Engel & Voelkers Destin Market Report Q2 2020.

MARKET REPORT Q2 2020

DESTIN

SKEPTIC SOLUTIONS

DESTIN AREA REAL ESTATE MARKET TRENDS

+12% increase in total average sale price in Destin area real estate

-7% decrease in total sold volume in Destin area real estate

This report aims to give an insight into real estate market trends of Q2 2020 comparing to Q2 2019. It covers the areas of Destin, Miramar Beach/Sandestin, 30A West, North Santa Rosa Beach, 30A East, Point Washington, Panama City Beach, Fort Walton Beach, Navarre, Crestview, Niceville, and Freeport.

NUMBER OF HOMES SOLD IN 2020 PER AREA 500 400 300 200 100

Fr ee po rt

Ni ce vi lle Cr es tv ie w

M ira m ar Be ac h 30 A W es t 30 N A Sa Ea nt st a Ro sa Be ac Pt h W as ht in gt on Pa n Fo C am rt ity a W al to Na n Be va ac rre h /G ul lf Br ee ze

De st in

0

decrease in total average sale price in Destin area real estate

DESTIN

Total 2019

Q2 2019

Q2 2020

%

$617,288,419

$194,324,446

$151,815,421

-21

Avg Sales Price

$508,056

$515,449

$588,431

+14

Median Sales Price

$390,000

$380,000

$401,250

+5

1215

377

258

-31

42

93

105

+12

Sold Volume

Number of Sales Avg Days on Market

DESTIN MARKET TRENDS

+14% increase in average sales price in Destin

-31%

Destin market trends indicate an increase of $45 (11%) in the average price per square foot over the past 6 months. Buyers can expect to pay 96% of the seller’s asking price.

decrease in number of homes sold in Destin

AVERAGE PRICE PER SQUARE FOOT 400 300 200 100 0

Jan

Feb

Mar

Apr

May

Jun

MIRAMAR BEACH SANDESTIN

Total 2019

Sold Volume

$554,765,073

Q2 2019

$163,232,335

Q2 2020

%

$141,408,005

-13

$558,924

+11

Avg Sales Price

$531,384

$500,712

Median Sales Price

$400,000

$387,250

Number of Sales

1044

326

253

-22

Avg Days on Market

118

128

104

-18

$420,000

+8

MIRAMAR BEACH MARKET TRENDS

+11% increase in average sales price in Miramar Beach

-22%

Miramar Beach market trends indicate an increase of $2 (1%) in the average price per square foot over the past 6 months. Buyers can expect to pay 96% of the seller’s asking price.

decrease in number of homes sold in Miramar Beach

AVERAGE PRICE PER SQUARE FOOT 400 300 200 100 0

Jan

Feb

Mar

Apr

May

Jun

30A WEST

Total 2019

Sold Volume

$365,445,005

Q2 2019

$114,522,802

Q2 2020

%

$1114,700,606

0

Avg Sales Price

$801,414

$842,079

$882,312

+4

Median Sales Price

$605,000

$624,000

$592,500

-5

Number of Sales

456

136

130

-4

Avg Days on Market

110

121

156

+28

30A WEST MARKET TRENDS

+4% increase in average sales price in 30A West

-4%

30A West market trends indicate a increase of $147 (44%) in the average price per square foot over the past 6 months. Buyers can expect to pay 96% of the seller’s asking price.

decrease in number of homes sold in 30A West

AVERAGE PRICE PER SQUARE FOOT 500 400 300 200 100 0

Jan

Feb

Mar

Apr

May

Jun

30A EAST

Total 2019

Sold Volume

Q2 2019

Q2 2020

%

$1,211,263,882

$366,074,936

$396,607,315

+7

Avg Sales Price

$1,110,233

$1,122,929

$1,347,970

+20

Median Sales Price

$750,000

$738,000

$799,500

+8

Number of Sales

1091

326

292

-10

Avg Days on Market

115

108

123

+13

30A EAST MARKET TRENDS

+20% increase in average sales price in 30A East

-10%

30A East market trends indicate a increase of $12 (3%) in the average price per square foot over the past 6 months. Buyers can expect to pay 96% of the seller’s asking price.

