Local real estate sales improve for 11th month in a row

Special to The Log

The Emerald Coast has experienced 11 months of steady real estate sales improvement over 2012, according to statistics released by the Emerald Coast Association of Realtors.

“Real estate sales and prices are increasing.  Inventory and the amount of time a property spends on the market are both decreasing,” said ECAR President Jan Hooks. “All the indicators of a healthy real estate market are moving in the right direction in our area.”

Single family home sales along the Emerald Coast increased by 21.5 percent over July of last year. Okaloosa County home sales rose 34.3 percent and in Walton County, sales increased by 1.4 percent. Median prices continue to show improvement along the Emerald Coast with a 6.6 percent increase for single family homes. The average days on market decreased by 15.4 percent, while the inventory dropped 16 percent to a 7.2 month supply. A six month supply is ideal.

Townhomes and condo sales fared similarly along the Emerald Coast with a 13.4 percent gain over last year. Walton County saw a 22.5 percent increase while Okaloosa County increased by 17.8 percent. Median prices along the Emerald Coast rose 20.8 percent. The average days on market remained fairly steady with a 1.1 percent increase over last year while the inventory decreased by 16.4 percent to a 9.1 month supply.

“Realtors across the Emerald Coast remain cautiously optimistic that we will continue to see these gains over the next few months as the summer season draws to a close,” said Hooks.

This article was contributed to The Log by the Emerald Coast Association of Realtors.