Condo prices and house prices in the Crestview–Fort Walton Beach–Destin metro have been moving in opposite directions. Through the first nine months of 2026, the single-family median rose 7.1% year over year to $449,900. Over the same stretch, the condo and townhouse median slipped 2.0% to $510,000, even though condo sales rose 6.0%, according to Florida Realtors' September 2026 metro report. So buyers are showing up and closing, and still paying a little less each year for condos while house prices climb.
A condo's future repair bill is part of the picture. Reserve studies and milestone inspection summaries offer a look at a building's finances and condition.
What the packet contains
A resale packet can include an inspector-prepared summary of a milestone inspection report and the association's most recent structural integrity reserve study.
The inspection itself is a visual Phase 1, followed by a more detailed Phase 2 only when Phase 1 finds substantial structural deterioration.
The reserve study goes deeper into the budget. Under section 718.112, it covers the roof, structure, fire protection, plumbing, electrical systems, waterproofing and exterior painting, and windows and exterior doors. For each item it gives a remaining useful life and an estimated replacement cost, along with a recommended annual reserve amount. It also has to include a baseline funding plan that keeps the reserve balance above zero each budget year.
The study is a forecast of building costs. It may reflect regular assessments, a special assessment, a line of credit or a loan. When you read the packet, check whether the study reflects a funding decision the board has already made or one it still has to make.
Why the monthly median swings so hard
The year-to-date numbers above are steady. The single-month numbers are not. In September 2026 alone, the metro's condo and townhouse median was $500,000, down 17.4% year over year, on just 117 closed sales. The single-family median that month was $454,325, up 7.0%, on 550 sales. In August 2026 the condo median was $489,500, down 6.8%, while the single-family median rose 4.6% to $435,000.
| Crestview–Fort Walton Beach–Destin metro | Condo/townhouse median | Single-family median |
|---|---|---|
| August 2026 | $489,500, down 6.8% | $435,000, up 4.6% |
| September 2026 | $500,000, down 17.4% | $454,325, up 7.0% |
| January–September 2026 | $510,000, down 2.0% | $449,900, up 7.1% |
These figures cover all of Okaloosa and Walton counties, not Destin alone. With barely more than a hundred condo sales a month, the median moves with whichever buildings happened to close. One month's sales might lean toward Gulf-front towers and the next toward older inland complexes. So the 17.4% drop is mostly noise. The year-to-date gap with houses is the signal: buyers are taking something into account that a price-per-square-foot comparison misses.
That something varies from building to building. Two units with the same view and floor plan can carry very different obligations, depending on how far along each association is with its milestone repairs and how much it has set aside. A metro median blends all of those buildings into one number, while the resale packet provides information about the one building you are considering.
Reserve studies and inspections
Buyers touring Destin condos this winter may see brand-new studies the owners themselves received only recently.
Lawmakers haven't reopened these rules since they last changed. HB 913 took effect July 1, 2025, and adjusted the reserve study deadline and the funding options. The main 2026 community-association bill, SB 1498, died in committee on March 13, 2026.
What underfunded reserves have meant in Destin before
Destin has seen what happens when a building's repair bill outgrows its savings. Back in 2021 and 2022, before the reserve-study law existed, the Northwest Florida Daily News followed a large renovation at Shoreline Towers. The paper first reported a $10 million to $15 million estimate in July 2021. By February 2022 it reported a project of about $20 million and a special assessment approaching $100,000 per unit.
Those events predate today's rules. Repair costs remain a consideration for buyers.
Statewide reporting has drawn the same connection. In February 2025, The Destin Log linked Florida's 10.5% drop in condo and townhouse sales in 2024 to higher fees and special assessments that followed the safety legislation.
For sellers, preparing the packet
A seller can gather the milestone summary, reserve study, budget and governing documents for prospective buyers.
That matters for an out-of-state or military buyer reviewing a Destin unit from hundreds of miles away. Those buyers are often reading the reserve study for the first time. Sharing the packet gives buyers time to review it.
A practical order for the packet:
- Request the milestone inspection summary and the most recent reserve study from the association as soon as you decide to list.
- Check the budget against the study's baseline funding plan, and note any special assessment the board has already approved.
- Ask whether a Phase 2 inspection is underway or required.
- Share the full set with buyers.
This post is general information about Florida condo rules and isn't legal, tax or financial advice. Please confirm how these requirements apply to a specific contract or building with a Florida real estate attorney or another qualified professional.
If you're weighing a Destin condo or getting ready to sell one, Horizon Realty Group can help you gather the association packet and line up the reserve study against the budget. Service is available in English and Vietnamese through Hai Ho. Contact Us.
