2024 Annual Market Report

2024 Perdido Key Annual Market Report

The 2024 real estate market in Perdido Key remained strong, with slight price corrections and more balanced conditions compared to the post-pandemic boom. Sales continued to be robust despite rising insurance costs, mortgage interest rates, and new statutory SIRS requirements for condominium buildings. While the cost of coastal ownership has risen significantly in recent years, one thing remains the same—people still want their own piece of paradise along Florida’s stunning Gulf Coast!

Low inventory continued to drive strong sales in Perdido Key, with total sales increasing by 5% last year and the overall average price rising by 2%. While the broad market data reflects positive growth, a closer look reveals price fluctuations across different market segments and communities. Here are the key takeaways from 2024:

Condo demand continues to be strong, but prices dropped an average of 6% last year with time to sell up 66%. Gulf-front condo prices were down 2%. Buying trends were noticeable with a shift from 3-bedroom to 2-bedroom condos, likely driven by affordability. Luxury sales were slow later in the year, likely due to the election, and remains slow in the first quarter of 2025.

Waterfront condos off the Gulf saw increased demand (up 13%) but a 14% decrease in average price.

Single family home prices were up 15% (led by luxury Gulf-front homes). The time it took to sell almost doubled. The number of home sales was down 33% due to lower inventory levels.

Townhome prices were up 6% in 2024 with demand similar to 2023. Toward the end of 2024, inventory levels led to price reductions and prices are now trending downward, specifically in Lost Key due to increased inventory and competition with new construction pricing and incentives.

As I write this letter, we are heading into mid-March and are seeing some signs of Spring buyer activity. There are a few opportunities for Buyers in communities where inventory is high and Sellers are motivated. There are still many communities in Perdido Key that have little to no inventory and Sellers are holding firm on prices.

I’m hopeful that 2025 will be a promising year for the real estate market in Perdido Key, as inventory on our island remains low compared to many coastal markets. It’s a great time to explore your options—whether you’re buying or selling, I’m always happy to share my expertise. Don’t hesitate to give me a call!

PS. Please keep in mind, as you review the data within this report, data does not always paint an accurate picture of YOUR property value. Please contact me directly for an accurate valuation of your property.

Blessings from the beach,
Kathy Justice

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