November 2016: Home Sales Soar Across Emerald Coast

Home sales increased double digits across the Emerald Coast in November when compared to the same time last year. Median prices were up across the board, as well, last month. The entire area, Okaloosa County, and Walton County all saw positive gains as well as a shrinking inventory.

Single Family Home Sales

Emerald Coast

  • Closed sales increased 21.9% 
  • Pending sales increased 2.5% 
  • Median prices increased 7.9% 
  • Inventory decreased 15.5%
  • Months supply decreased 20.3% to 4.7 months of inventory
    • Lowest total volume in recent recorded history, dating back to 2011

Okaloosa County

  • Closed sales increased 22.1%
  • Pending sales decreased 0.8%
  • Median prices increased 9.8%
  • Inventory decreased 24.6%
    • Lowest total volume (1078 properties) in recent recording history, dating back to 2011
  • Months supply decreased 24.6% to 3.4 months of inventory
    • Lowest total volume in recent recorded history, dating back to 2011

Walton County

  • Closed sales increased 15.7% 
  • Pending sales decreased 11.4%
  • Median prices increased 3.3% 
  • Inventory decreased 3.7%
  • Months supply decreased 9.7% to 6.5 months of inventory
    • Lowest total volume in recent recorded history, dating back to 2011

Townhouse and Condo Sales

Emerald Coast

  • Closed sales increased 10.3%
  • Pending sales increased 1.4%
  • Median prices increased 10.1%
    • Highest total dollar amount ($316, 499) in recent recorded history, , dating back to 2011 
  • Inventory decreased 17.1%
    • Lowest total volume (1255 units) in recent recorded history, dating back to 2011
  • Months supply decreased 11.2% to 7.9 months of inventory 
    • Lowest total volume in recent recorded history, dating back to 2011

Okaloosa County

  • Closed sales increased 30.2%
  • Pending sales increased 16.9%
  • Median prices increased 7.6% 
  • Inventory decreased 33.3% 
    • Lowest total volume (475 units) in recent recorded history, dating back to 2011
  • Months supply decreased 33.3% to 6.8 months of inventory 
    • Lowest total volume in recent recorded history, dating back to 2011

Walton County

  • Closed sales increased 39.3% 
  • Pending sales decreased 13.6% 
  • Median prices increased 25.2% 
  • Inventory decreased 10.3% 
    • Lowest total volume (549 units) in recent recorded history, dating back to 2011
  • Months supply increased 2.59% to 8.1 months of inventory 

A few things to remember…

Median prices continue to hold steady or rise across the Emerald Coast. No record breaking price increases to report in November, but homes continue to sell for more than in previous years.

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. In November, pending sales were all over the place. It will be interesting to see if December sales outpace pending sales.

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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