Watercolor, Florida, Real Estate Market Prices, Trends, and Forecast 2023 on 30A

Watercolor is a luxury master-planned community in Seaside, Florida. The community is set against the renowned coastal dune lake, Western Lake. The large lake provides recreation for locals, including kayaking, boating, and paddleboarding. While many reside in the community for its exclusive amenities and homes, the area is also excellent for vacationers with the Watercolor Inn & Resort and award-winning seafood restaurants. The community also hosts fun annual events like the Mountainfilm on Tour Festival and the Harvest Wine & Food Festival.

Watercolor is an idyllic community for individuals who want to enjoy luxurious living in Seaside. The community features various home designs, including luxurious vacation homes, single-family homes, multi-family properties, and high-rise condos. Local homes are outfitted with modern amenities, and many are designed to provide panoramic views of the Western Lake and the Gulf of Mexico. Owners can also access community amenities that enhance the living experience, such as private clubs, numerous parks and gardens, walking trails, and recreation.

Real estate market statistics can provide an accurate look into the state of the housing market. Whether you are a homebuyer, seller, or real estate agent, local statistics can help you make decisions about your goals and what to expect. When analyzing Watercolor market statistics, it is essential to look at trends over time. While monthly data can provide a snapshot of the current state, examining data over several months or even years can offer insights into future conditions. By looking at longer-term trends, you can identify patterns and make more informed decisions about buying or selling a property.

 

Home value is an important factor to consider when analyzing real estate market statistics. Understanding how it is determined and what factors contribute to fluctuations can help buyers and sellers make wise decisions. A property’s value is influenced by various factors, such as location, size, condition, and amenities but can change as the market changes. The home value fluctuates from month to month and year to year with the supply and demand of homes for sale in Watercolor. While home prices in the area are decreasing from 2022, the average sale prices in 2023 are rising. Properties in Walton County are slowly increasing from $1,119,000 in March 2023 to nearly $1.2 million in April 2023.

 

When buying real estate, statistics can provide valuable information for landlords and other investors. Rental vacancy rates and the average rent price per square foot are key indicators to consider when analyzing the market. The number of renters versus homeowners in a specific area can impact the demand for rental properties. 30A is a popular tourist and vacation destination due to its incredible resorts, beachfront location, and fun recreation and attractions. As a trendy spot on 30A, Watercolor has a high demand for rental properties, which benefits local investors. As supply decreases in Watercolor, there may not be enough properties to meet demand, which increases home and rent prices. For investors, this is ideal because they can attract renters with competitive prices or sell the property for a profit.

 

Beachfront locations are among the most desirable properties in the real estate market. Owning a home in Watercolor provides access to the ocean and a coastal dune lake with various outdoor activities such as swimming, boating, paddle boarding, and more. These activities make it an especially appealing place for individuals and are a significant population growth factor. Walton County is a desirable location and has seen a steady growth rate for the past several years. In 2022, the region had one of the greatest population spikes, with an annual growth rate of more than 5%, and in 2023, the growth continued at a rate of 2.55%. Population growth impacts supply and demand, and as more people move to the area, inventory cannot keep up, contributing to price increases.

In May 2023, Walton County had 299 closed sales for single-family homes and 62 closed sales for townhouses and condos. Active inventory in the area in May 2023 was nearly 1,300 homes, up by 77% from May 2022 but decreasing from 1,500 homes in April 2023. With active inventory decreasing, it can mean more competition for buyers. In this case, as supply and demand fluctuate, home prices can increase, leading to challenging situations like bidding wars, all-cash offers, and homes selling in less time. Tracking real estate data over time is important because spring and summer are typically more active for buyers and sellers and may only show seasonal trends.

 

The Watercolor real estate market is gradually recovering from the pandemic. Though there was a period of uncertainty, the market in Watercolor shows stability, with more inventory than in 2022. Buyers and sellers are now approaching the market with more confidence, and buyers priced out of the market can begin to search for homes. During the pandemic, the massive supply and demand imbalance drove prices up, contributing to bidding wars and homes selling in days. In a more stable market, supply and demand are more balanced, and homes stay on the market longer than during the pandemic. While prices are still high, maintaining supply is key to market stability.

Single-family homes in Walton County had a median sale price of around $740,000 in May 2023. Townhomes and condos in the county had a median sale price of $552,500 in May. The location in the county plays a role, and luxury homes can reach millions in Watercolor. However, home prices in the county remain elevated compared to neighboring counties. For instance, the median sale price for single-family homes in Okaloosa was only $350,000 in May 2023.

Garett Huber is a Watercolor real estate agent specializing in luxury homes in 30A. Garett is experienced in working with buyers, sellers, and investors looking to meet unique real estate goals. Learn more about living in Watercolor and when to enter the market.