2016: The Year in Real Estate Along the Emerald Coast

Looking at the whole year of 2016 (as compared to 2015) in terms of real estate across the Emerald Coast shows a clear picture of success in some areas and where the problems lie in others. Single family homes, as they did for most of 2016, outperformed previous years in terms of sales and prices. Condos and townhomes struggled through the year, for multiple reasons.

 

Note: To get a better picture of the real estate market in 2016, additional statistics have been included from the available reports.

               Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 6.8%
    • Total: 6738, highest in current reporting history
  • Pending sales increased 1.4%
  • Median prices increased 6.9%
    • Total: $245,900, highest in current reporting history
  • New listings increased 2.4%
    • Total: 9039, highest in current reporting history
  • Median days on market decreased 15.1%
    • Total: 62 days, lowest in current reporting history
  • Inventory decreased 7.1%
  • Months supply decreased 13%
    • Total: 4.9 months of inventory, lowest in current reporting history

 

Okaloosa County

  • Closed sales increased 5.9%
    • Total: 3817, highest in current reporting history
  • Pending sales increased 1.4%
  • Median prices increased 8%
    • Total: $205,000, highest in current reporting history
  • New listings increased 1%
    • Total: 4,482, highest in current reporting history
  • Median time to contract decreased 11.9%
    • Total: 52 days, lowest in current reporting history
  • Inventory decreased 16.6%
  • Months supply decreased 21.7%
    • Total: 3.6 months of inventory, lowest in current reporting history

 

Walton County

  • Closed sales increased 5.6%
    • Total: 2,385, highest in current reporting history
  • Pending sales decreased 1%
  • Median prices increased 4.6%
    • Total: $368,759, highest in current reporting history
  • New listings increased 6.3%
    • Total: 3,140, highest in current reporting history
  • Median time to contract decreased 11.8%
    • Total: 82 days, lowest in current reporting history
  • Inventory increased 6.3%
  • Months supply saw no change with 6.9 months of inventory

 

 

               Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales decreased 6.1%
  • Pending sales decreased 3.1%
  • Median prices increased 0.9%
    • Total: $290,000, highest in current reporting history
  • New listings decreased 3.5%
  • Median days on market decreased 7.3%
  • Inventory decreased 10.4%
    • Total: 1,303, lowest in current reporting history
  • Months supply decreased 4.7%
    • Total: 8.2 months of inventory, lowest in current reporting history

 

Okaloosa County

  • Closed sales increased 2.9%
  • Pending sales increased 1%
  • Median prices increased 12.8%
    • Total: $265,050, highest in current reporting history
  • New listings decreased 6.7%
    • Total: 1051, lowest in current reporting history
  • Median time to contract decreased 14.7%
  • Inventory decreased 27.8%
    • Total: 496, lowest in current reporting history
  • Months supply decreased 27.8%
    • Total: 7.0 months of inventory, lowest in current reporting history

 

Walton County

  • Closed sales decreased 12.2%
  • Pending sales decreased 8.6%
  • Median prices increased 2.2%
    • Total: $330,000, highest in current reporting history
  • New listings increased 0.5%
  • Median time to contract decreased 9.1%
  • Inventory increased 2.1%
  • Months supply increased 16% to 8.7 months of inventory

 

 

A few things to remember…

 

The current reports date back to 2011, a few years after the start of the Great Recession and the catastrophic drop in the housing market. Since then, in many ways, numbers have continued to improve year after year.

 

Even in areas that didn’t see an increase in closed sales, median prices are up to record highs. Some increases were modest while others were more dramatic, but it all points to what we’ve talked about all year long – values and prices improved in 2016.

 

If inventory doesn’t improve in the single family market, especially in Okaloosa County, sales will suffer in 2017, although prices may continue to increase as competition increases. Townhouse and condo inventories are still on the high side but a lack of new listings coming on the market has contributed to a lack of growth in sales. It’s not the only reason but it’s a contributing factor.

 

The boom year for condos, according to current reporting, was 2013. It was a year of record gains and sales. Numbers have dropped off since then.

 

The median days on market/median time to contract shows a great improvement in nearly all categories. Homes are selling quicker than in years past.

 

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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