Single family home sales, condo sales, and townhouse sales dipped across the Emerald Coast and Okaloosa County in October. Walton County single family home sales remained strong, although condo sales were weak. All sales statistics below compare October 2015 to October 2014.
Single Family Home Sales
Emerald Coast
- Closed sales decreased 3.2%
- Pending sales increased 1.7%
- Median prices increased 3.2%
- Inventory decreased 7.1%
- Months supply decreased 21.7% to 6.2 months of inventory, the lowest since current reporting began in 2011
Okaloosa County
- Closed sales decreased 11.2%
- Pending sales decreased 3.3%
- Median prices decreased 5.6%
- Inventory decreased 5.5%
- Months supply decreased 22.1% to 5.2 months of inventory
Walton County
- Closed sales increased 6.5%
- Pending sales decreased 1.9%
- Median prices increased 27.2%
- Inventory decreased 7.5%
- Months supply decreased 20.5% to 7.5 months of inventory, the lowest since current reporting began in 2011
Townhouse and Condo Sales
Emerald Coast
- Closed sales increased 3.7%
- Pending sales increased 7.9%
- Median prices decreased 1.2%
- Inventory decreased 1.8%
- Months supply decreased 9.2% to 9.1 months of inventory
Okaloosa County
- Closed sales decreased 9%
- Pending sales increased 10.1%
- Median prices decreased 12%
- Inventory decreased 2.2%
- Months supply decreased 3.2% to 10.5 months of inventory
Walton County
- Closed sales decreased 18.1%
- Pending sales decreased 16.91%
- Median prices increased 18.6%
- Inventory decreased 9.4%
- Months supply decreased 20.9% to 7.98 months of inventory, the lowest since current reporting began in 2011.
A few things to remember…
October sales levels and prices can be linked to the inventory levels. While the overall levels are in the healthy range (6 to 8 months) some price points are at lower levels. When buyers cannot find what they want, they may pass on buying. However, lower inventory levels can also lead to median price increases as multiple buyers bid on one home, offering full price – and sometimes, higher than the asking price – in order to win the contract.
Single family homes across the Emerald Coast and in Okaloosa County, and condos/townhouses in Walton County were at their lowest volume of sales in October. This may be due in part to dwindling inventories as well as decreased demand now that the summer buying months are over.
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. Walton County is well within healthy ranges for both single family homes and townhouses and condos. A continued decrease in inventory in Walton County could result in fewer sales as seen in Okaloosa County.
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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