Sales struggled across much of the Emerald Coast in October when compared to October of 2015. This could be due in part to much lower inventory for single family homes, condos, and townhomes giving buyers less options to choose from. While there were some bright spots in terms of sales, the big news is the median price increases in nearly every category as well as historic lows for inventory.
Single Family Home Sales
Emerald Coast
- Closed sales increased 9.4%
- Pending sales decreased 14.4%
- Median prices increased 14.5%
- Inventory decreased 14%
- Months supply decreased 19.4% to 5.0 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)
Okaloosa County
- Closed sales increased 22.3%
- Pending sales decreased 8.7%
- Median prices increased 23.5%
- Inventory decreased 23.6%
- Months supply decreased 27.5% to 3.7 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)
Walton County
- Closed sales decreased 12.8%
- Pending sales decreased 20.4%
- Median prices inecreased 5.1%
- Inventory decreased 3.9%
- Months supply decreased 9.3% to 6.8 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 5.9%
- Pending sales decreased 15.2%
- Median prices increased 5%
- Inventory decreased 12.4%
- Lowest total volume in recent recorded history (dating back to before 2011)
- Months supply decreased 6.6% to 8.5 months of inventory
Okaloosa County
- Closed sales decreased 4.3%
- Pending sales decreased 7.1%
- Median prices increased 4.1%
- Inventory decreased 26.4%
- Lowest total volume in recent recorded history (dating back to before 2011)
- Months supply decreased 24.8% to 7.9 months of inventory
- Lowest total volume in recent recorded history (dating back to before 2011)
Walton County
- Closed sales increased 18.6%
- Pending sales decreased 4.4%
- Median prices decreased 0.8%
- Inventory decreased 8.6%
- Lowest total volume in recent recorded history (dating back to before 2011)
- Months supply increased 8.9% to 8.6 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 October, 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. 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 October, pending sales were down across the board. Do not be surprised if sales continue to be sluggish because of this.
Another factor to consider for sluggish sales is the drop in cash purchases. Single family home cash sales dropped nearly 20 percent in October while townhouse and condo cash sales fell over 30 percent from last year. Most (but not all) cash purchases are made by investors scooping up foreclosures. As this part of the inventory is cleared out, cash sales will slow and our overall sales numbers will dip until we return to a more normal mix of inventory.
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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