The 2023 Market Report

2023 MARKET REPORT

16 S. BARRETT SQUARE 3 SOLD FOR $8,500,000 IN ROSEMARY BEACH RECORD-BREAKING SALE

page 2

STATE OF THE MARKET SUMMARY

NOTABLE SALES

pages 4-5

pages 6-13

30A MARKET BREAKDOWN Inlet Beach | Rosemary Beach | Alys Beach Seacrest | Watersound | Seagrove | Seaside WaterColor | Grayton Beach | Blue Mountain | Dune Allen 30A GULF FRONT MARKET 30A MARKET OVERALL pages 14-29

DESTIN MARKET

MIRAMAR BEACH & SANDESTIN MARKET

PANAMA CITY BEACH MARKET

pages 30-31

pages 32-33

pages 34-35

MARKET OVERVIEW DETACHED SINGLE FAMILY HOMES

MARKET OVERVIEW CONDOMINIUMS

page 36

page 37

page 3

In 2023, the number of sales was down by 21% when compared to 2022 with detached single-family home sales decreasing from 2,382 to 1,877 across the Emerald Coast market.

Sales data in the 30A market overall remained steady with the average sales price remaining consistent for detached singlefamily homes. With a staggering 36 percent increase in average sales price, condos have continued to accrue value, especially in the Gulf front market. Most notably, the coastal community of Seaside had the greatest amount of positive change in the market with the average sales price up by 21%, the average price per square foot up by a huge margin of 42 percent, with homes surprisingly spending less time on the market than the previous year.

Another market that has noticed a positive rate of growth is Panama City Beach, which has seen multiple new developments bring buyers to the Emerald Coast. With the average sales price of detached single-family homes up by 30 percent, it will remain a market to watch in the coming year.

In 2024, we predict the first quarter to remain a buyers’ market featuring higher inventory and longer ‘days on market’ periods.

However, when interest rates inevitably drop, we’re expecting the market to balance with steady pricing and increased sales activity.

As always, having an experienced real estate advisor to help you navigate market adjustments is key.

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59 GREEN STREET SOLD FOR $11,000,000 · INLET BEACH page 6

page 7

16 KIRKWOOD PLACE SOLD FOR $7,650,000 · INLET BEACH page 8

page 9

107 GOLFRIDGE DRIVE SOLD FOR $5,300,000 · WATERSOUND CAMP CREEK RECORD-BREAKING SALE

page 10

page 11

208 PARADISE BY THE SEA BOULEVARD SOLD FOR $8,000,000 · PARADISE BY THE SEA REPRESENTING THE BUYER page 12

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INLET BEACH DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 103 2022

80 2023

AVERAGE PRICE PER SQ. FT. $657 2022

$618 2023

AVERAGE SALES PRICE $2,401,358 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

34 2022

101% 2022

70 2023

$1,951,707 2023

97% 2023 page 15

ROSEMARY BEACH DETACHED SINGLE FAMILY HOMES

←

12%

NUMBER OF SALES 50 2022

page 16

22 2023

AVERAGE PRICE PER SQ. FT. $1,575 2022

$1,762 2023

AVERAGE SALES PRICE $5,560,112 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

48 2022

97% 2022

49 2023

96% 2023

$5,244,772 2023

ALYS BEACH DETACHED SINGLE FAMILY HOMES

←

4%

NUMBER OF SALES 32 2022

27 2023

AVERAGE PRICE PER SQ. FT. $1,783 2022

$1,852 2023

AVERAGE SALES PRICE $6,591,384 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

14 2022

99% 2022

49 2023

$6,585,533 2023

96% 2023 page 17

SEACREST DETACHED SINGLE FAMILY HOMES

←

←

20%

NUMBER OF SALES 111 2022

82 2023

AVERAGE PRICE PER SQ. FT. $814 2022

AVERAGE DAYS ON MARKET 52 2022 page 18

17%

78 2023

$949 2023

AVERAGE SALES PRICE $2,314,881 2022

LIST PRICE TO SALES PRICE RATIO 97% 2022

94% 2023

$2,769,595 2023

WATERSOUND BEACH DETACHED SINGLE FAMILY HOMES

←

←

12%

NUMBER OF SALES 64 2022

55 2023

11%

AVERAGE PRICE PER SQ. FT. $963 2022

$1,078 2023

AVERAGE SALES PRICE $3,169,566 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

57 2022

98% 2022

82 2023

$3,510,345 2023

95% 2023 page 19

SEAGROVE BEACH DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 140 2022

page 20

207 2023

AVERAGE PRICE PER SQ. FT. $914 2022

$857 2023

AVERAGE SALES PRICE $2,836,415 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

48 2022

97% 2022

84 2023

94% 2023

$2,514,084 2023

SEASIDE DETACHED SINGLE FAMILY HOMES

←

←

21%

42%

NUMBER OF SALES

$1,722 2022

12 2023

AVERAGE SALES PRICE

$2,440 2023

$3,320,166 2022

1%

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

23 2022

98% 2022

17 2023

$4,019,000 2023

←

26%

←

12 2022

AVERAGE PRICE PER SQ. FT.

