As we wrap up the third quarter of 2024, the Sandestin and Miramar Beach real estate markets have continued to show a healthy performance. With steady growth in home prices and consistent sales activity, it's clear that demand remains high for properties in this beautiful area.
Miramar Beach Market Highlights
Miramar Beach has seen a slight but notable increase in median home prices over the last 12 months.
- Median Sold Price: $750,000
- Price per Square Foot: $486
- Increase Since September 2023: +1.4% (+$10,000)
Homes in Miramar Beach are selling for 1.4% more than they were a year ago, highlighting a steady rise in property values.
Meanwhile, the third quarter of 2024 in the The Agency Northwest Florida Beaches market saw consistent activity, with steady growth across homes, condos, and other properties. Whether you’re a buyer looking to enter the market or a seller aiming to take advantage of current conditions, here’s a snapshot of what happened from July to September.
July - September Key Highlights
- New Listings: The market remained active, with a total of 131 new properties listed across the quarter.
- Properties Sold: A combined 77 properties were sold, demonstrating sustained interest in the area.
Home Sales
Home sales were stable across all three months, with 10 homes sold in both July and August, and 12 in September. The average price per square foot remained in a comfortable range, hovering around $489 - $524/sqft. Homes typically stayed on the market for about 60-132 days before selling, with most going for 94.5% - 95.6% of their list price.
Condos
Condos were a hot commodity in Sandestin, with 12 sold in July and August, and 13 sold in September. Condo prices saw a significant jump in August, with the average price per square foot peaking at $619.56 before stabilizing at $537.82 in September. On average, condos took 77-148 days to sell, and buyers were securing deals at around 92% - 95% of the list price.
Fractional Ownership & Other Properties
For those exploring fractional ownership or attached single-unit homes, activity was slower but steady, with 1-2 properties sold each month. These types of properties had varying days on market, ranging from 7-103 days, but most sold for nearly the full list price.
Vacant land also saw limited but fast-moving sales, with properties typically selling in less than 14 days at close to the asking price.
What This Means for Buyers
If you’re looking to buy in Sandestin, now might be a good time to act. While prices have remained stable, some properties (especially condos) are seeing slight increases. Homes and condos are staying on the market longer, giving you a bit more time to find the right fit. But with sales still closing near asking prices, it’s clear that sellers have room to negotiate but aren't cutting prices drastically.
What This Means for Sellers
For sellers, the market continues to favor you. Properties are selling at close to the asking price, and with homes and condos consistently moving each month, demand is still high. The key takeaway is that pricing your property right is essential—homes are selling at around 95% of list price, so starting with a competitive price will help you close deals faster.
Whether you’re buying or selling, the Sandestin market remains a strong and attractive option. Reach out to our team if you have any questions or need guidance on your next real estate move!
