Image via Kozzi
Median prices, with one exception, continued their slow but steady increase in the month of August across the Emerald Coast. Closed sales and inventory for single family homes, townhouses, and condos fluctuated slightly. Some areas could become a seller’s market, making purchasing a home very competitive for buyers, while others are squarely in buyer’s market territory. All sales data is a year-over-year comparison between August 2015 and August 2014.
Single Family Home Sales
Emerald Coast
- Closed sales increased 15.1%
- Pending sales decreased 4.7%
- Median prices increased 7.5%
- Inventory decreased 4.1%
- Months supply decreased 22.2% to 6.6 months of inventory
Okaloosa County
- Closed sales increased 28.1%
- Pending sales decreased 9%
- Median prices decreased 3.3%
- Inventory decreased 2.4%
- Months supply decreased 22.5% to 5.4 months of inventory, the lowest since current reporting began in 2011
Walton County
- Closed sales increased 5.8%
- Pending sales increased 2.7%
- Median prices increased 11.2%
- Inventory decreased 7.2%
- Months supply decreased 24.3% to 7.8 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 7.6%
- Pending sales increased 34.3%
- Median prices increased 2.9%
- Inventory decreased 0.4%
- Months supply decreased 1.8% to 9.9 months of inventory
Okaloosa County
- Closed sales increased 4.4%
- Pending sales increased 60.5%
- Median prices increased 10.6%
- Inventory increased 1.3%
- Months supply increased 2.9% to 11.4 months of inventory
Walton County
- Closed sales decreased 8%
- Pending sales increased 6%
- Median prices increased 7.7%
- Inventory decreased 12.9%
- Months supply decreased 21.9% to 8 months of inventory, the lowest since current reporting began in 2011
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. 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.
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.
Other than a slight dip for Okaloosa County single family homes, median prices continued to rise in August. This follows both a state and national trend.
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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