Written By Richard Eimers May 2, 2023
The real estate market in Okaloosa and Walton counties has been showing some promising signs lately. Our local housing market tracker indicates that there have been significant increases in inventory, and the anticipation of falling interest rates could be a sign that things are looking up for both buyers and sellers.
One of the key indicators of a healthy housing market is inventory, and we’re seeing positive movement in that area. As of the latest data available, active listings in Walton County have increased by 80% year-over-year, and in Okaloosa County, they’ve increased by 78%. This is great news for buyers who have been struggling to find available homes, as it means they have more options to choose from.
Additionally, new listings are also showing an upward trend in both counties. However, year-over-year changes in this category have been less impressive. In Walton County, new listings have decreased by 30%, and in Okaloosa County, they’ve decreased by 29%. It’s worth noting that this could be due to a variety of factors, including sellers being hesitant to list their homes during uncertain economic times.
Despite this decrease in new listings, pending sales are still going strong. In Walton County, they’ve decreased by 27% year-over-year, but in Okaloosa County, they’ve only decreased by 11%. This indicates that there are still plenty of buyers in the market who are actively seeking out homes to purchase.
Perhaps the most exciting news is that there have been two spikes in sales recently, one in the week ending Thursday, December 15, and another in the week ending February 2. These spikes coincided with a slight dip in interest rates and a surge in mortgage applications. This suggests that buyers are becoming more motivated to take advantage of favorable market conditions and secure their dream homes.
In terms of pricing, both counties are showing impressive gains in median new listing prices. In Walton County, the median new listing price is $871,598, which is a 17% increase year-over-year. In Okaloosa County, the median new listing price is $388,085, which is a 23% increase year-over-year. These price increases could be attributed to a variety of factors, including rising demand and limited supply.
Despite the positive signs, it’s important to note that there is still some work to be done in terms of reducing the amount of time homes spend on the market. In Walton County, the median days on market is 58, which is a 40% increase year-over-year. In Okaloosa County, the median days on market is 38, which is a 27% increase year-over-year. However, these numbers are not necessarily cause for concern, as they could simply reflect the fact that there are more homes on the market than in previous years.
Overall, the data from our local housing market tracker is encouraging. With more inventory available and interest rates potentially falling, it’s a great time for both buyers and sellers to enter the market. As always, it’s important to work with a knowledgeable and experienced real estate agent who can help you navigate the complex world of buying or selling a home.