2015: Residential Sales Strong Across the Emerald Coast

Single family homes, townhouses, and condos all saw increases in sales in 2015 when compared to the year before along the Emerald Coast and in Okaloosa and Walton counties. Some of the increases were record-breaking since the current reporting system began in 2011. All data is a comparison between 2015 and 2014.

 

               Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 15.9% – highest since reporting began in 2011
  • Pending sales increased 11.4% – highest since reporting began in 2011
  • Median prices increased 4.1% ($230,000) – highest since reporting began in 2011
  • Inventory decreased 9.3%
  • Months supply decreased 21.8% to 5.7 months of inventory – lowest since reporting began in 2011

 

Okaloosa County

  • Closed sales increased 17.2% – highest since reporting began in 2011
  • Pending sales increased 12.1% – highest since reporting began in 2011
  • Median prices increased 4.2% ($189,900)
  • Inventory decreased 11.7%
  • Months supply decreased 24.7% to 4.6 months of inventory – lowest since reporting began in 2011

 

Walton County

  • Closed sales increased 14.7% – highest since reporting began in 2011
  • Pending sales increased 10.9% – highest since reporting began in 2011
  • Median prices increased 5.4% ($353,250) – highest since reporting began in 2011
  • Inventory decreased 6.6%
  • Months supply decreased 18.6% to 6.9 months of inventory – lowest since reporting began in 2011

 

               Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales increased 11.9%
  • Pending sales increased 7%
  • Median prices increased 10.6% ($287,500) – highest since reporting began in 2011
  • Inventory increased 1.1%
  • Months supply decreased 9.6% to 8.5 months of inventory – lowest since reporting began in 2011

 

Okaloosa County

  • Closed sales increased 3.4%
  • Pending sales increased 5.6%
  • Median prices increased 3.3% ($236,500) – highest since reporting began in 2011
  • Inventory decreased 6.5% – lowest since reporting began in 2011
  • Months supply decreased 9.6% to 9.5 months of inventory – lowest since reporting began in 2011

 

Walton County

  • Closed sales increased 13.1% – highest since reporting began in 2011
  • Pending sales increased 2.9%
  • Median prices increased 9.3% ($322,500) – highest since reporting began in 2011
  • Inventory decreased 4.4% – lowest since reporting began in 2011
  • Months supply decreased 15.5% to 7.4 months of inventory – lowest since reporting began in 2011

 

A few things to remember…

 

Across the board, with the exception of Okaloosa County, all inventory levels are within what is considered a healthy range (approximately 6 to 8 months). In Okaloosa, single family homes ended the year at a 4.6 month supply of inventory and townhouses and condos with a 9.5 month supply. 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.

 

Median prices have increased at all levels, even in those areas where the increases were not record-breaking. While other parts of the country are just now starting to see increasing prices and values, the Emerald Coast has been in a recovery for the past couple of years.

 

It’s best to look at the data as part of an on-going trend. This year-end data gives a good idea of what happened throughout 2015, even when some individual months were less than stellar for sales. 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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