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The Perdido Key real estate market continues its upward climb this year with a 15% increase in number of sales over 2021. New single-family home construction by DR Horton is the primary catalyst for this sales increase. The homebuilder has closed 56 new homes on the island this year, primarily within the new community of Serenity (off River Road) as well as Lost Key Golf & Beach Club. Single-family home prices are up 15% year over year.
Lost Key villas and townhomes continued their unprecedented increase in value with prices up 26% from this time last year. That said, those upward pricing trends are starting to level out (and even drop) as inventory has increased and Buyers have more choices. Condominium prices in Lost Key are up 17% from last year and inventory levels remain low with only five listings for sale.
The number of condominium sales is down 4% this year due to low inventory levels. Condominium prices are up an average of 15%. Inventory has recently increased in some communities, yet sales prices remain strong with continued demand. That said, Buyers are pushing back on inflated listing prices which indicates the market has reached a peak in some communities. With the summer season coming to an end, I anticipate an increase in active listings particularly within communities that allow short-term rentals.
Overall, our Perdido Key real estate market remains healthy, and I am optimistic we will see a busy Fall buying season. Buyers may have more choices, but demand is still strong to own a piece of paradise in Perdido Key! You may view and download the latest condominum report here and the single family/townhome report here.
As the leading Realtor in Perdido Key for 15 consecutive years, I am strongly equipped to navigate this shifting market. My relationships with fellow Realtors, appraisers, lenders, local vendors and community managers add incredible value to my customers. I hope you will consider me and my team if you are thinking of buying or selling. We strive to exceed expectations and offer the highest levels of service to our clients.
Blessings from the Beach!
Kathy Justice
For previous year's market reports, click here.
Posted by Kathy Justice on
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