Following a slow January, February sales continued to falter and dip in some parts of the Emerald Coast. In January, pending sales were down, so these numbers don’t come as a complete shock. The slower real estate season combined with less inventory coming onto the market may be contributing to the slight decline in sales. In some places median prices fell, and in others, prices increased. Overall, prices have remained fairly steady over the last several months. All data is a comparison of February 2016 to February 2015.
Single Family Home Sales
Emerald Coast
- Closed sales decreased 3.4%
- Pending sales decreased 2.8%
- Median prices increased 1.8%
- Inventory decreased 7.9%
- Months supply decreased 17.1% to 5.8 months of inventory
Okaloosa County
- Closed sales increased 2.5%
- Pending sales increased 0.5%
- Median prices increased 15.9%
- Inventory decreased 8.2%
- Months supply decreased 19.3% to 4.6 months of inventory
Walton County
- Closed sales decreased 17.5%
- Pending sales increased 6.7%
- Median prices increased 13.2%
- Inventory decreased 4.4%
- Months supply decreased 13.1% to 7.3 months of inventory
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 9.4%
- Pending sales decreased 3.9%
- Median prices increased 2.5%
- Inventory increased 3.4%
- Months supply decreased 6.2% to 9.1 months of inventory
Okaloosa County
- Closed sales decreased 16.1%
- Pending sales decreased 3.5%
- Median prices decreased 1.6%
- Inventory decreased 4%
- Months supply decreased 4.8% to 9.9 months of inventory
Walton County
- Closed sales decreased 12.9%
- Pending sales decreased 3%
- Median prices increased 2%
- Inventory increased 0.6%
- Months supply decreased 7.6% to 8.5 months of inventory
A few things to remember…
Single family homes along the Emerald Coast are either in a seller’s market or close to it. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months. Townhouses and condos are in the upper levels with Okaloosa close to 10 months of inventory. Below six months means that inventory is scarce and can drive up prices. Above 8 months means there is too much inventory which can drive prices down.
Pending sales continue to falter making an increase in sales for the following month more difficult. If enough new inventory can come onto the market, it’s possible, this trend may reverse itself over the next couple of months, especially as we get closer to our spring and summer selling season.
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 2011 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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