Quarter 3 2023 Market Report

Q3 2023 MARKET REPORT

48 PARADISE BY THE SEA BOULEVARD $7,990,000 · PARADISE BY THE SEA

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STATE OF THE MARKET SUMMARY

NOTABLE SALES

LUXURY LISTINGS

pages 4-5

pages 6-13

pages 14-21

30A MARKET Inlet Beach | Rosemary Beach | Alys Beach Seacrest | Watersound | Seagrove | Seaside WaterColor | Grayton Beach | Blue Mountain | Dune Allen 30A GULF FRONT MARKET pages 22-35

DESTIN MARKET

MIRAMAR BEACH & SANDESTIN MARKET

PANAMA CITY BEACH MARKET

pages 36-37

pages 38-39

pages 40-41

MARKET OVERVIEW DETACHED SINGLE FAMILY HOMES

MARKET OVERVIEW CONDOMINIUMS

page 42

page 43

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The number of sales slowed in the third quarter of 2023 with the number of detached single-family home sales decreasing from 488 in the second quarter to 414.

However, in comparison to Quarter 3 of last year, the average price per square foot increased by 13 percent for detached single-family homes. Most notably, the average price per square foot drastically increased in Seaside and WaterSound Beach.

The average sales price of gulf-front detached singlefamily homes on Scenic 30A continued its upward trajectory between Q2 and Q3 from roughly $7 Million to $7.7 Million. Taking a closer look at the price per square foot comparison between this time last year indicates an increase for gulf-front detached single-family homes and condos alike.

In the current state of the market, having an experienced and knowledgeable real estate advisor to help you find your ideal property is truly invaluable.

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107 GOLFRIDGE DRIVE SOLD FOR $5,300,000 · WATERSOUND CAMP CREEK page 6

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337 S BRIDGE LANE # 313B SOLD FOR $3,100,000 · WATERSOUND BEACH

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16 KIRKWOOD PLACE SOLD FOR $7,650,000 · INLET BEACH page 10

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219 E SHALLOWS DRIVE SOLD FOR $2,370,000 · POINT WASHINGTON page 12

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16 S. BARRETT SQUARE UNIT 3 $8,875,000 · ROSEMARY BEACH

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63 BOATHOUSE ROAD $4,499,999 · DRAPER LAKE COASTAL VILLAGE page 16

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361 WALTON ROSE LANE $3,499,000 · BARBERY COAST INLET BEACH page 18

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375 DEFUNIAK STREET $4,995,000 · GRAYTON BEACH page 20

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INLET BEACH DETACHED SINGLE FAMILY HOMES UP 4% NUMBER OF SALES 23 Q3 2022

23 Q3 2023

AVERAGE PRICE PER SQ. FT. $716 Q3 2022

AVERAGE DAYS ON MARKET 32 Q3 2022

109 Q3 2023

$744 Q3 2023

AVERAGE SALES PRICE $2,410,505 Q3 2022

$2,190,580 Q3 2023

LIST PRICE TO SALES PRICE RATIO 100% Q3 2022

95% Q3 2023 page 23

ROSEMARY BEACH DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 9 Q3 2022

8 Q3 2023

AVERAGE PRICE PER SQ. FT. $1,968 Q3 2022

AVERAGE DAYS ON MARKET 7 Q3 2022 page 24

64 Q3 2023

$1,836 Q3 2023

AVERAGE SALES PRICE $6,902,222 Q3 2022

LIST PRICE TO SALES PRICE RATIO 97% Q3 2022

95% Q3 2023

$4,896,875 Q3 2023

ALYS BEACH DETACHED SINGLE FAMILY HOMES UP 43%

UP 9%

NUMBER OF SALES

AVERAGE PRICE PER SQ. FT.

