With one exception, median prices rose across most of the Emerald Coast last month. Single family homes continue to sell well while townhomes and condos continue to struggle. All data is a comparison of April 2016 to April 2015.
Single Family Home Sales
Emerald Coast
- Closed sales increased 5.5%
- Pending sales decreased 0.4%
- Median prices increased 10.9%
- Inventory decreased 6.7%
- Months supply decreased 13.2% to 5.9 months of inventory
Okaloosa County
- Closed sales increased 3.9%
- Pending sales increased 1.5%
- Median prices increased 6.2%
- Inventory decreased 6.8%
- Months supply decreased 14.3% to 4.8 months of inventory
Walton County
- Closed sales increased 22.9%
- Pending sales decreased 4.2%
- Median prices increased 8,8%
- Inventory decreased 1.6%
- Months supply decreased 9.5% to 7.6 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 26.3%
- Pending sales decreased 4.3%
- Median prices increased 7.4%
- Inventory decreased 0.3%
- Months supply remained flat with 9.8 months of inventory
Okaloosa County
- Closed sales decreased 24.7%
- Pending sales decreased 3.6%
- Median prices increased 25%
- Inventory decreased 12%
- Months supply decreased 8.34% to 10 months of inventory
Walton County
- Closed sales decreased 27.6%
- Pending sales increased 8.1%
- Median prices decreased 5.2%
- Inventory increased 1.1%
- Months supply increased 5.7% to 9.2 months of inventory
A few things to remember…
Single family homes along the Emerald Coast are either in a seller’s market or close to it. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months. Below six months means that inventory is scarce and can drive up prices. Above 8 months means there is too much inventory which can drive prices down.
Pending sales continue to falter making an increase in sales for the following month more difficult. If enough new inventory can come onto the market, it’s possible, this trend may reverse itself over the next couple of months, especially as we get closer to our spring and summer selling season.
It’s best to look at the data as part of an on-going trend. One month does not dictate the entire market. If you view the data collected since 2011 for the Emerald Coast, Okaloosa County, and Walton County as a whole, you can get a good feel for what’s happening in the local housing market. Overall, the market has improved greatly.
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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