March 2015: Home Sales Strong Along Emerald Coast

Continuing along the lines of February sales, single family homes, townhouses, and condos saw strong increases in March when compared to last year. Median prices rose in most cases and inventory fell slightly. If sales are this strong in spring, the summer season should be interesting to watch.

Single Family Home Sales

Emerald Coast

  • Closed sales increased 26.6%
  • Pending sales rose 22%
  • Median prices increased 13.8%
  • Inventory decreased 3%
  • Months supply decreased 17.4% to 6.9 months of inventory

Okaloosa County

  • Closed sales increased 34.3%
  • Pending sales increased 30.1%
  • Median prices increased 19.6%
  • Inventory decreased 3.7%
  • Months supply decreased 18% to 5.8 months of inventory

Walton County

  • Closed sales increased 21.3%
  • Pending sales increased 9.6%
  • Median prices increased 3.3%
  • Inventory increased 0.2%
  • Months supply decreased 18% to 8.4 months of inventory

Townhouse and Condo Sales

Emerald Coast

  • Closed sales increased 44%
  • Pending sales increased 19.6%
  • Median prices increased 4.2%
  • Inventory dropped 5.2%
  • Months supply increased 12.7% to 9.9 months of inventory

Okaloosa County

  • Closed sales increased 31.4%
  • Pending sales increased 4.2%
  • Median prices rose 13.7%
  • Inventory decreased 5.3%
  • Months supply increased 16.2% to 10.7 months of inventory

Walton County

  • Closed sales increased 42.4%
  • Pending sales increased 32.5%
  • Median prices decreased 11.6%
  • Inventory decreased 7%
  • Months supply decreased 3.8% to 9.0 months of inventory

A few things to remember…

A healthy real estate market (meaning neither buyer nor sellers have an “advantage”) is a six to eight month inventory. Below six months, it’s thought to be a seller’s market and above eight months is considered a buyer’s market.

Prices continue to fluctuate for single family homes and townhomes/condos but across the board, median prices increased in the month of March. The median price is determined, in part, by the price ranges buyers are selecting and the inventory available in those price ranges.

Pending sales are only an indication of the month ahead. In months with an increase in pending sales, you can expect sales to increase for the following month. A decline in pending sales may be an indication of lower sales the next month. It is not an automatic as sales often take more than 30 days to close.

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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