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November 21, 2022

Rosemary Beach Real Estate Market

Rosemary Beach Real Estate Market

When beginning the process of buying or selling a home, it is important to understand the nuances of the real estate market in your area. Evaluating the trends in buying or selling local properties can help you determine the best time to start your real estate journey.

Your real estate agent is a vital resource in gaining insight into the local market and predicting how it will fluctuate within the coming months. For example, if you’re selling your home in the Rosemary Beach real estate market, you’ll want to enter the market at a time when homes are selling for the asking price or higher. Your agent can help you time your listing with the goal of receiving the highest offers—-this will likely occur when inventory is low and the competition is fiercest. On the flip side, buyers will be at an advantage if they enter the market when inventory is higher, as they will have more homes to view, less pressure, and less competition when putting in offers.

If you’re looking for insight from the pros, read on for expert tips from Smith Burke of The Corcoran Group.

Selling price

According to the latest market report by Florida Realtors, the median selling price for homes in Walton County as of September 2022 was $596,972. This is a 15.3% decrease from the year prior. However, it’s important to note that the average sale price was $1.16 million, up 7.5%, indicating that higher-end homes continued to accrue value. In the Rosemary Beach real estate market, the most upscale properties with all the amenities are listed for $6 to 8 million.

Time spent on the market

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The median time to contract was 32 days, which is up 166% from 12 days in September 2021. Likewise, the median time to sell was up 30.6%, from 72 days in 2021 to 94 days in 2022. This indicates a slowing of market activity as buyers are more hesitant to put in offers or close the sale. Of course, the houses listed each month and the amount of time they spend on the market vary throughout the year, so be sure to talk to an agent if you are ready to list your home.

Is it the best time to buy or sell?

The housing market is ever-changing. Month to month, you can find very different numbers and trends throughout the country and in a specific area. Overall, for the last few years, the market has favored sellers. This has been good news if you want to sell a home, but it meant facing competition if you were in the market to buy.

One of the most significant factors that drives up the prices of houses is the inventory of available properties for sale. Over the past few years throughout the country, inventory has been low, affecting not only the price but also the competition from other buyers. Because of this competition, buyers increase their offers in order to make their bids more attractive to the seller. This, in turn, drives the price up even more for in-demand houses.

However, the national real estate market has cooled off this year compared to the red-hot seller’s market of 2020 and 2021. This is largely due to uncertainty in the national economy, rising mortgage rates, and inflation. For comparison, there were 266 closed sales within Walton County in September 2022, which is 22.4% lower than in September 2021, when there were 343 closed sales. Homes are also sitting 30% longer on the market, mirroring the slowdown.

What to look forward to

While the housing market is ever-changing and impossible to precisely foresee, following real estate trends is helpful in predicting how the market will behave in the coming months. Of course, making predictions also depends on the source you are looking at.

Some sources predict that housing prices will drop over the next year in Florida, which is good news if you are looking for Rosemary Beach homes for sale. While overall inventory this year has been higher than in 2021, it is primarily due to lingering inventory from the year before, as new listings decreased by 11.3% as of September 2022. This indicates that fewer sellers feel confident putting their homes on the market right now.

The good news is that the trends indicate that the market is slowing down, which will be advantageous for buyers who have been waiting to jump into the housing search. Buyers will have a bit more time to make decisions about a house instead of fighting other buyers as offers rise higher and higher in a bidding war.

Tips for entering the market

Photo courtesy of Unsplash

No matter the state of the local housing market, buying or selling a house is a significant, life-changing decision. In order to determine the best time to buy or sell, it is best to talk to your expert local real estate agent and a professional financial advisor.

If you’re seeking a new home, a local agent will help you determine your price range within your desired location and come up with a list of criteria for your home search. They will match you with Rosemary Beach homes and help you navigate the entire buying process, from open houses and tours to negotiations and all the steps involved in the closing process. When you are searching for homes, be patient and take your time to compare properties to find one that fits you best. After all, Rosemary Beach is a small area, and not many houses come up for sale at one time.

Ready to start the process?

If you’re ready to jump into the Rosemary Beach real estate market to start your buying or selling journey, be sure to work with an expert. Smith Burke will guide you in all your real estate endeavors, from searching for properties to selling for top-dollar offers. Smith offers top-notch customer service and expert insight into the local housing landscape. Reach out today to get started!

*Header photo courtesy of Unsplash

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Smith Burke has forged lasting relationships with his clients, and considers it an honor and privilege to be able to share his passion for the local 30A lifestyle with them, while professionally representing them in all aspects of real estate transactions.

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