September 2015: Real Estate Sales Strong Across the Emerald Coast

Single family home sales, as well as townhouse and condo sales, were strong across the Emerald Coast in September when compared to the same time last year. Okaloosa and Walton counties also saw increases in closed sales during the month of September. Median prices, pending sales, and inventory fluctuated for the month of September. All sales statistics below compare September 2015 to September 2014.

 

Single Family Home Sales

 

Emerald Coast

  • Closed sales increased 10.3%
  • Pending sales increased 13.3%
  • Median prices increased 2.6%
  • Inventory decreased 4.8%
  • Months supply decreased 21.9% to 6.4 months of inventory, the lowest since current reporting began in 2011

 

Okaloosa County

  • Closed sales increased 9.5%
  • Pending sales increased 9.2%
  • Median prices increased 2.9%
  • Inventory decreased 2.5%
  • Months supply decreased 21.6% to 5.2 months of inventory, the lowest since current reporting began in 2011

 

Walton County

  • Closed sales increased 4.4%
  • Pending sales increased 24.4%
  • Median prices increased 19%
  • Inventory decreased 6.1%
  • Months supply decreased 21.2% to 7.8 months of inventory, no change when compared to August

 

Townhouse and Condo Sales

 

Emerald Coast

  • Closed sales increased 23.8%
  • Pending sales decreased 1.1%
  • Median prices increased 2%
  • Inventory increased 1.7%
  • Months supply decreased 3.6% to 9.7 months of inventory

 

Okaloosa County

  • Closed sales increased 7.1%
  • Pending sales decreased 10.4%
  • Median prices decreased 10.5%
  • Inventory increased 1.9%
  • Months supply increased 1.7% to 11.1 months of inventory

 

Walton County

  • Closed sales increased 36.9%
  • Pending sales decreased 15.1%
  • Median prices increased 15.5%
  • Inventory decreased 8.8%
  • Months supply decreased 21.3% to 8 months of inventory, the lowest since current reporting began in 2011 and the same level from August.

 

A few things to remember…

 

September is traditionally a month when real estate sales begin to slow as the summer comes to an end. While many people think of spring and summer as the real estate season, fall and winter – especially on the Emerald Coast – can be excellent times to buy or sell a home. The weather is milder, especially in the fall, and those who need to buy or sell tend to be willing to negotiate.

 

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. Single family home inventory in Okaloosa County could indicate an inventory shortage and points to a seller’s market, meaning buyers could pay higher prices. Condo inventory in Okaloosa County is well above the healthy range and could favor buyers. Walton County is well within healthy ranges for both single family homes and townhouses and condos.

 

Inventory can decrease while the months’ supply can increase – as well as the reverse. As inventory falls, buyers have less options. If the available inventory shrinks too much, sales can slow down which will increase the months’ supply of homes for purchase. This also contributes to quicker offers for well-priced and positioned homes, as well as multiple offers.

 

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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