The slow start to 2016 continues with fewer real estate sales along most of the Emerald Coast in March. It’s not all bad news, though. Pending sales were up which is a good sign for the months ahead and prices remain steady in many areas. Inventory continues to be an issue, but with record-high new listings for single family homes, buyers may soon have more options. All data is a comparison of March 2016 to March 2015.
Single Family Home Sales
Emerald Coast
- Closed sales increased 1.3%
- Pending sales increased 4.7%
- Median prices increased 4.6%
- Inventory decreased 8.4%
- Months supply decreased 15.9% to 5.8 months of inventory
Okaloosa County
- Closed sales decreased 1.3%
- Pending sales increased 5.3%
- Median prices increased 2.6%
- Inventory decreased 9.3%
- Months supply decreased 17.5% to 4.7 months of inventory
Walton County
- Closed sales increased 8.9%
- Pending sales increased 10.7%
- Median prices increased 6.1%
- Inventory decreased 3.2%
- Months supply decreased 11.8% to 7.5 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 14.3%
- Pending sales increased 1.5%
- Median prices decreased 11.7%
- Inventory decreased 0.2%
- Months supply decreased 5.1% to 9.4 months of inventory
Okaloosa County
- Closed sales decreased 4.5%
- Pending sales increased 25.4%
- Median prices decreased 18.8%
- Inventory decreased 10.2%
- Months supply decreased 8.4% to 9.8 months of inventory
Walton County
- Closed sales decreased 26.9%
- Pending sales decreased 11.5%
- Median prices increased 11%
- Inventory increased 0.5%
- Months supply decreased 2.2% to 8.9 months of inventory
A few things to remember…
New inventory for single family homes appears to be on the rise with March numbers being the highest on record for the Emerald Coast (909 total), Okaloosa County (417 total) and Walton County (330 total). While this may increase the inventory numbers temporarily, it also gives buyers more options and may spur real estate sales with the start of the new selling season.
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. Townhouses and condos are in the upper levels with Okaloosa close to 10 months of inventory. 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.
Leave a Reply