August 2017: Ending Summer on a High Note

Labor Day might mark the unofficial end of the summer season on the Emerald Coast but August always has a feeling of finality to it. This is when summer fun comes to an end for many families. Buyers along the Emerald Coast ended their summer with new homes – both single family properties as well as condos and townhomes. As a result, when compared to August 2016, sales are up, inventory is down, median prices are mostly up (with a few exceptions), and the local real estate market continues to move in a positive direction.

               Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 8.6%
  • Pending sales increased 6.8%
  • Median prices increased 5.8%
  • Inventory decreased 11.7%
  • Months supply decreased 19.6% to 4.5 months of inventory

 

Okaloosa County

  • Closed sales increased 9.1%
  • Pending sales increased 4.7%
  • Median prices increased 2.3%
  • Inventory decreased 13.9%
  • Months supply decreased 22.7% to 3.4 months of inventory

 

Walton County

  • Closed sales increased 8.7%
  • Pending sales increased 9.2%
  • Median prices increased 4.5%
  • Inventory decreased 4.4%
  • Months supply decreased 11.1% to 6.4 months of inventory

 

               Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales increased 7.0%
  • Pending sales increased 5.6%
  • Median prices saw no change
  • Inventory decreased 19.7%
    • Record low since current reporting began in 2011
  • Months supply decreased 29.5% to 6.7 months of inventory
    • Record low since current reporting began in 2011

 

Okaloosa County

  • Closed sales increased 15.2%
  • Pending sales saw no change%
  • Median prices decreased 24.6%
    • Median prices in August were $226,250, the lowest since December 2015
  • Inventory decreased 22.3%
  • Months supply decreased 34.1% to 6.0 months of inventory

 

Walton County

  • Closed sales increased 9.2%
  • Pending sales increased 42.6%
  • Median prices decreased 7.7%
  • Inventory decreased 11.4%
  • Months decreased 18.9% to 7.7 months of inventory

 

 

A few things to remember…

 

Inventory continues to decrease from the year before. Other than single family homes in Okaloosa County, inventory levels are at or near healthy numbers. Inventory shortages are occurring across the Emerald Coast. Some price points and some areas may not have enough inventory to keep up with demand which can result in new listings in desirable areas being sold quicker. This will also lead to a slow-down in sales as well as median price increases until new listings hit the market in greater numbers.

 

Pending sales were mostly positive in August when compared to last year. While it’s easy to imagine pending sales are an indication of the next month’s success, this isn’t always the case. The biggest jump occurred in Walton County for condos and townhomes. It will be interesting to see how this pans out for September sales.

 

Single family median home prices continue to increase. In August, condo and townhome prices took a hit. Because sales were positive, this may mean that buyers were looking at more lower priced units in August than in the past. While investors continue to be interested in the Emerald Coast, August is a time for vacationers to realize they’d like to own a little piece of our area. This may have contributed to the increase in sales and the decrease in median prices.

 

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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