7 Q3 2022

10 Q3 2023

$1,972 Q3 2022

AVERAGE DAYS ON MARKET 7 Q3 2022

32 Q3 2023

$2,140 Q3 2023

AVERAGE SALES PRICE $8,675,789 Q3 2022

$7,615,500 Q3 2023

LIST PRICE TO SALES PRICE RATIO 98% Q3 2022

98% Q3 2023 page 25

SEACREST BEACH DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 25 Q3 2022

20 Q3 2023

UP 10%

UP 9%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$862 Q3 2022

AVERAGE DAYS ON MARKET 55 Q3 2022 page 26

72 Q3 2023

$946 Q3 2023

$2,434,200 Q3 2022

LIST PRICE TO SALES PRICE RATIO 94% Q3 2022

95% Q3 2023

$2,657,900 Q3 2023

WATERSOUND BEACH DETACHED SINGLE FAMILY HOMES UP 30%

UP 35%

UP 22%

NUMBER OF SALES

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

10 Q3 2022

13 Q3 2023

$1,023 Q3 2022

AVERAGE DAYS ON MARKET 15 Q3 2022

78 Q3 2023

$1,379 Q3 2023

$3,535,700 Q3 2022

$4,313,461 Q3 2023

LIST PRICE TO SALES PRICE RATIO 96% Q3 2022

95% Q3 2023 page 27

SEAGROVE BEACH DETACHED SINGLE FAMILY HOMES NUMBER OF SALES 24 Q3 2022

28 Q3 2023

AVERAGE PRICE PER SQ. FT. $902 Q3 2022

AVERAGE DAYS ON MARKET 46 Q3 2022 page 28

57 Q3 2023

$787 Q3 2023

AVERAGE SALES PRICE $2,482,083 Q3 2022

LIST PRICE TO SALES PRICE RATIO 95% Q3 2022

94% Q3 2023

$2,131,458 Q3 2023

SEASIDE DETACHED SINGLE FAMILY HOMES UP 150%

UP 97%

UP 26%

NUMBER OF SALES

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

2 Q3 2022

5 Q3 2023

$1,559 Q3 2022

DOWN 59% AVERAGE DAYS ON MARKET 49 Q3 2022

20 Q3 2023

$3,078 Q3 2023

$4,579,500 Q3 2022

$5,750,000 Q3 2023

UP 6% LIST PRICE TO SALES PRICE RATIO 92% Q3 2022

98% Q3 2023 page 29

WATERCOLOR DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 14 Q3 2022

14 Q3 2023

UP 6%

UP 14%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$1,088 Q3 2022

AVERAGE DAYS ON MARKET 35 Q3 2022 page 30

111 Q3 2023

$1,148 Q3 2023

$3,389,214 Q3 2022

UP 1% LIST PRICE TO SALES PRICE RATIO 95% Q3 2022

96% Q3 2023

$3,866,071 Q3 2023

GRAYTON BEACH DETACHED SINGLE FAMILY HOMES UP 11% NUMBER OF SALES 4 Q3 2022

4 Q3 2023

AVERAGE PRICE PER SQ. FT. $991 Q3 2022

AVERAGE DAYS ON MARKET 70 Q3 2022

128 Q3 2023

$833 Q3 2023

AVERAGE SALES PRICE $2,694,250 Q3 2022

$2,979,625 Q3 2023

LIST PRICE TO SALES PRICE RATIO 96% Q3 2022

93% Q3 2023 page 31

BLUE MOUNTAIN BEACH DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 40 Q3 2022

35 Q3 2023

UP 2%

UP 23%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$650 Q3 2022

AVERAGE DAYS ON MARKET 37 Q3 2022 page 32

72 Q3 2023

$665 Q3 2023

$1,480,107 Q3 2022

UP 4% LIST PRICE TO SALES PRICE RATIO 92% Q3 2022

95% Q3 2023

$1,823,881 Q3 2023

DUNE ALLEN DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 38 Q3 2022

25 Q3 2023

AVERAGE PRICE PER SQ. FT. $609 Q3 2022

AVERAGE DAYS ON MARKET 55 Q3 2022

61 Q3 2023

$512 Q3 2023

AVERAGE SALES PRICE $1,719,719 Q3 2022

$1,364,244 Q3 2023

LIST PRICE TO SALES PRICE RATIO 99% Q3 2022

96% Q3 2023 page 33

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30A GULF FRONT DETACHED SINGLE FAMILY HOMES UP 19% NUMBER OF SALES 8 Q3 2022

