May 2017: Housing Market Hot, Hot, Hot in May

Single family home sales, as well as condo and townhome sales, increased dramatically in May when compared to the same time last year. Record highs were reached for the total volume of single family home sales, as well as the dollar volume for sales across the Emerald Coast.

 

Prices continue to rise while inventory falls when compared to May of 2016. Homes that are priced right for the market and move-in ready are getting snapped up as people move in and around the area. This is only the beginning of summer. Is this a sign of what’s to come or will the wet weather we’ve experienced this month slow down the momentum? Only time will tell.

               Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 13.8%
    • 768 total units – highest since current reporting began
    • Total dollar volume: $328.1 million – highest since current reporting began
  • Pending sales increased 5%
  • Median prices increased 5.5%
  • Inventory decreased 14.8%
  • Months supply decreased 21% to 4.9 months of inventory

 

Okaloosa County

  • Closed sales increased 20.7%
    • 443 total units – highest since current reporting began
    • Total dollar volume: $128 million – highest since current reporting began
  • Pending sales increased 10.6%
  • Median prices increased 6.3%
  • Inventory decreased 20.6%
  • Months supply decreased 26.5% to 3.6 months of inventory

 

Walton County

  • Closed sales increased 12.6%
    • 268 total units – highest since current reporting began
  • Pending sales increased 4.3%
  • Median prices increased 9.9%
  • Inventory decreased 3.5%
  • Months supply decreased 10.1% to 7.1 months of inventory

 

               Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales increased 8.9%
    • Total dollar volume: $90 million – highest since current reporting began
  • Pending sales increased 18.3%
  • Median prices increased 19%
  • Months supply decreased 26.7% to 7.4 months of inventory

 

Okaloosa County

  • Closed sales increased 13.7%
    • Total dollar volume: $37.9 million – highest since current reporting began
  • Pending sales increased 30%
  • Median prices increased 15.5%
  • Inventory decreased 20%
  • Months supply decreased 30% to 7 months of inventory

 

Walton County

  • Closed sales decreased 2.2%
  • Pending sales increased 9.4%
  • Median prices increased 17.8%
  • Inventory decreased 5.7%
  • Months decreased 11.6% to 8.4 months of inventory

 

 

A few things to remember…

 

Inventory continues to decrease from the year before but is holding steady from month to month with little fluctuation. Other than single family homes in Okaloosa County, inventory levels are at or near healthy numbers. This doesn’t mean there aren’t inventory shortages. 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.

 

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. Pending sales for May are positive across the Emerald Coast. There’s no guarantee that last month’s pending sales will close in June, though or that it will be enough to guarantee an increase in sales or price.

 

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.

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