Real estate sales along the Emerald Coast continue to hold steady with increases over the year before. In July, sales were up for single family homes, town homes, and condos across the Emerald Coast. Nationally, HYPERLINK “http://realtormag.realtor.org/daily-news/2015/08/21/6-key-housing-stats-gauge-market”total existing home sales increased 10.3 percent over last year – similar to what we saw here in Northwest Florida. All sales data is a year-over-year comparison between July 2015 and July 2014.
Single Family Home Sales
Emerald Coast
Closed sales increased 12%
Pending sales rose 8.2%
Median prices increased 11.6%
Inventory decreased 3.5%
Months supply decreased 21.2% to 6.7 months of inventory
Okaloosa County
Closed sales increased 15.3%
Pending sales increased 15.2%
Median prices increased 11.4%
Inventory decreased 2.2%
Months supply decreased 20.6% to 5.6 months of inventory
Walton County
Closed sales increased 4.8%
Pending sales increased 3.1%
Median prices increased 31.5%
Inventory decreased 4.6%
Months supply decreased 23.4% to 7.9 months of inventory
Townhouse and Condo Sales
Emerald Coast
Closed sales increased 4.9%
Pending sales decreased 9.5%
Median prices increased 35.2%
Inventory increased 0.7%
Months supply increased 1.2% to 9.9 months of inventory
Okaloosa County
Closed sales decreased 11.3%
Pending sales decreased 2.9%
Median prices increased 8.4%
Inventory increased 2.9%
Months supply increased 9.7% to 11.6 months of inventory
Walton County
Closed sales increased 8.8%
Pending sales stayed flat with a 0.0% increase/decrease
Median prices increased 10.5%
Inventory decreased 10.3%
Months supply decreased 18.7% to 8.1 months of inventory
A few things to remember…
A healthy real estate market (meaning neither buyer nor sellers have an “advantage”) is a six to eight month inventory. Below six months, it’s thought to be a seller’s market and above eight months is considered a buyer’s market. Single family home inventory in Okaloosa County continues to border on a seller’s market – with buyers having fewer options. When inventory decreases, multiple bids are more common and the best homes at the best prices tend to sell quickly.
Inventory can decrease while the months’ supply can increase – as well as the reverse. As inventory falls, buyers have less options. If the available inventory shrinks too much, sales can slow down which will increase the months’ supply of homes for purchase. This also contributes to quicker offers for well-priced and positioned homes, as well as multiple offers.
Median prices increased in all categories for the month of July. The median price is determined, in part, by the price ranges buyers are selecting and the inventory available in those price ranges.
Pending sales are only an indication of the month ahead. In months with an increase in pending sales, you can expect sales to increase for the following month. A decline in pending sales may be an indication of lower sales the next month. It is not an automatic as sales often take more than 30 days to close.
All sales data is from the HYPERLINK “http://www.emeraldcoastrealtors.com/”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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