Q1 2024 MARKET REPORT 211 PELICAN CIRCLE $9,900,000 · INLET BEACH
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STATE OF THE MARKET SUMMARY
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NOTABLE SALES
pages 6-13
30A MARKET BREAKDOWN
LUXURY LISTINGS
pages 14-21
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 22-37
DESTIN MARKET
pages 38-39
MIRAMAR BEACH & SANDESTIN MARKET
pages 40-41
MARKET OVERVIEW DETACHED SINGLE FAMILY HOMES
page 44
PANAMA CITY BEACH MARKET
pages 42-43
MARKET OVERVIEW CONDOMINIUMS
page 45
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The number of sales slightly increased between the end of 2023 and beginning of 2024 with detached single-family home sales moving from 342 in to 365 across the market.
Sales data in the 30A market overall has seen an upward trajectory with the average sales price increasing by 6 percent and average price per square foot increasing by 8 percent for detached single family homes. Most notably, WaterSound Beach saw the greatest improvement in comparison to Q1 2023 with the average sales price up by a staggering 42 percent and the average price per square foot up by 15 percent.
The average price per square foot of gulf-front detached single-family homes on Scenic 30A continued to climb between Q4 2023 and Q1 2024 from roughly $2,133/sq. ft. to $2,398/sq. ft., proving gulf-front property continues to increase in value.
Overall, we predict the market to remain steady in Quarter 2 with more inventory building up. However, when interest rates inevitably drop, we’re expecting the market to balance with more 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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58 SINCLAIR LANE SOLD FOR $9,200,000 · DRAPER LAKE COASTAL VILLAGE
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65 N CASTLE HARBOUR DRIVE SOLD FOR $4,900,000 · ALYS BEACH
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58 N WINSTON LANE
SOLD FOR $2,475,000 · INLET BEACH
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86 PINE CONE TRAIL SOLD FOR $1,800,000 · INLET BEACH
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WESTERN LAKE DRIVE
· WATERCOLOR page 14
337
$6,500,000
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S WATCH TOWER LANE
· WATERSOUND BEACH page 16
41
$4,375,000
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MONTIGO AVENUE
· SEAGROVE BEACH page 18
29
$4,195,000
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81 WESTERN LAKE DRIVE
$6,600,000 · WATERCOLOR
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page 23 NUMBER OF SALES 19 Q1 2023 11 Q1 2024 AVERAGE PRICE PER SQ. FT. $506 Q1 2023 $585 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 47 Q1 2023 120 Q1 2024 LIST PRICE TO SALES PRICE RATIO 101% Q1 2023 97% Q1 2024 DETACHED SINGLE FAMILY HOMES $1,387,776 Q1 2023 $1,770,845 Q1 2024 ← 16% ← 28%
INLET BEACH
page 24 NUMBER OF SALES 3 Q1 2023 4 Q1 2024 AVERAGE PRICE PER SQ. FT. $1,742 Q1 2023 $1,382 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 10 Q1 2023 158 Q1 2024 LIST PRICE TO SALES PRICE RATIO 96% Q1 2023 89% Q1 2024 DETACHED SINGLE FAMILY HOMES $4,281,666 Q1 2023 $3,945,000 Q1 2024 ROSEMARY BEACH ← 33%
page 25 NUMBER OF SALES 2 Q1 2023 4 Q1 2024 AVERAGE PRICE PER SQ. FT. $1,860 Q1 2023 $1,831 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 77 Q1 2023 28 Q1 2024 LIST PRICE TO SALES PRICE RATIO 92% Q1 2023 99% Q1 2024 DETACHED SINGLE FAMILY HOMES $6,880,000 Q1 2023 $5,921,408 Q1 2024
← 64% ← 100% ← 7%
ALYS BEACH
page 26 NUMBER OF SALES 20 Q1 2023 24 Q1 2024 AVERAGE PRICE PER SQ. FT. $836 Q1 2023 $869 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 66 Q1 2023 76 Q1 2024 LIST PRICE TO SALES PRICE RATIO 95% Q1 2023 93% Q1 2024 DETACHED SINGLE FAMILY HOMES $3,091,036 Q1 2023 $2,553,085 Q1 2024
← 4%
SEACREST
WATERSOUND BEACH
page 27 NUMBER OF SALES 13 Q1 2023 2 Q1 2024 AVERAGE PRICE PER SQ. FT. $992 Q1 2023 $1,139 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 92 Q1 2023 8 Q1 2024 LIST PRICE TO SALES PRICE RATIO 96% Q1 2023 98% Q1 2024 DETACHED SINGLE FAMILY HOMES $3,419,615 Q1 2023 $4,850,000 Q1 2024
← 15% ← 42% ← 91% ← 2%
