Single family home sales increased across the Emerald Coast in December, while inventory levels shrank. Condo sales dipped on Okaloosa and Walton counties compared to last year. All sales statistics below compare December 2015 to December 2014.
Single Family Home Sales
Emerald Coast
- Closed sales increased 5.2%
- Pending sales decreased 1.0%
- Median prices increased 2.2%
- Inventory decreased 9.3%
- Months supply decreased 21.8% to 5.7 months of inventory, the lowest since current reporting began in 2011
Okaloosa County
- Closed sales increased 3.2%
- Pending sales increased 8%
- Median prices increased 7%
- Inventory decreased 11.7%
- Months supply decreased 24.7% to 4.6 months of inventory, the lowest since current reporting began in 2011
Walton County
- Closed sales increased 14.1%
- Pending sales decreased 12.4%
- Median prices decreased 2%
- Inventory decreased 6.6%
- Months supply decreased 18.6% to 6.9 months of inventory, the lowest since current reporting began in 2011
Townhouse and Condo Sales
Emerald Coast
- Closed sales increased 5.8%
- Pending sales decreased 2.4%
- Median prices decreased 5.3%
- Inventory increased 1.1%
- Months supply decreased 9.6% to 8.5 months of inventory, the lowest level all year
Okaloosa County
- Closed sales decreased 5.6%
- Pending sales increased 27.5%
- Median prices decreased 31.4% – the biggest drop of 2015, and the lowest dollar amount since April 2014
- Inventory decreased 6.5%
- Months supply decreased 9.6% to 9.5 months of inventory, the lowest level all year
Walton County
- Closed sales decreased 4.3%
- Pending sales decreased 21.3%, the lowest level all year
- Median prices increased 10.3%
- Inventory decreased 4.4%
- Months supply decreased 15.5% to 7.4 months of inventory, the lowest since current reporting began in 2011.
A few things to remember…
The inventory levels for single family homes in Okaloosa County are lower than what is considered healthy. In some price points and specific neighborhoods, this could lead to a seller’s market – requiring higher bids for buyers, as well as more competition for available houses.
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.
A decline in pending sales can be attributed to the time of year – winter months are not popular for many buyers. It could also be an indication of the lack of available inventory. 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.
It’s best to look at the data as part of an on-going trend. 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 and while conditions remain favorable – increasing home values, low interest rates, etc. – fluctuations can still be seen in price, sales, and new listings coming on the market.
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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