2024 Q3 REPORT
Performance Overview
Greetings Realtor Partner ,
As you all know , 2024 has shown an expected year-over-year decrease in demand for the Emerald Coast Market . Many top vacation rental booking sites , such as VRBO , are seeing similar declines in searches and bookings not only for our area but nationwide . Nevertheless , the 360 Blue team is utilizing all available resources to outperform our Market year over year — and we are succeeding .
Performance Metrics
We are consistently beating the Emerald Coast Market in all three Key Performance Indicators ( KPIs ): Paid Occupancy , Average Daily Rates ( ADR ), and RevPAR , which balances Occupancy and ADR . By tracking the Market and demand for shorter stays — and by reducing our rates and minimum length of stay requirements — we have been able to grow amid softening demand .
We are also seeing cause for optimism for the year ahead . Looking forward to 2025 bookings vs the same time last year , we are up 2.2 % in ADR , up 4 % in Occupancy , and up 6 % in RevPAR . You will see these stats , along with a few accompanying insights , highlighted in the following pages .
Also , as I mentioned in our last quarterly report , we continue to see evidence of a decrease in the supply of rental units in South Walton . According to the Walton County Tourism Board , the total number of vacation rental units decreased from 20,493 in August to 20,162 in October . This represents a 2 % decrease over two months . If the trend continues , we should begin to see a better balance between supply and demand , which will help with rates and occupancy .
Pricing Strategy
We are constantly reviewing pricing strategies to maximize our clients ’ return on their investments . The best way to achieve this ( according to our current assessment data ) is by remaining less aggressive in setting rates for the coming year . Why ? Market trends indicate that consumers are more price sensitive now than they have been in recent years . With this in mind , we would rather keep rates where they are instead of raising them — only to have to abruptly reduce them at the last minute as the arrival date approaches . Simply put , we are confident that less aggressive pricing today and more flexibility on minimum length of stay requirements will result in more bookings , thereby enhancing our homeowners ’ ROI .
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