September 2014 -- When in comes to purchasing a beach condo at the best best value timing is everything. The best deals stem from the right balance of condo price and interest rate. The value of an extraordinarily low priced condo is quickly erased if the time it takes to find and nurture the perfect condo price results in higher interest rates.
If you're looking to finance a condo purchase you've probably already noticed the interest rate trend is slightly upward. Unfortunately so are the trend in prices.
While it is no daubt to your advantage to take time to find a great deal, also consider that the 'winds of change' in terms of average condo prices and interest rates are blowing slighty against your objective. Don't rush - but be aware!
Condo prices are trending upward. As we head toward mid-year the average price of condos continue to move upward. As illustrated by the chart to in the the right, 2014 is the second year of the trend.
The Condo market's price bottom has passed. Although this decade's lowest price point for condos has passed prices remain affordable and there are still bargains to be found. Let us help!
The number of condo sales in 2014 down compared to 2013. The slight dip in the number of condo sales year-over-year can be traced to three likely reasons.
3/4 point rise in interest rates in 2013.
Dimished number of distressed properties for sale to stimulate immediate condo purchase.
Economy stilll slugish.
The chart above illustrates performance of this year as compared to the same period during the previous 9 years. Note the strong upward trend since the market bottom, and then the slight downward motion in the number sales in 2013-2014.
Condo inventory has been steadily rising since its most recent low in Dec. 2012 of 1,285 condos for sale. Current inventory is now only slightly above that record low.
Although condo inventory is trending upward it remains relitively low levels comparitively speaking. Condo hit its record high in high July 2006 when it reached 5,047 condos for sale.
Distressed sales no longer control the local condo market. The number of short sales have been falling since 2010 and continue to shrink in number, with the exception of an occassional upward 'blip'.
If you're buying a foreclosure or short sale expect your offer to be one of several being considered. Also expect the process to be rigorous with a long wait for the sale to be final and no guarantee of outcome. For that reason, we always suggest you do your homework (we're here to help of course) to make certain you have a deal worth the additional wait and the risk.
Please let us know if I may assist you in obtaining detailed information for properties located in any of the following cities or regions below.
Condos for sale - sorted by City and Complex -- we now provide a way for you to search for all Condos for sale at over 1,200 neighborhoods within 25 miles of Destin. Use the links below to find your favorite condo for sale, bookmark the page, and return often to keep track of local condo inventory and prices.
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