12 Q3 2023

AVERAGE PRICE PER SQ. FT. $2,357 Q3 2022

$2,810 Q3 2023

AVERAGE DAYS ON MARKET 34 Q3 2022

AVERAGE SALES PRICE $10,215,625 Q3 2022

$7,715,916 Q3 2023

LIST PRICE TO SALES PRICE RATIO

63 Q3 2023

95% Q3 2022

95% Q3 2023

CONDOMINIUMS

NUMBER OF SALES 25 Q3 2022

20 Q3 2023

UP 10%

UP 27%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$1,117 Q3 2022

AVERAGE DAYS ON MARKET 38 Q3 2022

49 Q3 2023

$1,227 Q3 2023

$1,684,644 Q3 2022

$2,134,300 Q3 2023

LIST PRICE TO SALES PRICE RATIO 97% Q3 2022

96% Q3 2023 page 35

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DESTIN DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 101 Q3 2022

74 Q3 2023

AVERAGE PRICE PER SQ. FT. $438 Q3 2022

$426 Q3 2023

$1,287,979 Q3 2022

$1,198,784 Q3 2023

UP 1% LIST PRICE TO SALES PRICE RATIO

AVERAGE DAYS ON MARKET 37 Q3 2022

AVERAGE SALES PRICE

55 Q3 2023

95% Q3 2022

96% Q3 2023

CONDOMINIUMS

NUMBER OF SALES 168 Q3 2022

118 Q3 2023

UP 3%

UP 8%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$539 Q3 2022

AVERAGE DAYS ON MARKET 51 Q3 2022

80 Q3 2023

$554 Q3 2023

$694,253 Q3 2022

$751,289 Q3 2023

LIST PRICE TO SALES PRICE RATIO 98% Q3 2022

97% Q3 2023 page 37

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MIRAMAR BEACH & SANDESTIN DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 64 Q3 2022

63 Q3 2023

UP 2%

UP 8%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$530 Q3 2022

$541 Q3 2023

AVERAGE DAYS ON MARKET 26 Q3 2022

$1,456,670 Q3 2022

$1,568,048 Q3 2023

LIST PRICE TO SALES PRICE RATIO

88 Q3 2023

97% Q3 2022

96% Q3 2023

CONDOMINIUMS

NUMBER OF SALES 162 Q3 2022

121 Q3 2023

UP 2%

UP 4%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$465 Q3 2022

AVERAGE DAYS ON MARKET 38 Q3 2022

65 Q3 2023

$472 Q3 2023

$582,578 Q3 2022

$604,661 Q3 2023

LIST PRICE TO SALES PRICE RATIO 97% Q3 2022

97% Q3 2023 page 39

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PANAMA CITY BEACH DETACHED SINGLE FAMILY HOMES

NUMBER OF SALES 103 Q3 2022

92 Q3 2023

UP 12%

UP 30%

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

$373 Q3 2022

AVERAGE DAYS ON MARKET 31 Q3 2022

51 Q3 2023

$417 Q3 2023

$747,358 Q3 2022

$971,228 Q3 2022

LIST PRICE TO SALES PRICE RATIO 98% Q3 2022

97% Q3 2023

CONDOMINIUMS

NUMBER OF SALES 109 Q3 2022

99 Q3 2023

AVERAGE PRICE PER SQ. FT. $462 Q3 2022

AVERAGE DAYS ON MARKET 40 Q3 2022

69 Q3 2023

$422 Q3 2023

AVERAGE SALES PRICE $544,190 Q3 2022

$542,678 Q3 2022

LIST PRICE TO SALES PRICE RATIO 97% Q3 2022

96% Q3 2023 page 41

DETACHED SINGLE FAMILY HOMES UP 13% NUMBER OF SALES

AVERAGE PRICE PER SQ. FT.

AVERAGE SALES PRICE

464 Q3 2022

$977 Q3 2022

$3,128,235 Q3 2022

414 Q3 2023

AVERAGE DAYS ON MARKET 36 Q3 2022 page 42

71 Q3 2023

$1,104 Q3 2023

LIST PRICE TO SALES PRICE RATIO 96% Q3 2022

96% Q3 2023

$3,094,833 Q3 2023

CONDOS NUMBER OF SALES 439 Q3 2022

338 Q3 2023

AVERAGE PRICE PER SQ. FT. $489 Q3 2022

$483 Q3 2023 UP 4%

AVERAGE SALES PRICE $607,007 Q3 2022

$632,876 Q3 2023

AVERAGE DAYS ON MARKET 43 Q3 2022

71 Q3 2023

LIST PRICE TO SALES PRICE RATIO 97% Q3 2022

97% Q3 2023 page 43