UPDATED: The Wildly Active 30A Real Estate Market Right Now
by Jon Lyons
on Wednesday, November 11th, 2020 at 5:47pm.
You may have heard it through the grapevine. Maybe you've experienced it. Here's the lowdown, a real story, and the actual numbers of what the real estate market on 30A is doing right now...
UPDATED NOVEMBER 12, 2020
Summer's Over, the Election has come, and the 30A real estate market is as hot as ever. Here's what we are seeing as agents and brokers, a little logic, and the actual year over year 30A market report numbers below:
Every day, agents log into the MLS and check the "hot sheet". Usually a few new listings, a similar number of sales, and the world is balanced. But... this is 2020 after all isn't it? For the past few months, the number of listings (30a homes for sale) hitting the market has been steady and strong, but the number of properties selling and going under contract has be OFF THE CHARTS.
The Logic(?) Behind it: COVID, LOVE, and THE HOPE FOR A BETTER (work) LIFE
COVID-19 has disrupted the world as we know it, and real estate is no exception. Here in South Walton, and the beach area often called "30A" - the popular beach towns have absolutely exploded with properties flying off the market, new construction, renovations, and record breaking home sales. The virus has caused massive shutdowns of large commercial offices, allowing many to reconsider "where" working from home should be -- and thus allowing "working from home" and "working from the beach" to blend together nicely. People love the beach... and when the ties keeping them from visiting more often are cut... so goes the moving trucks. We've seen this trend happening all over South Walton, from luxury homes around the Choctawhatchee Bay, to homes all along the beach.
The Numbers (2020 YEAR TO DATE VS. PREVIOUS YEAR TO DATE)
Average Sale Price $1.29 Million (+22%)
Total Sold Listings: 1773 (+52%)
Total Properties Under Contract: 2028 (+60%)
Total Sold Volume: $2.28 Billion (+ $1.05 Billion)
Total New Listings: 2088 (+6%)
Total Active Listings: 2992 (+7%)
Total Active Volume: $4.6 Billion (+$751 Million)
The 30A Real Estate Market Is Very HOT. It's True.
Two days ago I listed a home for sale in Grayton Beach just before lunch. After a casual lunch, I had almost 10 missed calls. By the end of the day we had several offers. The home is pending to the best offer today (which isn't always the highest $... I'll explain later).
The Market is quickly transitioning.
Supply and Demand. When demand goes up for 30A, and supply goes down - the market naturally responds. With the pandemic and transition of so many jobs to remote working, the demand for real estate here in South Walton has exploded. As the demand has almost tripled with actual sales over the past month, many properties have been grabbed up - and new ones to the market are not lasting long if they are priced well.
"Normally" there are about 900-950 total active listings on 30A. Right now those numbers are around 700.
"Normally" there are about 90 total sales on 30A per month. Right now those numbers are around 290.
How negotiable are sellers right now? Statistics say about 3-5% negotiable, although the best ones are going for full price (or higher)
SALES PRICES... Are the numbers going through the roof? Mmmm... not really. But on the rise on average. Year over year, sales prices on 30A as a total are up about +10-12% averaging in all the new construction and new project releases.
Bonus Content: Winning out when you get into a multiple offer situation... without paying the highest price.
Make your offer as clean as possible. Meaning no extra requests, or extra contingencies.
Make your offer as quick as possible. If you can close quicker, do so. Or at least try.
Don't make your offer "AS-IS". While this might seem like a good idea, since the sellers might save $ because they won't be liable for repairs... the buyers know that you have an "out" in the contract and might toss out your offer too.
Offer above asking price if you can. I know. This can be scary, and not for every buyer. But - if you love the place and you're convinced it is priced well... $5-10K may determine whether that's your beach house on 30A or not.
Write a letter. Offers are cold, so write a letter sharing why you want the house and why it would be awesome to have. Sometimes this little connection makes all the difference.