Image via Flickr courtesy of Martin Cathrae
November was an excellent month for single family home sales along the Emerald Coast and in Okaloosa County. Townhouse and condo sales in both areas floundered slightly, but Walton County townhouse and condo sales fared much better. A new report shows that winter may be the best time for real estate – the data from November may help make that case.
Single Family Home Sales
Emerald Coast
- Closed sales increased 10.1%
- Pending sales rose 32%
- Median prices decreased 2.1%
- Inventory increased 14.1%
- Months supply increased 2.9% to 7.7 months of inventory (down from the previous month)
Okaloosa County
- Closed sales increased 22%
- Pending sales increased 20.5%
- Median prices decreased 3.7%
- Inventory increased 14.5%
- Months supply increased 3.4% to 6.3 months of inventory (down from the previous month)
Walton County
- Closed sales
- Pending sales
- Median prices
- Inventory
- Months supply
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 17%
- Pending sales decreased 8.8%
- Median prices increased 20%
- Inventory dropped 14.6%
- Months supply increased 7.8% to 10 months of inventory (down from the previous month)
Okaloosa County
- Closed sales dropped 31.6%
- Pending sales decreased 9.9%
- Median prices rose 64% to $237,750
- Inventory decreased 19.7%
- Months supply increased 9.5% to 10.7 months of inventory (down from the previous month)
Walton County
- Closed sales increased 13.1%
- Pending sales increased 36.7%
- Median prices rose 4.6%
- Inventory decreased 4.6%
- Months supply decreased 0.5% to 9.6 months of inventory (down from the previous month)
A few things to remember..
The months’ supply of inventory looks like it’s increasing, when compared to the previous year, but over the last several months, the levels have remained steady. And, in this case, have decreased slightly from October. A healthy inventory level for any real estate market is around 6 months supply of inventory. Anything over 8 is considered a high level of inventory and could begin to bring down prices as buyers are given more options and competition increases among sellers.
Townhouse and condo sales often decline directly after the summer months as so many condos are purchased as vacation homes. Single family home sales remain strong. Median prices are strong in some areas and holding steady in others.
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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