Image via Flickr from David Reber
As promised, this week it’s time to discuss townhouse and condo sales along the Emerald Coast for July. This market is very different from the single family home market as the numbers for July indicate when compared to last year.
Emerald Coast
- Closed sales decreased 23.6%
- Pending sales dropped 29%
- New listings were down 34.9%
- Median prices fell 9.4%
- Inventory decreased 3.3%
Okaloosa County
- Closed sales decreased 24.5%
- Pending sales dropped 40%
- New listings were down 33.3%
- Median prices increased 9.2%
- Inventory fell 3.5%
Walton County
- Closed sales decreased 21.8%
- Pending sales dropped 23.2%
- New listings increased 2.1%
- Median prices were nearly flat with a 0.1% increase
- Inventory rose 7.9%
A few things to remember…
Many factors contribute to the sale (or lack) of townhouses and condos. Financing for condos isn’t as easy to come by as it is for single family homes. Condo sales also tend to be seasonal. Before the summer begins and after the summer ends, sales often increase. Buyers want to buy prior to summer break, and tourists fall in love with the area, and may buy after they’ve spent time on the beach.
The overall decreasing inventory is not necessarily a bad thing as we have consistently had a high inventory in the townhouse and condo market. A healthy real estate market is five to six months of inventory. Townhouse and condo inventory levels have hovered near 10 months for a while, although that is an overall decrease when compared to 2010 and 2011 levels.
All sales data is from the Emerald Coast Association of Realtors® (ECAR) Multiple Listing Service (MLS) and is compiled by Florida Realtors®, the state association for Florida. The Emerald Coast statistics cover both Okaloosa and Walton counties as well as surrounding areas based on the listings entered into the MLS by ECAR MLS participants.
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