99% 2023 page 21

WATERCOLOR DETACHED SINGLE FAMILY HOMES

←

←

2%

NUMBER OF SALES 70 2022

page 22

53 2023

1%

AVERAGE PRICE PER SQ. FT. $1,081 2022

$1,099 2023

AVERAGE SALES PRICE $3,539,316 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

41 2022

98% 2022

84 2023

96% 2023

$3,563,726 2023

GRAYTON BEACH DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 23 2022

16 2023

AVERAGE PRICE PER SQ. FT. $1,053 2022

$1,076 2023

AVERAGE SALES PRICE $3,114,326 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

27 2022

96% 2022

101 2023

$2,744,906 2023

94% 2023 page 23

BLUE MOUNTAIN BEACH DETACHED SINGLE FAMILY HOMES

←

9%

NUMBER OF SALES 197 2022

page 24

133 2023

AVERAGE PRICE PER SQ. FT. $639 2022

$637 2023

AVERAGE SALES PRICE $1,581,598 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

41 2022

97% 2022

79 2023

96% 2023

$1,720,609 2023

DUNE ALLEN DETACHED SINGLE FAMILY HOMES

←

←

9%

7%

NUMBER OF SALES 208 2022

109 2023

AVERAGE PRICE PER SQ. FT. $525 2022

$564 2023

AVERAGE SALES PRICE $1,424,490 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

55 2022

99% 2022

85 2023

$1,549,823 2023

95% 2023 page 25

page 26

30A GULF FRONT DETACHED SINGLE FAMILY HOMES

←

7%

NUMBER OF SALES 38 2022

32 2023

AVERAGE PRICE PER SQ. FT. $2,312 2022

$2,470 2023

AVERAGE SALES PRICE $11,090,394 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

38 2022

97% 2022

78 2023

$7,992,218 2023

93% 2023

CONDOMINIUMS

←

←

24%

NUMBER OF SALES 77 2022

74 2023

32%

AVERAGE PRICE PER SQ. FT. $1,141 2022

$1,411 2023

AVERAGE SALES PRICE $1,913,994 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

38 2022

98% 2022

60 2023

$2,516,984 2023

97% 2023

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30A MARKET OVERVIEW DETACHED SINGLE FAMILY HOMES

←

←

4%

NUMBER OF SALES 1,239 2022

922 2023

1%

AVERAGE PRICE PER SQ. FT. $764 2022

$797 2023

AVERAGE SALES PRICE $2,307,084 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

40 2022

98% 2022

69 2023

$2,329,493 2023

96% 2023

CONDOMINIUMS

←

←

20%

NUMBER OF SALES 390 2022

279 2023

36%

AVERAGE PRICE PER SQ. FT. $845 2022

$1,010 2023

AVERAGE SALES PRICE $1,099,027 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

34 2022

98% 2022

77 2023

$1,492,036 2023

97% 2023 page 29

page 30

DESTIN DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 422 2022

317 2023

AVERAGE PRICE PER SQ. FT. $444 2022

$431 2023

AVERAGE SALES PRICE $1,332,649 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

38 2022

97% 2022

70 2023

$1,209,112 2023

95% 2023

CONDOMINIUMS

←

←

17%

7%

NUMBER OF SALES 740 2022

508 2023

AVERAGE PRICE PER SQ. FT. $508 2022

$546 2023

AVERAGE SALES PRICE $645,958 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

49 2022

98% 2022

77 2023

$753,385 2023

97% 2023

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MIRAMAR BEACH & SANDESTIN DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 374 2022

272 2023

AVERAGE PRICE PER SQ. FT. $522 2022

$517 2023

AVERAGE SALES PRICE $1,488,333 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

35 2022

98% 2022

83 2023

$1,486,181 2023

96% 2023

CONDOMINIUMS

←

3%

NUMBER OF SALES 800 2022

487 2023

AVERAGE PRICE PER SQ. FT. $510 2022

$499 2023

AVERAGE SALES PRICE $611,476 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

42 2022

98% 2022

66 2023

$628,087 2023

96% 2023 page 33

page 34

PANAMA CITY BEACH DETACHED SINGLE FAMILY HOMES

←

←

13%

NUMBER OF SALES 347 2022

366 2023

30%

AVERAGE PRICE PER SQ. FT. $379 2022

$429 2023

AVERAGE SALES PRICE $794,639 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

37 2022

99% 2022

65 2023

$1,033,811 2022

97% 2023

CONDOMINIUMS

←

4%

NUMBER OF SALES 513 2022

414 2023

AVERAGE PRICE PER SQ. FT. $444 2022

$441 2023

AVERAGE SALES PRICE $514,151 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

40 2022

98% 2022

70 2023

$534,999 2022

96% 2023 page 35

DETACHED SINGLE FAMILY HOMES

←

NUMBER OF SALES 2,382 2022

page 36

1,877 2023

←

3%

2%

AVERAGE PRICE PER SQ. FT. $527 2022

$544 2023

AVERAGE SALES PRICE $1,480,676 2022

AVERAGE DAYS ON MARKET

LIST PRICE TO SALES PRICE RATIO

38 2022

98% 2022

72 2023

96% 2023

$1,514,649 2023

CONDOS NUMBER OF SALES 2,443 2022

1,688 2023

←

8%

AVERAGE PRICE PER SQ. FT. $577 2022

$624 2023

←

19%

AVERAGE SALES PRICE $717,653 2022

$852,127 2023

AVERAGE DAYS ON MARKET 41 2022

73 2023

LIST PRICE TO SALES PRICE RATIO 98% 2022

97% 2023 page 37