According to a recent article published in The Wall Street Journal the trend toward bigger and bigger homes seems to have leveled off, although home sizes are still near an all-time peak at 2,491 square feet. In 2003 the average size of a home built in the United States was a little over 2,000 square feet in size. The national trend is expected to decrease in size as a large amount of first time home buyers enter the market for the first time in years. Many factors have limited buyers of this type of real estate from the market but now that things are turning around and there is quite a bit of pent up demand. House size is expected to decrease in the amount of square footage offered since affordability is a concern and a reality for most first time home buyers. National builders are trying to keep the costs of these newly constructed homes below $200,000.
Of course all real estate markets are “local” since geographic location is always a major factor. Here along The Emerald Coast in Destin and South Walton this is certainly the case. First of all this is indeed Florida where tourism flourishes and many people come here to retire after selling their primary homes elsewhere. The beautiful white sand beaches and jewel toned waters of our special part of the world have placed the demand for a piece of paradise into high gear which far surpasses national averages especially in cost. Currently there are a total of 2,687 homes and condominiums for sale in Destin and South Walton with an average of 2,135 square feet with a median asking price at $499,000 or at $337.05 per square foot. This is significant because well sought after condominiums located on higher priced property on or near the beach are usually smaller in size than single family residences. Interestingly enough the size of new homes or condominiums constructed since September 2013 to the present day here has increased in average size not following the national trend and the asking prices are much higher. There are currently 329 new properties of this type on the market that were built within the past twelve months with an average size of 2,536 square feet with an average asking price of $784,108. It can safely be assumed that the buyers of these properties are not first time home buyers but are more likely retiring Baby Boomers who are now making The Emerald Coast their primary home or savvy investors capitalizing on the strong rental market in Destin & South Walton.
Ocean Reef Real Estate has been established in the Destin & South Walton Real Estate market for 33 years. Our teams is well versed in the local market and offers the expertise needed to successfully navigate any real estate transaction. If you are considering purchasing or selling a property in Northwest Florida give us a call now at 877.392.6085 or contact one of our experienced sales professionals.