Across the Emerald Coast, single family home sales and townhome and condo sales were strong in May when compared to the year before. Okaloosa County was on fire while Walton County struggled a bit in the townhome and condo market.
Single Family Home Sales
Emerald Coast
- Closed sales increased 11.4%
- Pending sales decreased 3.9%
- Median prices increased 14.4%
- Inventory decreased 4.7%
- Months supply decreased 10.4% to 6 months of inventory
Okaloosa County
- Closed sales increased 5.2%
- Pending sales increased 9.2%
- Median prices increased 8.5%
- Inventory decreased 8.2%
- Months supply decreased 14.3% to 4.8 months of inventory
Walton County
- Closed sales increased 9.9%
- Pending sales decreased 5.6%
- Median prices decreased 6.2%
- Inventory increased 3.2%
- Months supply decreased 4.9% to 7.7 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales increased 3%
- Pending sales increased 17.5%
- Median prices decreased 0.9%
- Inventory decreased 3.4%
- Months supply decreased 3% to 9.8 months of inventory
Okaloosa County
- Closed sales increased 30.6%
- Pending sales increased 39.3%
- Median prices increased 16.2%
- Inventory decreased 12.7%
- Months supply decreased 12.4% to 9.9 months of inventory
Walton County
- Closed sales decreased 17.1%
- Pending sales increased 3.4%
- Median prices decreased 7.2%
- Inventory decreased 2.7%
- Months supply increased 4.5% to 9.3 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. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months. 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 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 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.
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