Whether sitting down with a client to discuss their housing goals or standing around at the beach, hanging out with friends, the most common question every Realtor® gets is, “How’s the market?” According to statistics from the Emerald Coast Association of Realtors® (ECAR) Multiple Listing Service (MLS), the housing market is heating up.
May Sales Heat Up
On the Emerald Coast, our common real estate “season” falls between Memorial Day and Labor Day. Because we’re a military area and just a great place to live, people move in and out through the year. Don’t forget, many families wait until school let’s out to move their families, as well. With all of this, it’s no wonder, single family home sales heated up a bit in May.
In May, single family home sales increased 4.5 percent over 2013. A total of 511 homes were sold, the highest volume of sales in a given month in more than a year. Buyers recognize this is the time to purchase a home. Sellers also realize the power of this current market as inventory rose 27.3 percent in May. More homes coming on the market for buyers to choose from breeds competition.
It’s Not Just About Closed Sales
The state of the real estate market isn’t solely determined by how many sales closed during a given time period. The median price, which has fluctuated slightly over the course of the last year, decreased just under four percent when compared to last year. In May, the median price of a single family home along the Emerald Coast was $224,900. Median prices mean half the homes sold for less and half the home sold for more.
Another factor to look at is the length of time a home spends on the market, known as the median days on market. Remember, this means that half the houses spent less time and half the houses spent more time on the market. In May, the median days on market fell nearly 11 percent from last year to 66 days.
Pricing is Key
It’s not unheard of in this market for a home that’s priced well to receive multiple bids and to go under contract in a short amount of time. On the flip side, a home that’s not priced well might sit on the market for a long time.
For sellers, pricing your right the first time means your home as a higher chance of selling quicker than a home that’s priced too high. For buyers, understand that several other people may be interested in the same home you are, and you’ll want to make the best offer you can in order for your offer to be considered.
So there you have it, a quick look at single family home sales along the Emerald Coast for May 2014. Sales are heating up, inventory is rising, and prices are holding steady with no major increases or decreases.
The statistics made available from the Emerald Coast Association of Realtors® are comprised of data compiled from the MLS and other sources by the Florida Realtors® Research and Statistics Department. The Emerald Coast refers to Okaloosa and Walton counties, and the data comes from all participants in the ECAR MLS.
Image via Flickr by Ed Hart.
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