decrease in number of homes sold in 30A East

AVERAGE PRICE PER SQUARE FOOT 600 400 200 0

Jan

Feb

Mar

Apr

Feb

Jun

NORTH SANTA ROSA BEACH

Sold Volume

Total 2019

Q2 2019

Q2 2020

%

$156,121,722

$49,634,357

$41,749,244

-15

Avg Sales Price

$359,727

$367,661

$463,880

+26

Median Sales Price

$307,095

$317,000

$339,950

+7

Number of Sales

434

135

90

-33

Avg Days on Market

83

86

86

0

NORTH SANTA ROSA BEACH MARKET TRENDS

-33%

+26% increase in average sales price in North Santa Rosa Beach

North Santa Rosa Beach market trends indicate an decrease of $9 (6%) in the average price per square foot over the past 6 months. Buyers can expect to pay 98% of the seller’s asking price.

decrease in number of homes sold in North Santa Rosa Beach

AVERAGE PRICE PER SQUARE FOOT 200 150 100 50 0

Jan

Feb

Mar

Apr

May

Jun

POINT WASHINGTON

Total 2019

Sold Volume

$14,265,101

Q2 2019

$10,774,635

Q2 2020

$21,641,283

%

+100

Avg Sales Price

$460,165

$359,154

$450,860

+25

Median Sales Price

$375,000

$351,995

$378,300

+7

Number of Sales

109

30

48

+60

Avg Days on Market

112

179

92

-48

POINT WASHINGTON MARKET TRENDS

+60%

+25% increase in average sales price in Point Washington

Point Washington market trends indicate an decrease of $125 (71%) in the average price per square foot over the past 6 months. Buyers can expect to pay 98% of the seller’s asking price.

increase in number of homes sold in Point Washington

AVERAGE PRICE PER SQUARE FOOT 300 200 100 0

Jan

Feb

Mar

Apr

May

Jun

PANAMA CITY BEACH

Sold Volume

Total 2019

Q1 2019

Q1 2020

%

$346,125,580

$88,355,265

$69,103,415

-21

Avg Sales Price

$329,958

$317,824

$319,923

+0.6

Median Sales Price

$265,000

$267,500

$270,875

+1

Number of Sales Avg Days on Market

1049

278

216

-22

92

98

96

-2

PANAMA CITY BEACH MARKET TRENDS

-22%

+0% increase in average sales price in Panama City Beach

Panama City Beach market trends indicate an increase of $82 (32%) in the average price per square foot over the past 6 months. Buyers can expect to pay 96% of the seller’s asking price.

decrease in number of homes sold in Panama City Beach

AVERAGE PRICE PER SQUARE FOOT 400 300 200 100 0

Jan

Feb

Mar

Apr

May

Jun

FORT WALTON BEACH

Sold Volume

Total 2019

Q2 2019

Q2 2020

%

$562,687,131

$157,345,476

$126,294,230

-19

Avg Sales Price

$270,003

$267,140

$280,653

+5

Median Sales Price

$230,000

$225,000

$255,000

+13

2084

589

450

-23

58

53

41

-22

Number of Sales Avg Days on Market

FORT WALTON BEACH MARKET TRENDS

-23%

+5% increase in average sales price in Fort Walton Beach

Fort Walton Beach market trends indicate a decrease of $43 (24%) in the average price per square foot over the past 6 months. Buyers can expect to pay 98% of the seller’s asking price.

decrease in number of homes sold in Fort Walton Beach

AVERAGE PRICE PER SQUARE FOOT 250 200 150 100 50 0

Jan

Feb

Mar

Apr

May

Jun

NAVARRE

Sold Volume

Total 2019

Q2 2019

Q2 2020

%

$551,319,020

$176,897,689

$161,005,862

-8

Avg Sales Price

$305,779

$304,471

$331,287

+8

Median Sales Price

$269,000

$269,900

$280,600

+3

1803

581

486

-16

55

55

57

+3

Number of Sales Avg Days on Market

NAVARRE MARKET TRENDS

+8% increase in average sales price in Navarre

-16%

Navarre market trends indicate an idecrease of $19 (14%) in the average price per square foot over the past 6 months.. Buyers can expect to pay 99% of the seller’s asking price.

