March 2017: Sales Soar Across Emerald Coast

Double digit increases in closed sales compared to last year, pending sales up in almost all categories, and new listings coming on the market made for an excellent March on the local market. Condos and townhomes fared best last month but single family homes weren’t left behind either. Sellers are listing their homes and buyers are snapping up the best ones right now.

  1. Single Family Home Sales

Emerald Coast

  • Closed sales increased 18.1% 
  • Pending sales increased 4.9% 
  • Median prices increased 7% 
  • Inventory decreased 5.3%
  • Months supply decreased 13.8% to 5 months of inventory

Okaloosa County

  • Closed sales increased 13.5%
  • Pending sales decreased 4.6%
  • Median prices decreased 0.1%
  • Inventory decreased 11.8%
  • Months supply decreased 19.1% to 3.8 months of inventory

Walton County

  • Closed sales increased 24.6% 
  • Pending sales increased 14.5%
  • Median prices increased 27.4% 
  • Inventory increased 1.6%
  • Months supply decreased 6.7% to 7 months of inventory
  1. Townhouse and Condo Sales

Emerald Coast

  • Closed sales increased 33.3%
  • Pending sales increased 31.4%
  • Median prices increased 7.5%
  • Inventory decreased 15.4%
  • Months supply decreased 19.1% to 7.6 months of inventory 

Okaloosa County

  • Closed sales increased 18.8%
  • Pending sales increased 42.7%
  • Median prices increased 24.5% 
  • Inventory decreased 19.7% 
  • Months supply decreased 26.5% to 7.2 months of inventory 

Walton County

  • Closed sales increased 36.8% 
  • Pending sales increased 16.3% 
  • Median prices decreased 12% 
  • Inventory decreased 7.1% 
  • Months decreased 7.9% to 8.2 months of inventory 

A few things to remember…

Inventory is currently in flux. A record number of new listings was added in both single family home and condo/townhouse categories during March. This gives buyers more choices. It also brought more of the market up to healthy inventory levels. The only exception is single family homes in Okaloosa County which still sits at 3.8 months of inventory outside the six to eight month supply necessary for it to be neither a sellers market nor buyers market. This is good news for sellers adding move-in ready homes to the market but less so for buyers who may be looking.

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. The March pending sales are extremely positive and hit double digit increases over last year. This is a good indication that the sales boost we see now will continue at least through April.

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.

Comments

  1. Very nice blog very good analysis.

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