Single family home sales across the Emerald Coast were strong in August compared to August 2015. Walton County saw a double digit increase year over year, although pending sales dropped by double digits. Okaloosa County increases were more modest but with big gains in pending sales, it will be interesting to see what happens in September.
Condo and townhouse sales were mostly strong with nearly 30 percent increases over last year across the Emerald Coast as a whole and in Okaloosa County. Walton County sales dropped just under six percent in August, and pending sales fell more than 30 percent over last year. Across the board, median prices were up, and in most cases, inventory was down.
Single Family Home Sales
Emerald Coast
- Closed sales increased 11.1%
- Pending sales increased 11%
- Median prices increased 6.3%
- Inventory decreased 10.1%
- Months supply decreased 15.2% to 5.6 months of inventory
Okaloosa County
- Closed sales increased 5.4%
- Pending sales increased 27.6%
- Median prices increased 15.6%
- Inventory decreased 18.1%
- Months supply decreased 18.5% to 4.4 months of inventory
Walton County
- Closed sales increased 15.6%
- Pending sales decreased 10.4%
- Median prices increased 11%
- Inventory decreased 1%
- Months supply decreased 8.9% to 7.2 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales increased 26.8%
- Pending sales decreased 16.6%
- Median prices increased 11.1%
- Inventory decreased 5.7%
- Months supply decreased 4% to 9.5 months of inventory
Okaloosa County
- Closed sales increased 29.6%
- Pending sales decreased 25%
- Median prices increased 33.3%
- Inventory decreased 21.2%
- Months supply decreased 20.9% to 9.1 months of inventory
Walton County
- Closed sales decreased 5.8%
- Pending sales decreased 32.2%
- Median prices increased 17.3%
- Inventory increased 3.5%
- Months supply increased 18.5% to 9.6 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. Condos and townhomes on the Emerald Coast have a much higher inventory which gives buyers more options and can, if demand and inventory aren’t a match, slow down sales. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months.
Pending sales are an indication of the immediate future of the real estate market – typically the next month’s sales. These numbers are not a guarantee of future sales as not all pending sales make it to the closing table, and those that do may take more than 30 days to complete.
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 2012 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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