December 2016: Prices Up, Supply Down Along Emerald Coast

Sales were up in some places and down in others in December 2016 when compared to the year before. Median prices rose across the board while housing supplies fell. Pending sales were in up in December which may help January sales.

               Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 4.2%
  • Pending sales increased 2.3%
  • Median prices increased 9.3%
  • Inventory decreased 7.1%
  • Months supply decreased 14% to 4.9 months of inventory

 

Okaloosa County

  • Closed sales increased 4.6%
  • Pending sales decreased 3.8%
  • Median prices increased 2.3%
  • Inventory decreased 16.6%
  • Months supply decreased 21.7% to 3.6 months of inventory

 

Walton County

  • Closed sales decreased 3.3%
  • Pending sales increased 19.5%
  • Median prices increased 7.8%
  • Inventory increased 5.7%
  • Months supply saw no change with 6.9 months of inventory

 

 

               Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales decreased 1.2%
  • Pending sales increased 33.5.4%
  • Median prices increased 8.5%
  • Inventory decreased 10.4%
  • Months supply decreased 4.7% to 8.2 months of inventory

 

Okaloosa County

  • Closed sales increased 20.9%
  • Pending sales decreased 16.9%
  • Median prices increased 65.1%
  • Inventory decreased 26%
  • Months supply decreased 27.8% to 7.0 months of inventory

 

Walton County

  • Closed sales decreased 4.6%
  • Pending sales increased 6.5%
  • Median prices increased 1.1%
  • Inventory increased 2.1%
  • Months supply increased 16% to 8.7 months of inventory

 

 

A few things to remember…

 

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.

 

Single family homes along the Emerald Coast are firmly in a seller’s market right now – as long as a home is priced right and staged well. Okaloosa County is seeing especially low inventory levels currently. Buyers have very little to choose from, even as new listings come on the market. A seller who prices competitively and stands out from listings that have been on the market for months should do well. Townhouses and condos have a higher inventory but it continues to shrink to healthier levels.

 

Pending sales are an indication of the immediate future of the real estate market – typically the next month’s sales. These numbers are not a guarantee of future sales as not all pending sales make it to the closing table, and those that do may take more than 30 days to complete. Pending sales in December varied but the ones to watch are townhouse and condo sales across the Emerald Coast as well as single family home in Walton County.

 

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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