Emerald Coast Townhouse and Condo Sales in June

Emerald Coast Townhouse and Condo Sales in June

Image via Flickr from Matthew Hurst

Last week, we looked at single family home sales along the Emerald Coast and in Okaloosa and Walton counties. This week, let’s take a look at townhouse and condo sales. These types of homes tell a very different story of the market. All of the following sales information is for June 2014 and is compared to the same time last year.

Emerald Coast

• Closed sales decreased 30.2%
• Pending sales decreased 23.7%
• New listings decreased 22.5%
• Inventory increased 0.9%
• Median prices increased 17.8%

Okaloosa County

• Closed sales decreased 31%
• Pending sales decreased 15.6%
• New listings decreased 11.6%
• Inventory decreased 2.1%
• Median prices increased 36%

Walton County

• Closed sales decreased 23.3%
• Pending sales decreased 28.7%
• New listings decreased 18.9%
• Inventory increased 7.7%
• Median prices increased 20.9%

A few things to keep in mind…

New listings decreased from last year which means inventory stayed about the same along the Emerald Coast and in Okaloosa County. This isn’t necessarily a bad thing as inventory levels have hovered at about an eight to 10 month supply which is considered high.

As I mentioned last week, pending sales aren’t an exact indicator of the amount of closed sales for the following month, in this case, July. The decrease in pending sales doesn’t automatically mean that next month’s sales will be lower, but it is possible.

Median price means that half of the homes sold for more and half sold for less. The decrease in overall sales and the increase in the median price for townhouses and condos is caused by buyer demand. If buyers are looking in specific price ranges or can’t find (or get financing for) what they want in other price ranges, this will affect what they buy or if they buy at all.

The numbers for the Emerald Coast include both Okaloosa and Walton counties, as well as sales from outside those areas as input by participants in the ECAR MLS.

Overall, while the numbers don’t look good for June townhouse and condo sales, inventory is available for those who can buy and for sellers, prices are going up.

Real estate sales statistics for the Emerald Coast and Okaloosa and Walton counties are available from the Emerald Coast Association of Realtors® (ECAR). All statistics are compiled from the ECAR Multiple Listing Service (MLS) by the Florida Realtors®.