December real estate sales dip slightly
Single family home sales along the Emerald Coast fell 5.9 percent and median prices fell less than one percent in December when compared to December 2012, according to sales statistics released by the Emerald Coast Association of Realtors. The median days on market for single family homes fell 18.5 percent to 66 days, and inventory decreased to just over seven months.
Okaloosa County bucked the trend in December with a bare increase in single family sales by less than one percent and a similar increase in median prices. In Walton County, sales decreased by 12.3 percent, and the median sales price dropped 12.2 percent.
Sales of townhomes and condos along the Emerald Coast dropped 7.4 percent. However, median prices rose more than 18 percent at the same time. The median days on market decreased by 9.3 percent to 83 days. There was no change in inventory in December compared to December of 2012.
“We expect fluctuation in the market from time to time,” states ECAR President Ed Smith. “Overall, the local real estate market trend is positive, in terms of appreciation, as well as days on the market and number of units sold.”
Okaloosa County townhome and condo sales fell 29.2 percent in December, while the median price increased 31.7 percent. Townhome and condo sales increased a surprising 9.5 percent in Walton County with median prices following suit with an 18.1 increase.
“Townhome and condo sales lag behind single family home sales in certain areas due to mortgage financing limitations imposed by the Dodd Frank Financial Reform Act,” says Smith. “But every market is different and even within our own area, conditions are different from county to county, city to city, and even from one neighborhood to the next.”
This article was contributed to The Log by the Emerald Coast Association of Realtors.