF LIST PRICE SOLD

205 $

172

2021

$

49

2020

AVERAGE SOLD PRICE PER SQUARE FOOT

49

NUMBER OF SALES

This quaint, coastal town has shown a much more slow and steady growth year over year, making Apalachicola potentially a great place to buy in 2022!

101 2020

131 2021

30%

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

9

ST. GEORGE ISLAND

1426 E GULF BEACH DRIVE 10

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

ST. GEORGE ISLAND SINGLE FAMILY HOMES

YEAR

NUMBER OF SALES

SOLD VOLUME

AVERAGE SOLD PRICE

AVERAGE SOLD PRICE PER SQ. FT.

AVERAGE DAYS ON MARKET

% OF LIST PRICE SOLD

2020

143

$119,983,304

$839,044

$361

143

90%

2021

149

$172,883,784

$1,160,294

$503

73

96%

PERCENT CHANGE

39%

38%

44%

4%

6%

49%

4%

2021

39%

90% 2020

96% 2021

6%

AVERAGE DAYS ON MARKET

2020

PERCENTAGE OF LIST PRICE SOLD

503 $

361

2021

$

149

2020

AVERAGE SOLD PRICE PER SQUARE FOOT

143

NUMBER OF SALES

2021 brought tremendous growth in average prices for the Island! We expect to see similar growth in 2022. St. George Island offers exceptional value and a relaxed lifestyle especially when compared to the 30A market.

143 2020

73 2021

49%

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

11

CAPE SAN BLAS

105 E SEASCAPE DRIVE 12

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

CAPE SAN BLAS SINGLE FAMILY HOMES

YEAR

NUMBER OF SALES

SOLD VOLUME

AVERAGE SOLD PRICE

AVERAGE SOLD PRICE PER SQ. FT.

AVERAGE DAYS ON MARKET

% OF LIST PRICE SOLD

2020

64

$46,387,898

$724,811

$386

89

97%

2021

155

$154,087,200

$994,111

$463

62

97%

37%

20%

PERCENT CHANGE

232%

142%

0%

30%

142%

2021

20%

97% 2020

97% 2021

0%

AVERAGE DAYS ON MARKET

2020

PERCENTAGE OF LIST PRICE SOLD

463 $

386

2021

$

155

2020

AVERAGE SOLD PRICE PER SQUARE FOOT

64

NUMBER OF SALES

The Cape has seen strong, steady growth over the last few years. With considerable value and very low inventory, interested home buyers must act quickly when they see the right property come to market.

89 2020

62 2021

30%

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

13

MEXICO BEACH | ST. JOE BEACH

9305 HIGHWAY 98 W 14

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

MEXICO BEACH | ST. JOE BEACH SINGLE FAMILY HOMES

YEAR

NUMBER OF SALES

SOLD VOLUME

AVERAGE SOLD PRICE

AVERAGE SOLD PRICE PER SQ. FT.

AVERAGE DAYS ON MARKET

% OF LIST PRICE SOLD

2020

187

$71,746,853

$383,673

$207

93

97%

2021

154

$77,327,148

$502,124

$266

35

98%

PERCENT CHANGE

29%

31%

8%

18%

1%

62%

18%

2021

29%

97% 2020

98% 2021

1%

AVERAGE DAYS ON MARKET

2020

PERCENTAGE OF LIST PRICE SOLD

266 $

207

2021

$

154

2020

AVERAGE SOLD PRICE PER SQUARE FOOT

187

NUMBER OF SALES

2021 brought nice growth for Mexico Beach with all of the rebuilding taking place since Hurricane Michael. This beach town is definitely one to watch in 2022!

93 2020

35 2021

62%

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

15

PORT ST. JOE

808 MARVIN AVENUE 16

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

PORT ST. JOE SINGLE FAMILY HOMES

YEAR

NUMBER OF SALES

SOLD VOLUME

AVERAGE SOLD PRICE

AVERAGE SOLD PRICE PER SQ. FT.

AVERAGE DAYS ON MARKET

% OF LIST PRICE SOLD

2020

303

$124,961,399

$412,414

$215

93

96%

2021

123

$36,862,534

$299,695

$185

54

97%

PERCENT CHANGE

14%

27%

71%

59%

1%

42%

59%

2021

14%

96% 2020

97% 2021

1%

AVERAGE DAYS ON MARKET

2020

PERCENTAGE OF LIST PRICE SOLD

185 $

215

2021

$

123

2020

AVERAGE SOLD PRICE PER SQUARE FOOT

303

NUMBER OF SALES

The real estate market in Port St. Joe proper has struggled a bit since Hurricane Michael, but provides unique value that we don’t see in many other communities.

93 2020

54 2021

42%

ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA

17

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Get to know us at BeachPropertiesFLA.com EMERALD COAST | SOUTH WALTON | BAY COUNTY | FORGOTTEN COAST Market data for 2022 as of 1/6/22. Information reported is deemed reliable but is not guaranteed. ©2022 MLS and FBS. ©2022 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.