High Prices and Fast Sales Highlight Competition in Engel & Völkers Q3 Market Report

Luxury real estate company Engel & Völkers has released its Quarter 3 market report for 2021, highlighting market trends and the latest luxury listings around the world.

The State of the Market

The market report confirms the continuation of price rises in luxury homes, with the average price per square foot increasing by over $100 compared to Q3 2020. Much of this increase is due to the ongoing record low inventory levels, with buyers competing over fine homes in every market.

In fact, homes are selling for prices higher than list incredibly quickly, after just a minimal time on the market. Some of the most noticeable sales by Engel & Völkers for Q3 include:

  • 106 Camp Creek Point in Camp Creek Point for $7,195,000
  • 10 Sea Foam Alley in Alys Beach for $8,500,000
  • 94 Emerald Cove Lane in Inlet Beach for $4,000,000
  • 146 Silver Laurel Way in Watercolor for $3,800,000

With many other luxury properties selling across our communities.

Many Locations Show Marked Growth as Competition Drives Sales

Inlet Beach was among the most successful communities in terms of detached single-family homes. The gorgeous beaches make this among the most popular luxury home sites in Florida, and Q3 2021 sales figures correspond to that popularity.

The total number of sales is up 12% compared to Q3 2020. While the average price per square foot and average sales price are slightly down, the list price to sales price ratio has increased by 4%.

The most amazing revelation for Inlet Beach in Q3 2021 is the average days on market. It plummeted from 225 in Q3 2020 to just 31 days on market for Q3 2021. That’s a reduction of 86%.

Detached Single Family Home Sales Value Increases Across the Board

Q3 2021 has been fantastic for detached single-family homes in all communities. Overall, the average price per square foot is up 25% compared to the same time last year. There’s also been a 37% average sales price increase, which was $2,315,636 for Q3 2021.

The biggest market trend has been the reduction in average days on market. Overall, it’s down 73% from 130 to 36. That’s just the average, though, with many communities showing even greater improvements. Alys Beach is down 88% to just seven days on market. Watersound Beach is down a staggering 97% to just five days on market average.

Condominium Sale Prices Sky High Compared to Last Year

Condominiums have shown a drastic increase in value for Q3 2021. The average price per square foot is up 40% compared with Q3 2020, with average sales price going up 32%. While not as pronounced as in detached single family homes, the average days on market for condominiums is down 30%.

Panama City Beach played a considerable role in establishing these impressive numbers. In this area, prices per square foot were up 48%, with average sales price climbing 43%. Not only are prices that much higher, but the number of sales has increased 34%.

Luxury Listings Available Today in Fine Locations

The Q3 2021 market report also takes the time to highlight prime still-available luxury listings from Engel & Völkers. Among the most impressive are:

  • 131 Paradise by the Sea Blvd in Paradise by the Sea at $12,990,000
  • 35 Hinton Drive in Seagrove at $8,800,000
  • 288 Walton Rose Lane in Inlet Beach at $4,995,000
  • 429 S. Bridge Lane Unit 431A in Watersound Beach at $2,579,000

Engel & Völkers lists many luxury properties in the finest locations around the world, with their Q3 2021 market report showing a promising trend of continued growth.

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