Cash buyers were prevalent once again with over half of the sales reported on MLS as being cash purchases. The high percentage of cash buyers traditionally translates to a market being less impacted by interest rate increases. The averages days on market in 2021 was 77 with many sales happening in a day or two. Most sellers didn't need to negotiate much with sales prices averaging 97% of their asking prices.
Vacation rentals remain strong with many owners continuing to increase and achieve bookings at higher weekly rates. I don’t have a way to track how many buyers will rent their homes out, but it’s a large percentage and rental rates are a huge driver in these price increases. I don’t see why rental rates would go down and they've gone up each year for at least the last 15 years, but the one thing that makes me a little nervous with this market is the number of buyers that are counting on high rental income for their purchases to make financial sense. We’ve seen values in neighborhoods that don’t allow vacation rentals increase less than those that do. The amount of people that want to buy and that want to vacation here continues to steadily increase with more homes selling in 2021 than ever before.
98 Real Estate Group had a record year closing over $93 Million in sales and finished as the 1st place brokerage for the Mexico Beach to WindMark Beach market for the 9th year in a row. Mexico Beach is still very much in the rebuilding phase from Hurricane Michael. It was big news that Subway opened in a gas station last week. Buyers haven't minded what’s not here right now and are buying now with a vision of what Mexico Beach will be in the future.
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