decrease in number of homes sold in Navarre

AVERAGE PRICE PER SQUARE FOOT 200 150 100 50 0

Jan

Feb

Mar

Apr

May

Jun

CRESTVIEW

Sold Volume

Total 2019

Q2 2019

$375,355,616

$110,803,736

Q2 2020

$100,827,802

%

-9

Avg Sales Price

$208,995

$208,277

$226,579

+8

Median Sales Price

$208,900

$209,998

$228,700

+8

1796

523

445

-16

55

54

40

-25

Number of Sales Avg Days on Market

CRESTVIEW MARKET TRENDS

-16%

+8% increase in average sales price in Crestview

Crestview market trends indicate an increase of $18 (13%) in the average price per square foot over the past 6 months. Buyers can expect to pay 99% of the seller’s asking price.

decrease in number of homes sold in Crestview

AVERAGE PRICE PER SQUARE FOOT 200 150 100 50 0

Jan

Feb

Mar

Apr

May

Jun

NICEVILLE

Total 2019

Sold Volume

$327,764,570

Q2 2019

$104,427,807

Q2 2020

%

$103,432,038

-1

Avg Sales Price

$342,492

$346,936

$384,505

+10

Median Sales Price

$319,900

$326,000

$350,000

+7

Number of Sales

957

301

269

-10

Avg Days on Market

41

42

34

-19

NICEVILLE MARKET TRENDS

+10% increase in average sales price in Niceville

-10%

Niceville market trends indicate an increase of $18 (13%) in the average price per square foot over the past 6 months. Buyers can expect to pay 99% of the seller’s asking price.

decrease in number of homes sold in Niceville

AVERAGE PRICE PER SQUARE FOOT 200 150 100 50 0

Jan

Feb

Mar

Apr

May

Jun

FREEPORT

Sold Volume

Total 2019

Q2 2019

$149,372,554

$35,651,184

Q2 2020

%

$44,452,745

+24

Avg Sales Price

$280,775

$292,222

$286,791

-1

Median Sales Price

$265,364

$280,000

$280,300

0

Number of Sales

532

122

155

+27

Avg Days on Market

59

56

69

+23

FREEPORT MARKET TRENDS

-2% decrease in average sales price in Freeport

+27%

Freeport market trends indicate a decrease of $10 (8%) in the average price per square foot over the past 6 months. Buyers can expect to pay 99% of the seller’s asking price.

increase in number of homes sold in Freeport

AVERAGE PRICE PER SQUARE FOOT 150 100 50 0

Jan

Feb

Mar

Apr

May

Jun

NOTABLE SALES 18 W Palm Beach Court, Miramar Beach Newly built resort-style property boasting gross annual rental projections of over $229k. A 1,000+ sq ft rooftop terrace features 360 degrees of breathtaking views of Miramar Beach.

8 beds | 10 baths | 4,065 sq ft Sold by Shorey Group

34 Lakeview Beach Drive, Miramar Beach Located in the secluded development of Gulf Pines, a rare private beach community. The home has a large courtyard that has the New Orleans feel with a large pool and entertainment area.

5 beds | 4 baths | 4,058 sq ft Sold by Andrea Farrell

4322 Carriage Lane, Destin Nestled inside the gated community of Kelly Plantation, this lakefront masterpiece is positioned to overlook the 14th fairway of Kelly Plantation's iconic golf course.

3 beds | 3 baths | 2,459 sq ft Sold by Paul Shorey | Shorey Group

NOTABLE LISTINGS 3425 Scenic Highway 98, Destin "Commanders Palace" is one of Destin's most amazing homes along beautiful Scenic 98. Main home and fully built out guest house. Over-sized resort pool with waterfall.

9 beds | 11 baths | 6,039 sq ft Listed by by Andrea Farrell

10 Walton Drive Drive, Miramar Beach "Luxury Fortress" is engineered with the highest hurricane defense procaction rate. 4 verandas provide panoramic views over the Gulf. Private and secluded while steps away from the Gulf.

5 beds | 7 baths | 5,200 sq ft Listed by Angela Schermerhorn

22217 Front Beach Road, Panama City Beach "Sun Daze" is a beachfront dream home located in beautiful Panama City Beach, close to the famus 30A. Enjoy the private pool on the spacious back deck and watch picturesque sunsets.

6 beds | 7 baths |3,497 sq ft Listed by Andrea Farrell