July ’24 Market Review | 30A Real Estate
Market Moves & Notables for July 2024 in the 30A Real Estate Market
Overall, the number of 30a homes for sale have steadily increased since it’s all time inventory low during 2021-2022. Inventory today is at a healthy number, but buyers may still “feel” like there’s not much on the market. Why? Despite a larger number of homes for sale on 30A, statistics show that a large portion of the “for sale” properties are still listed above perceived value. For example: statistics reveal that the average listing price on 30A (year to date avg) is about $2.74M, while the average sale price (year to date avg) is about $2.37M, and average “negotiation” or popular buyer term “wiggle room” stands between 5-10%, depending.
30A Property Sale Prices Are Going Up. It’s the Listing Prices that Are Coming Down.
About this time last year, average sale values were $2.47M, while in July they averaged a slightly higher $2.52M. Listing prices however, about this time last year were $2.91M and today average a moderately lower $2.71M. What’s happening? We’re glad you asked. As the plandemic came to a close, many property owners still wanted to jump on the bandwagon to “test the market” and see if there beloved property would sell for a record number. Some agents, eager to get a sale (or rather, market themselves with a listing) took the listings at the extra high listing prices… and the property sat on the market. And kept sitting. And then a price drop came. And another… and another… and some of them sold – exactly where they should have sold, at “market value” well below their original listing price.
30A’s Popularity & “Fame” is Growing — but land availability and land ordinances limit development in a wonderful way.
The once “little known about” area of South Walton has become beloved by so many today – but what will come of the area? Luckily, years ago, wonderful things were set in place to Make 30A Great. Things like 52′ height restrictions, protections for wetlands, Point Washington State Forest, Grayton Beach State Park, Topsail Preserve, and more. Much of that you see 30A as today is the footprint that it will have in the future. While there may be a number of empty lots that will be developed, and communities to be finished (like Alys Beach) – I do not think it is possible for 30A to “sprawl” or grow much more along the beach. Much of the development will be north of the beach on St. Joe owned land. A big movement on 30A in the years to come will be improving homes and replacing the old with the new.
What about Beach Access & Vacation Rentals?
Beach Access on 30A is certainly a point of concern, and luckily the County is stepping up to purchase lands for beach accesses where possible, including building parking lots, improving accesses, etc. Currently, 30A’s beach access availability is substantially lower that our neighbors in Bay County, and it seems it will continue to be this way to a certain extent. Communities with private beach accesses like Watersound Beach, Rosemary Beach, Alys Beach, Kaiya, Watercolor and Seaside may continue to grow in popularity and value. other communities with large beach access like Grayton Beach and The Retreat (non rental) are also communities to consider.
30A Vacation Rental Properties will be interesting to watch over the coming 12-24 months as we see the market reaction. In 2024, we are seeing lower rental numbers to the tune of 30-50% lower than previous years, while many are predicting a decent bounce back in 2025, albeit lower than the numbers expected in ’21-22. It may be in the future that the number of 30A homes available for rent decreases over time, while being replaced with more and more private second homes and primary homes.
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