February 2017: Sales Up Ahead of Spring Selling Season

If you’ve heard that now is a good time to sell your home, you’ve heard correctly as we head into the spring selling season here along the Emerald Coast. Single family, townhouse, and condos sales were positive across the board in February when compared to the year before. Prices are increasing while inventory continues to drop. Buyers are scooping up the best properties as fast as they can.

               Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 4.4%
  • Pending sales increased 11.4%
  • Median prices increased 7.7%
  • Inventory decreased 7.4%
  • Months supply decreased 15.5% to 4.9 months of inventory

 

Okaloosa County

  • Closed sales increased 3.2%
  • Pending sales increased 5.5%
  • Median prices increased 6.2%
  • Inventory decreased 16.4%
  • Months supply decreased 21.7% to 3.6 months of inventory

 

Walton County

  • Closed sales increased 9.9%
  • Pending sales increased 10.1%
  • Median prices increased 2.4%
  • Inventory increased 2.4%
  • Months supply decreased 5.5% to 6.9 months of inventory

 

 

               Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales increased 42.9%
  • Pending sales increased 32.8%
  • Median prices increased 2.5%
  • Inventory decreased 14.6%
  • Months supply decreased 14.3% to 7.8 months of inventory

 

Okaloosa County

  • Closed sales increased 38.5%
  • Pending sales increased 6.1%
  • Median prices increased 13.6%
  • Inventory decreased 21.4%
  • Months supply decreased 26.3% to 7.3 months of inventory

 

Walton County

  • Closed sales increased 38.9%
  • Pending sales increased 10.8%
  • Median prices increased 8.5%
  • Inventory decreased 8.5%
  • Months decreased 3.5% to 8.2 months of inventory

 

 

A few things to remember…

 

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 which will continue to help sales improve.

 

Pending sales were the first signs of positive movement in the current market in January as an indication of February sales. They remained higher than previous years in February. This doesn’t automatically mean that March sales will increase over last year, but it is a metric to watch.

 

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.

Speak Your Mind

*