Across the Emerald Coast, single family home sales remained strong in July, when compared to the previous year. Sales of townhomes and condos did not fare as well, with Walton County being the exception. Median prices faltered in many categories but not be much except for single family homes in Walton County where the decrease was in the double digits.
Inventory continues to shrink along with the months’ supply of available units for sale. Townhomes and condos continue to stay at the high-end, even though the numbers have fallen from the year before, leaving buyers with too many options. For buyers in the single family home market, inventory is low, giving them fewer choices. This is good news for homeowners who are considering putting their home on the market. At the right price and in the right condition, a single family home can be under contract in a short amount of time.
Single Family Home Sales
Emerald Coast
- Closed sales increased 8.5%
- Pending sales increased 8.7%
- Median prices decreased 2.7%
- Inventory decreased 8.7%
- Months supply decreased 13.4% to 5.8 months of inventory
Okaloosa County
- Closed sales increased 4.1%
- Pending sales increased 0.5%
- Median prices decreased 2.3%
- Inventory decreased 12.7%
- Months supply decreased 14.5% to 4.7 months of inventory
Walton County
- Closed sales increased 14.4%
- Pending sales increased 15.8%
- Median prices decreased 16.1%
- Inventory decreased 1.7%
- Months supply decreased 8.8% to 7.3 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 2.9%
- Pending sales increased 7.8%
- Median prices decreased 1.3%
- Inventory decreased 4.3%
- Months supply – no change, remains at 9.9 months of inventory
Okaloosa County
- Closed sales decreased 11.4%
- Pending sales increased 17.9%
- Median prices increased 14.6%
- Inventory decreased 18.2%
- Months supply decreased 17.1% to 9.7 months of inventory
Walton County
- Closed sales increased 9.5%
- Pending sales decreased 1.4%
- Median prices increased 0.7%
- Inventory increased 0.5%
- Months supply increased 14.6% to 9.4 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 has a much higher inventory which gives buyers more options and can, if demand and inventory aren’t a match, sales slow down. 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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