Image via Kozzi
It’s not just the weather that’s heating up this summer. Looking at the June 2015 real estate sales data, real estate along the Emerald Coast is just as hot. Sales and prices were up for single family homes and townhouses/condos, and inventory dropped. Some data even broke records. The national real estate statistics followed a similar path. All sales data is a year-over-year comparison between June 2015 and June 2014.
Single Family Home Sales
Emerald Coast
- Closed sales increased 24.2%
- Pending sales rose 4.8%
- Median prices increased 7.7%
- Inventory decreased 5.1%
- Months supply decreased 22.6% to 6.6 months of inventory
Okaloosa County
- Closed sales increased 25.7%
- Pending sales increased 4.9%
- Median prices increased 7.7%
- Inventory decreased 4%
- Months supply decreased 21.5% to 5.6 months of inventory
Walton County
- Closed sales increased 28.3%
- Pending sales decreased 0.4%
- Median prices increased 3.7%
- Inventory decreased 7.9%
- Months supply decreased 27.5% to 7.7 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales increased 29.7%
- Pending sales increased 0.6%
- Median prices increased 17%
- Inventory dropped 3.6%
- Months supply decreased 0.2% to 9.8 months of inventory
Okaloosa County
- Closed sales increased 21.7%
- Pending sales decreased 22.8%
- Median prices increased 2.8%
- Inventory decreased 1.3%
- Months supply increased 7.2% to 11 months of inventory
Walton County
- Closed sales increased 48.5%
- Pending sales increased 22.2%
- Median prices increased 12.6%
- Inventory decreased 11.9%
- Months supply decreased 17.9% to 8.2 months of inventory
A few things to remember…
The current reporting system began in 2011 and the local market was hot enough to melt a few records:
Emerald Coast
- 661 – Highest number of total single family home closings since 2011
- $240,000 – Highest single family home median price since 2013
- 6 months – Lowest single family home inventory months’ since 2011
- $310,000 – Highest condo/townhouse median price since 2011
Okaloosa County
- 401 – Highest number of total single family home closings since 2011
Walton County
- 240 – Highest number of single family home closings since 2011
- 7 months – Lowest single family inventory months’ supply since 2011
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 borders on a seller’s market – with buyers having fewer options. This is great for sellers who price their home well and stage it properly.
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 June. 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 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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