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MLS Search | The Wired Buyer | The Wired Seller | About Destin | Local Market Pulse | Destin Links DESTIN, FL. April 2, 2007 -- Spring Break is upon us. The beaches, restaurants and malls are full of visitors enjoying our Chamber of Commerce weather. Among the vacationers are tire kickers looking for real estate bargains- which can be found. Prices are still reducing as evidenced by the DSS (Destin Seller's Sentiment). Here's what the DSS told us for March: Destin PRICE CHANGES (69 decreases, 6 increases) for 2/26 - 3/5 Destin PRICE CHANGES (63 decreases, 8 increases) for 3/5 - 3/12 Destin PRICE CHANGES (54 decreases, 3 increases) for 3/12 - 3/19 Destin PRICE CHANGES (76 decreases, 7 increases) for 3/19 - 3/26 Destin PRICE CHANGES (69 decreases, 2 increases) for 3/26 - 4/2 An astounding 331 reductions to only 26 increases! Sellers realize they must reduce to compete and that is exactly what they are doing. Seller's who ignore the facts and do not reduce will not see a contract. Last month I showed you that Destin's sales for 2007 was lagging 2006, a very slow year. Did March pick up the pace? Let's examine the facts:
2007 was met with extreme optimism. Realtors everywhere were singing "the slump is over", "phones are ringing" etc. However, as we can see above 2007 continues to be slower than 2006 for Destin...nothing has changed to affect the buyers market that buyers are enjoying. What about condos? Are they picking up after we saw a 2006 where only 5% of listed condos sold? Here's the answer: 4/2/07 Destin active condos on the market: 1091 4/2/07 Destin pending condos: 48 Hmmm, actually it is less than 5% @ a little over 4%. Not the direction condo sellers were hoping for. What does it mean for investors looking for a condo to rent out and one day retire to? They are better off finding a detached single family home close to the beach. They will command similar if not better rental income while in most cases saving the association fees and lower insurance rates. In conclusion, contact me today to find the property that is right for you- I know where the best deals are. Keep an eye on the Destin Seller's Sentiment and when you start seeing green you'll know we've hit bottom and are on our way back up. *All statistics are from the Emerald Coast Association of Realtors. Kerry McNulty, The Wired Agent 850.642.1081 Receive a week's worth of the HOTSHEET - Destin's brand new listings and PRICE CHANGES emailed to you every Monday: Previous Market Pulse articles: March 1, 2007 January 16, 2007 November 1, 2006 October 12, 2006 August 16, 2006 June 27, 2006 April 8, 2006 March 31, 2006 Feb 21, 2006 Jan 3, 2006 Oct. 10, 2005 Sept. 16, 2005 Copyright © 2006 TheWiredAgent.com -- ALL RIGHTS RESERVED. |