1st Quarter 2015 Luxury Market Update
2015 Shows a Growing Market
As the first quarter of 2015 comes to a close, we are happy to share that most of the market is still steadily increasing in sales volume and sales prices. The steady increase in the real estate market is surely connected with the area’s recent growth in both the commercial and residential real estate markets.
Although the market appears to be appreciating in most areas, prices are not increasing at the rates they did the first quarter from 2014-2015 as they did the first quarter of 2013-2014. It is very important to price a property within the target zone of the market to get the proper exposure towards a successful sale.
Northwest Florida’s Emerald Coast is growing and there are major commercial deals that prove it. From Okaloosa Island to Panama City Beach, there will be four new amusement parks built from 2013-2016. The area is seeing tourism growth with a few new hotels going up. There are also new luxury condominium and resort developments scheduled for completion in 2015 and 2016.
Don’t forget about the Highway 331 expansion that has been going on since 2012 and will hopefully be completed around 2016. But, one of the most
exciting recently announced growth benchmarks is the largest detailed sector plan in US history by St. Joe Company that spans over 100,000 acres in Bay and Walton Counties.
What does that mean for residents, property owners and interested investors? Want to know the details? Read our blog article here.
Destin Luxury Review
During the first quarter of 2015 compared to the first quarter of 2014, there were almost double the amount of luxury properties sold in Destin. The average price increased 15%.
Miramar Beach Luxury Review
Price per square foot increased 20% in during the first quarter for Miramar Beach luxury properties. The median price increased 23% and average price increased 22% over first quarter 2014.
Scenic 30a Luxury Review
34% more luxury properties were sold on 30A during the first quarter of 2015. The average price only increased 1%, but the
average price per square foot increased 4% over first quarter 2015.
*The tables above compare sales of properties $1,000,000 and up. Info obtained through MLS – Updated 4/15/15. Numbers are averages unless otherwise noted.