page 28 NUMBER OF SALES 22 Q1 2023 20 Q1 2024 AVERAGE PRICE PER SQ. FT. $898 Q1 2023 $847 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 83 Q1 2023 77 Q1 2024 LIST PRICE TO SALES PRICE RATIO 91% Q1 2023 94% Q1 2024 DETACHED SINGLE FAMILY HOMES $2,846,586 Q1 2023 $2,223,175 Q1 2024
← 7% ← 3%
SEAGROVE BEACH
page 29 NUMBER OF SALES 0 Q1 2023 1 Q1 2024 AVERAGE PRICE PER SQ. FT. $0 Q1 2023 $3,571 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 0 Q1 2023 0 Q1 2024 LIST PRICE TO SALES PRICE RATIO 0% Q1 2023 99% Q1 2024 DETACHED SINGLE FAMILY HOMES $0 Q1 2023 $2,800,000 Q1 2024
SEASIDE
page 30 NUMBER OF SALES 9 Q1 2023 11 Q1 2024 AVERAGE PRICE PER SQ. FT. $1,045 Q1 2023 $1,032 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 83 Q1 2023 74 Q1 2024 LIST PRICE TO SALES PRICE RATIO 97% Q1 2023 96% Q1 2024 DETACHED SINGLE FAMILY HOMES $3,303,055 Q1 2023 $3,221,818 Q1 2024 WATERCOLOR ← 11% ← 22%
page 31 NUMBER OF SALES 4 Q1 2023 3 Q1 2024 AVERAGE PRICE PER SQ. FT. $1,096 Q1 2023 $783 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 13 Q1 2023 203 Q1 2024 LIST PRICE TO SALES PRICE RATIO 90% Q1 2023 96% Q1 2024 DETACHED SINGLE FAMILY HOMES $2,062,500 Q1 2023 $2,495,000 Q1 2024 GRAYTON BEACH ← 21% ← 7%
page 32 NUMBER OF SALES 33 Q1 2023 30 Q1 2024 AVERAGE PRICE PER SQ. FT. $641 Q1 2023 $629 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 78 Q1 2023 96 Q1 2024 LIST PRICE TO SALES PRICE RATIO 96% Q1 2023 95% Q1 2024 DETACHED SINGLE FAMILY HOMES $1,620,666 Q1 2023 $1,720,933 Q1 2024 BLUE MOUNTAIN BEACH ← 6%
page 33 NUMBER OF SALES 30 Q1 2023 24 Q1 2024 AVERAGE PRICE PER SQ. FT. $602 Q1 2023 $540 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 87 Q1 2023 109 Q1 2024 LIST PRICE TO SALES PRICE RATIO 96% Q1 2023 95% Q1 2024 DETACHED SINGLE FAMILY HOMES $1,555,812 Q1 2023 $1,596,019 Q1 2024
← 3%
DUNE ALLEN
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page 35 NUMBER OF SALES 25 Q1 2023 15 Q1 2024 AVERAGE PRICE PER SQ. FT. $1,804 Q1 2023 $1,308 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 56 Q1 2023 68 Q1 2024 LIST PRICE TO SALES PRICE RATIO 99% Q1 2023 94% Q1 2024 CONDOMINIUMS $3,714,963 Q1 2023 $2,369,433 Q1 2024 NUMBER OF SALES 6 Q1 2023 4 Q1 2024 AVERAGE PRICE PER SQ. FT. $2,133 Q1 2023 $2,398 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 91 Q1 2023 178 Q1 2024 LIST PRICE TO SALES PRICE RATIO 88% Q1 2023 93% Q1 2024 DETACHED SINGLE FAMILY HOMES $9,616,666 Q1 2023 $6,550,000 Q1 2024
← 12% ← 5%
30A GULF FRONT
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MIRAMAR BEACH & SANDESTIN
page 41 NUMBER OF SALES 136 Q1 2023 117 Q1 2024 AVERAGE PRICE PER SQ. FT. $542 Q1 2023 $456 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 69 Q1 2023 94 Q1 2024 LIST PRICE TO SALES PRICE RATIO 96% Q1 2023 96% Q1 2024
NUMBER OF SALES 73 Q1 2023 41 Q1 2024 AVERAGE PRICE PER SQ. FT. $513 Q1 2023 $543 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 90 Q1 2023 99 Q1 2024 LIST PRICE TO SALES PRICE RATIO 95% Q1 2023 94% Q1 2024 DETACHED SINGLE FAMILY HOMES
CONDOMINIUMS
$1,555,792 Q1 2023 $1,542,719 Q1 2024 $735,483 Q1 2023 $522,714 Q1 2024 ← 6%
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NUMBER OF SALES 111 Q1 2023 77 Q1 2024 AVERAGE PRICE PER SQ. FT. $455 Q1 2023 $444 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 75 Q1 2023 80 Q1 2024 LIST PRICE TO SALES PRICE RATIO 97% Q1 2023 96% Q1 2024 CONDOMINIUMS $540,508 Q1 2023 NUMBER OF SALES 87 Q1 2023 68 Q1 2024 AVERAGE PRICE PER SQ. FT. $400 Q1 2023 $379 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 69 Q1 2023 87 Q1 2024 LIST PRICE TO SALES PRICE RATIO 97% Q1 2023 95% Q1 2024 DETACHED SINGLE FAMILY HOMES $888,876 Q1 2023
page 43 $803,642 Q1 2023 $554,648 Q1 2023 ← 3%
PANAMA CITY BEACH
SINGLE FAMILY HOMES NUMBER OF SALES 449 Q1 2023 365 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 72 Q1 2023 89 Q1 2024 LIST PRICE TO SALES PRICE RATIO 96% Q1 2023 95% Q1 2024 $514 Q1 2023 $525 Q1 2024 $1,413,057 Q1 2023 $1,429,739 Q1 2024 AVERAGE PRICE PER SQ. FT. page 44 ← 2% ← 1%
DETACHED
CONDOS NUMBER OF SALES 452 Q1 2023 337 Q1 2024 AVERAGE SALES PRICE AVERAGE DAYS ON MARKET 76 Q1 2023 87 Q1 2024 LIST PRICE TO SALES PRICE RATIO 97% Q1 2023 96% Q1 2024 $648 Q1 2023 $594 Q1 2024 $947,042 Q1 2023 $806,334 Q1 2024 AVERAGE PRICE PER SQ. FT. page 45
