Image via Flickr courtesy of osseous
The October real estate numbers for the Emerald Coast, including Okaloosa and Walton counties, are not much different from September. There were some shocking jumps, such as the 53 percent median price increase in condo and townhouse sales in Okaloosa County for the second month in a row. Single family homes across the board were strong across the board when compared to October of 2013. Another shocking increase? In Walton County, home sales increased 49 percent over last year. October was a good month to sell a single family home along the Emerald Coast.
Single Family Home Sales
Emerald Coast
- Closed sales increased 33.4%
- Pending sales rose 29.8%
- Median prices decreased 0.2% – a $450 difference
- Inventory increased 18.3%
- Months supply increased 6.3% to 7.9 months of inventory (down from the previous month)
Okaloosa County
- Closed sales increased 21.5%
- Pending sales increased 31.9%
- Median prices increased 1.4%
- Inventory increased 18.9%
- Months supply increased 8.5% to 6.6 months of inventory (down from the previous month)
Walton County
- Closed sales increased 49.6%
- Pending sales increased 16.7%
- Median prices fell 0.7% – a $1,950 difference
- Inventory increased 19.2%
- Months supply increased 1.9% to 9.5 months of inventory (down from the previous month)
Townhouse and Condo Sales
Emerald Coast
- Closed sales decreased 20.9%
- Pending sales decreased 15.3%
- Median prices increased 10.4%
- Inventory dropped 12.4%
- Months supply increased 8% to 10.1 months of inventory (no difference from the previous month
Okaloosa County
- Closed sales dropped 14.3%
- Pending sales decreased 23.9%
- Median prices rose 53.6% (from $175,000 in 2013 to $268,750)
- Inventory decreased 11.7%
- Months supply increased 14.9% to 10.8 months of inventory (down from the previous month)
Walton County
- Closed sales decreased 1.4%
- Pending sales increased 3.8%
- Median prices decreased 15.7%
- Inventory decreased 7%
- Months supply decreased 1.3% to 9.9 months of inventory (down from the previous month)
A few things to remember…
The months’ supply of inventory looks like it’s increasing, when compared to the previous year, but over the last several months, the levels have remained steady. And, in this case, have decreased slightly from September. A healthy inventory level for any real estate market is around 6 months supply of inventory. Anything over 8 is considered a high level of inventory and could begin to bring down prices as buyers are given more options and competition increases among sellers.
Townhouse and condo sales often decline directly after the summer months as so many condos are purchased as vacation homes. The good news, in Okaloosa County, is that median prices are rising so while less properties are being sold, those that are being purchased are at higher prices than last year.
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.
Leave a Reply