Sandestin Real Estate Market Recap: Q1 2024 Insights
How is it already April?! Time does fly! Let's recap our local market's performance during the first quarter of 2024. Let's dive into the data and trends that shaped our local real estate landscape.
One notable trend this quarter was the significant increase in active listings compared to the same period last year. From January to March 2023, we had an average of 149 active listings on the market. However, in early 2024, this number rose to an average of 251 active listings—a remarkable 68% increase year-over-year. This influx of new properties indicates a growing market with diverse options for potential buyers.
New Listings and Median List Price Analysis
In terms of new listings entering the market, we observed a modest rise from 51 in Q1 2023 to 57 in Q1 2024. Interestingly, the added inventor resulted in the median list price of new listings decreasing from $717,483 in 2023 to $628,167 in 2024. This shift may suggest opportunities for buyers to explore more affordable options within the Sandestin area.
Sold Properties and Market Performance
Turning our attention to sold properties, the first quarter of 2024 saw 66 successful transactions in Sandestin. While this figure is lower than the 95 properties sold during the same period in 2023, it's essential to consider the nuanced dynamics at play.
The median sold price in Q1 2024 settled at $655,000, reflecting a comparative decrease from the previous year's $890,000. Additionally, the days on market increased from 59 days in 2023 to 128 days in 2024, suggesting a more deliberate pace in the current market environment.
List to Sale Ratio and Price per Square Foot
Despite these shifts, our list to sale ratio remains strong at 94.4% for Q1 2024, indicating that homes are selling close to their list price. Furthermore, the price per square foot decreased slightly from $606.21 in 2023 to $509.76 in 2024.
As we navigate through these market dynamics, it's clear that Sandestin and the nearby coastal communities continues to offer a vibrant real estate landscape with opportunities for both buyers and sellers. Whether you're considering buying, selling, or investing, understanding these trends is crucial to making informed decisions.
For personalized insights or to explore available properties, don't hesitate to reach out. Let's embark on this real estate journey together and make the most of our local market unique conditions in 2024!
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