April 2017: Prices on the Rise and Condo Sales Jump

Across the Emerald Coast, median prices increased in April when compared to the same time last year. In some cases, prices are the highest they’ve been in years. At the same time, condo and townhouse sales soared in Okaloosa County and across the Emerald Coast in general. It seems plenty of people want their own little corner of our beautiful beaches.

               Single Family Home Sales

 

Emerald Coast

  • Closed sales decreased 3.8%
  • Pending sales increased 11.4%
  • Median prices increased 10.6%
  • Inventory decreased 9.4%
  • Months supply decreased 16.9% to 4.9 months of inventory

 

Okaloosa County

  • Closed sales decreased 4.3%
  • Pending sales increased 23%
  • Median prices increased 14%
  • Inventory decreased 19.9%
  • Months supply decreased 25% to 3.6 months of inventory

 

Walton County

  • Closed sales decreased 5.3%
  • Pending sales increased 8.6%
  • Median prices increased 5.5%
  • Inventory increased 1.5%
  • Months supply decreased 6.6% to 7.1 months of inventory

 

 

               Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales increased 37.7%
  • Pending sales increased 15.1%
  • Median prices decreased 5.3%
  • Inventory decreased 17.8%
  • Months supply decreased 25.5% to 7.3 months of inventory

 

Okaloosa County

  • Closed sales increased 63.6%
  • Pending sales increased 35.8%
  • Median prices increased 5.5%
  • Inventory decreased 19.5%
  • Months supply decreased 31% to 6.9 months of inventory

 

Walton County

  • Closed sales increased 1.4%
  • Pending sales decreased 6.8%
  • Median prices decreased 3.8%
  • Inventory decreased 8%
  • Months decreased 10.9% to 8.2 months of inventory

 

 

A few things to remember…

 

Inventory, for the most part, continues to decrease as more homes are sold and few homes come on the market. Okaloosa County’s single family home inventory is at extremely low levels. Until new inventory is added, it’s likely that sales will continue to struggle, although prices may rise.

 

Pending sales are a good indicator of what sales may look like in the future, but they are no guarantee as not every sale closes in 30 days. Pending sales for April are mostly positive except for Walton County condos and townhouses. There’s no guarantee that last month’s pending sales will close in May, though or that it will be enough to guarantee an increase in sales or price.

 

An increase in median prices are tied to multiple issues: an improved economy, more lending, and the amount of inventory available. As inventory shrinks, competition for good homes increases among buyers. This can turn into multiple bids and more solid bids as buyers hope to have their offer accepted.

 

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 2012 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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