"Your Real Estate Advisor"

Pensacola Real Estate Report

Dated: July 12 2022

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The market is seeing an increase in active listings.  Back in March of 2022, there were approximately 522 single-family detached homes for sale in the two-county area of Escambia and Santa Rosa County Florida.  While the number under contract was 1,777.

Today, July 12, 2022, there are currently 1,353 single-family detached homes for sale and 1,434 under contract.  An increase in inventory along with an increase in interest rates plus the 8.6% reported inflation rate is creating this change in the market.

The organization, Keeping Current Matters, just came out with this housing forecast for the second half of 2022.  "Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that's maintaining the upward pressure on home prices."

 Real Estate Forecast

Interest rates have had a correlation with the 10-Year US Treasury Yield.  This correlation over the past 50 years has shown a difference of 1.7%.  For example, if the treasury yield is at 4.0% then we can expect the loan rate for a mortgage to be approximately 5.7%.

See this graph

Understanding the market as a seller will certainly help a seller in pricing a home for the market.  I believe the days of pricing well above the last sale amount in your particular neighbor are gone.  Previously an overpriced home would be compensated by the market catching up to the list price.  

The bottom line is there are more houses for sale and fewer homes under contract.

Here are two charts that tell us what is currently happening in the Pensacola Florida housing market.  The information is from the Pensacola Association of Realtors.

Below is my 6-month report where the number of home sales and days on market is calculated on a 6-month rolling average.  I am keen on keeping in touch with the market because of what I experienced in the past. I have been a real estate in Pensacola since 1999 and aim to serve the public with knowledge and interpretation of the market.

If you are in need of some advice, want to buy, need to sell, or invest, please give me a call at (850) 616-6377 or email [email protected]

Jack Lara, Broker-Associate, with eXp Realty, LLC.  Serving the Pensacola Florida Market!

PensacolaAreaProperties.com

 

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Jack Lara

I am originally from Southern California. I joined the Marines to follow my childhood dream of flying and serving. And this dream is what originally brought me to Pensacola, Florida.I have called Pens....

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