June was a good month for single family home sales across the Emerald Coast. Sales were up, prices were up, and records were broken. Condo and townhouse sales didn’t fare so well. Sales were down across the entire Emerald Coast, but pending sales were up which may mean better news for July sales.
Single Family Home Sales
Emerald Coast
- Closed sales increased 4.1%
- Total: 688 – record high
- Pending sales increased 6.1%
- Median prices increased 7%
- Inventory decreased 5.1%
- Months supply decreased 10.6% to 5.9 months of inventory
- Total dollar volume: $279.8 million – record high
Okaloosa County
- Closed sales – no change
- 397 sold June 2016 and 2015, both a record high
- Pending sales increased 10.2%
- Median prices increased 10.2%
- Inventory decreased 10.8%
- Months supply decreased 14.3% to 4.8 months of inventory
- Total dollar volume: $109.7 million – record high
Walton County
- Closed sales increased 9.5%
- Total: 253 – record high
- Pending sales increased 15.8%
- Total: 264 – highest in 12 months
- Median prices increased 11.4%
- Inventory increased 5.1%
- Months supply decreased 2.6% to 7.6 months of inventory
- Total dollar volume: $159.4 million – record high
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 9.5%
- Pending sales increased 9.9%
- Median prices decreased 9.7%
- Inventory decreased 1.2%
- Months supply increased 2.1% to 10 months of inventory
Okaloosa County
- Closed sales decreased 4.9%
- Pending sales increased 4.2%
- Median prices increased 3.6%
- Inventory decreased 13.1%
- Months supply decreased 10.8% to 9.9 months of inventory
Walton County
- Closed sales decreased 15.6%
- Pending sales increased 47.8%
- Median prices decreased 1.3%
- Inventory increased 3.3%
- Months supply increased 18.3% to 9.7 months of inventory
A few things to remember…
Total dollar volume is only one indicator of how a market may be doing in comparison to the year before. As sales and prices rise, the dollar volume will go up. If sales fall but prices rise or sales increase but prices fall, you may not notice a big decline in total volume.
Single family homes along the Emerald Coast are either in a seller’s market or close to it. Condos and townhomes on the Emerald Coast has a much higher inventory which gives buyers more options and can, if demand and inventory aren’t a match, slow down sales. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months.
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.
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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