Perdido Key, Florida Real Estate Market Conditions
The Perdido Key real estate market is not much different that most of the rest of the country in terms of beach property and investment property. This means that there is a LOT of supply compared to demand. This creates what is known as a buyer’s market. Not such great news for those of you who need to sell; however, a great opportunity for those of you who need to buy! Perdido Key remains a true gem and one of top areas of the country for, and more so for Florida, in vacation real estate. This is Paradise living!
And you know, if you are in the market to sell your current home in order to purchase another, then things aren’t as grim as many sellers will have you believe. Here’s why: If the market were booming again, you would certainly sell your home for top dollar. But…you would also have to pay more for the home you were moving into. Now that the market is soft, you will get less money from your current home, but you have an opportunity to obtain a GREAT deal on your next home. This essentially becomes a wash for homes of comparable value. In actuality, this works IN YOUR FAVOR if you are moving up in value on a home. Dollar wise, the more expensive home is discounted more than a lower priced property.
The only problem here is that if you are “upside down” on your current home, I admit that it may be difficult or impossible to sell your existing home without coming to the closing table with money out of your pocket.
Below are some good statistics for Perdido Key. The “months inventory” is certainly high. The fluctuations are due to the sales numbers swinging in this small market. Sales remain slow due to investors and buyers waiting for the so called “bottom”. My opinion is that we are very close to that point. Many deals are to be had, auctions are still occurring, and foreclosures are continuing. The recent auction activity indicates that buyer’s pent up demand is growing. I don’t think that one making a smart purchase at this time will be making a bad decision. If prices decline more, it won’t be for much. Get in now while the choices are immense!
Our office specializes in Beach real estate and investment property. We are also involved in the vacation rental industry and can help you blend these activities in an investment for you.
Real Estate Sales and
Inventory History for Perdido Key, Florida
Month |
Year |
Monthly Sales |
Avg ListPrice |
Avg Sale Price |
% Diff Sell/list |
Avg DOM |
Curr Inventory |
Months Inventory |
January |
2005 |
26 |
$584,523 |
$581,412 |
99.47% |
35.0 |
276 |
10.62 |
February |
2005 |
16 |
$560,616 |
$547,135 |
97.60% |
110.0 |
278 |
17.38 |
March |
2005 |
12 |
$670,408 |
$648,842 |
96.78% |
120.0 |
285 |
23.75 |
April |
2005 |
10 |
$966,340 |
$904,190 |
93.57% |
81.0 |
306 |
30.60 |
May |
2005 |
15 |
$623,580 |
$611,845 |
98.12% |
117.0 |
325 |
21.67 |
June |
2005 |
16 |
$683,850 |
$644,200 |
94.20% |
72.0 |
363 |
22.69 |
July |
2005 |
13 |
$803,738 |
$730,831 |
90.93% |
159.0 |
394 |
30.31 |
August |
2005 |
29 |
$704,993 |
$705,133 |
100.02% |
109.0 |
446 |
15.38 |
September |
2005 |
22 |
$875,395 |
$835,870 |
95.48% |
106.0 |
467 |
21.23 |
October |
2005 |
15 |
$689,133 |
$679,500 |
98.60% |
126.0 |
507 |
33.80 |
November |
2005 |
23 |
$745,304 |
$724,377 |
97.19% |
85.0 |
523 |
22.74 |
December |
2005 |
18 |
$808,217 |
$797,094 |
98.62% |
108.0 |
511 |
28.39 |
|
Total |
|
215 |
$726,341 |
$700,869 |
96.49% |
102.3 |
390 |
23.21 |
|
January |
2006 |
21 |
$831,720 |
$831,029 |
99.92% |
80.0 |
507 |
24.14 |
February |
2006 |
20 |
$664,908 |
$623,357 |
93.75% |
133.0 |
556 |
27.80 |
March |
2006 |
16 |
$963,369 |
$919,046 |
95.40% |
121.0 |
583 |
36.44 |
April |
2006 |
16 |
$866,675 |
$817,306 |
94.30% |
112.0 |
602 |
37.63 |
May |
2006 |
13 |
$600,646 |
$569,043 |
94.74% |
111.0 |
636 |
48.92 |
June |
2006 |
21 |
$614,571 |
$593,699 |
96.60% |
158.0 |
649 |
30.90 |
July |
2006 |
5 |
$459,760 |
$443,000 |
96.35% |
128.0 |
665 |
133.00 |
August |
2006 |
20 |
$742,192 |
$751,725 |
101.28% |
135.0 |
661 |
33.05 |
September |
2006 |
10 |
$798,320 |
$785,400 |
98.38% |
141.0 |
661 |
66.10 |
October |
2006 |
6 |
$617,983 |
$533,733 |
86.37% |
198.0 |
628 |
104.67 |
November |
2006 |
6 |
$1,210,208 |
$1,096,667 |
90.62% |
157.0 |
547 |
91.17 |
December |
2006 |
7 |
$759,414 |
$699,571 |
92.12% |
95.0 |
534 |
76.29 |
|
Total |
|
161 |
$760,814 |
$721,965 |
94.89% |
130.8 |
602 |
59.18 |
|
January |
2007 |
5 |
$622,580 |
$625,980 |
100.55% |
127.0 |
508 |
101.60 |
February |
2007 |
6 |
$643,650 |
$579,250 |
89.99% |
191.0 |
520 |
86.67 |
March |
2007 |
7 |
$440,686 |
$429,357 |
97.43% |
248.0 |
495 |
70.71 |
April |
2007 |
6 |
$636,817 |
$572,306 |
89.87% |
167.0 |
514 |
85.67 |
May |
2007 |
6 |
$575,650 |
$554,833 |
96.38% |
237.0 |
519 |
86.50 |
June |
2007 |
16 |
$729,469 |
$653,744 |
89.62% |
167.0 |
532 |
33.25 |
July |
2007 |
10 |
$713,970 |
$625,290 |
87.58% |
311.0 |
529 |
52.90 |
August |
2007 |
10 |
$738,899 |
$678,399 |
91.81% |
263.0 |
527 |
52.70 |
September |
2007 |
9 |
$691,333 |
$635,444 |
91.92% |
299.0 |
530 |
58.89 |
October |
2007 |
9 |
$842,311 |
$767,111 |
91.07% |
281.0 |
508 |
56.44 |
November |
2007 |
8 |
$699,212 |
$613,000 |
87.67% |
386.0 |
480 |
60.00 |
December |
2007 |
4 |
$765,475 |
$684,500 |
89.42% |
264.0 |
461 |
115.25 |
|
Total |
|
96 |
$675,004 |
$618,268 |
91.59% |
245.1 |
510 |
71.72 |
|
January |
2008 |
3 |
$460,000 |
$412,100 |
89.59% |
359.0 |
416 |
138.67 |
February |
2008 |
6 |
$987,417 |
$969,167 |
98.15% |
453.0 |
422 |
70.33 |
March |
2008 |
9 |
$563,073 |
$519,222 |
92.21% |
318.0 |
444 |
49.33 |
April |
2008 |
6 |
$880,667 |
$780,500 |
88.63% |
321.0 |
456 |
76.00 |
|
Total |
|
24 |
$722,789 |
$670,247 |
92.73% |
362.8 |
435 |
83.58 |
|
Total |
2005-2008 |
496 |
$721,237 |
$677,837 |
93.98% |
210.3 |
484 |
59.50 |
|
