Real Estate Market Trends in Elliot Point, Fort Walton Beach, FL
Real Estate Market Trends in Elliot Point, Fort Walton Beach, FL (October 30, 2024)
This briefing document summarizes key insights derived from a residential real estate market analysis of the Elliot Point area in Fort Walton Beach, Florida. The data, pulled on October 30, 2024, covers detached single-family homes over the past year.
Key Highlights:
Active Market: The Elliot Point area exhibits an active real estate market with 87 listings, including 27 active, 5 pending, and 55 sold properties.
Price Trends: The average sold price for a home is $478,593, slightly lower than the average list price of $551,429. This translates to a sold/list ratio of 96.15%.
Median Values: The median sold price is $375,000, suggesting a more balanced market with less influence from high-priced outliers.
Market Time: Properties are generally selling quickly, with an average of 58 days on the market (DOM). Over half the properties sold within 0-30 days.
Price Reductions: Sellers are adjusting their expectations, with an average price reduction of $62,572 (-7.51%) from the original list price.
Quick Sales Dominate: Homes selling within 0-30 days achieved a higher sold/list ratio (97.38%) compared to properties lingering on the market for longer durations.
Important Observations:
Buyer's Market Advantage: The data indicates a slight advantage for buyers, evidenced by the lower sold prices compared to list prices and the prevalent price reductions.
Fast-Paced Transactions: The short average DOM suggests high demand and a competitive market where properties move quickly.
Pricing Strategy Impact: Properties priced strategically are selling faster and closer to the asking price, emphasizing the importance of accurate market valuations.
Quotes from Source:
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Further Analysis:
This preliminary analysis provides a snapshot of the current market trends. A more in-depth study considering factors like property size, location within Elliot Point, and specific features could provide further valuable insights for both buyers and sellers.
