End of Summer Market Report
Our 2024 End of Summer Market Report is Here!
Perdido Key remains a top destination along the Gulf Coast, attracting full-time residents, second-home owners, and vacationers alike. The 2024 real estate market on the island has shown strength and remains strong and steady . Traditionally, sales have adhered to seasonal patterns—Spring, Summer, and Fall. However, this past year has deviated from these trends. Many of my peers would agree that the market has displayed an unpredictable nature with ‘no rhyme or reason’ to sales patterns over the past year. Despite this, here are a few trends worth noting:
- Longer Time on Market: Most properties are taking longer to sell, with a 32% increase in average time on the market. There are exceptions in high demand market segments where inventory is low and properties are selling quickly.
- Stable Prices: Most communities are seeing stable prices, though areas with high inventory or significant increases in HOA fees and assessments are exceptions.
- Increased Costs: Rising costs of ownership, including HOA fees, insurance, and interest rates, are affecting buyer decision-making.
- Number of Sales Strong: As of Labor Day, 179 properties sold on Perdido Key, on par with 180 properties sold during the same period in 2023.
Average Sales Prices have Decreased
As of Labor Day, there are 178 active listings on Perdido Key with 29 properties under contract. While sales numbers this year are consistent with last year, the average sales price has decreased by approximately 12%. This decline is not across the market and seems to be the result of these factors: 1) a few communities with high inventory and a resulting price decrease, 2) an increase in the number of more affordable properties sold on the island (mostly under $600,000) and 3) a slight decrease in the number of luxury condo sales (pre-construction sales at Portico at Perdido not included).
Historically, the Fall season sees increased activity as buyers come to enjoy the cooler weather and fewer crowds. If you are considering selling your property, my team and I are dedicated to achieving the highest market price for you while ensuring a smooth and efficient process. We welcome the opportunity to serve you.
Thank You to My Incredible Team
I am proud to be Perdido Key’s top Realtor, and I owe much of our success to my incredible team—Karen, Kori, Bobbie, and Rhonda. Their hard work, positive attitudes, and dedication are the backbone of our success. You are a blessing to me and to our clients, and I am deeply grateful for all that you do!
Thank you to my past and current customers for placing your trust in me! I am never going to be able to thank all of you enough!
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Blessings from the Beach,
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