Emerald Coast Market Update

The sun may be hot, but the market is hotter! Thinking about buying property at the beach? One area to consider is the Florida Panhandle, known for its pristine sugar-white sand beaches and crystal clear blue waters, along with vibrant living scenes to choose from. Known as the Emerald Coast, the stretch from Pensacola to Panama City Beach couldn’t be hotter right now! 

Despite humble beginnings, the Emerald Coast has become a highly affluent area. The market for luxury waterfront homes along the Emerald Coast has taken off in a big way. The number of single family homes sold on the Emerald Coast has increased almost 20% since 2019. The average sales price has increased 25% compared to 2019. Along the stretch known as 30A or the Beaches of South Walton, the average sale price for a gulf-front home is $1.62 Million. But in more exclusive communities, such as the gated WaterSound Beach community, the sales price is much higher. Recent sales in that area include a 3-bedroom 2,161 square foot condominium unit at $2.55 Million, 98% of the list price in less than a day. A 6-bedroom 4,800 square foot WaterSound Beach home with stunning views recently sold for $6.6 Million, 99% of the list price.

WaterSound Camp Creek, a new planned community focused on family and wellness, and incidentally not located right on the beach, is just getting underway and announced that phase 2 lots would be available in April 2021 for new construction. By April 15th, all lots released had pending offers. Even the cost to build a new home has increased to an eye-popping $490 per square foot, an increase of almost 25%.

Another interesting trend is that as more people are able to live and work remotely, the buyer of beach homes has changed. Where a buyer of a rental property or vacation home may cut corners on costs, now buyers are shifting to making their beach property their primary home, and spending accordingly. The current real estate market surely reflects that trend.

Fueled by the Pandemic, Southerners within an 8-hour drive, such as from Atlanta, GA, Nashville, TN, and Birmingham, AL, have flocked to the Emerald Coast to escape harsher lockdowns and ride out the Pandemic at the beach. Access to the area by air has improved since the opening of the Panama City Beach airport, allowing people from the North to discover the natural beauty of the Emerald Coast as well. The prevalence of virtual working and learning has allowed people to live anywhere, and many have chosen the beach.

There doesn’t appear to be an end in sight to this hot real estate market. If you haven’t experienced the Emerald Coast and are looking for a great getaway option, a new home, or an investment property, now may be the time to explore this area, before it gets even hotter!