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Pensacola Florida Real Estate Report 9-2-22

Dated: September 2 2022

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Buyers and sellers appear to be a bit skittish because of the overall economy.  Rates and inflation affecting the day to day living.  This has caused a drop of approximately 25% in pending sales since March 2022.  This means there are more homes currently for sale, meaning more choices for buyers.

The average number of days on the market for a home under contract is 29 days for both Escambia and Santa Rosa County. The median number of days for houses under contract is 14 for Escambia and 16 for Santa Rosa County.  Now for those that are not under contract the average number of days for sale is 60 days in Escambia County and 54 days in Santa Rosa County.  If you are a seller and miss getting a contract in the first couple of weeks then you are going to have a long haul (relatively speaking).  To sell quickly you have to be nearly perfect and or have the price reflect the imperfections.

Yesterday and today I showed a total of four homes.  All four homes were overpriced based on the location and condition.  Turns out these four homes have been on the market for more than 45 days.  Some sellers are pricing their homes as though the market has not changed.

If selling a home you must get it dressed up so that it is attractive.  Examples:

  

On a national level here is some market information:

  • Fannie Mae Lowers 2022 Home Sales Projection
  • Fannie Mae expects a 16.2% drop in home sales year-to-year in 2022
  • One month earlier Fannie Mae predicted 15.6% (source: Inman News)

By the way, I have a home currently being renovated that will either be put up for sale or for lease.  And I have another one where the investor/purchaser will be taking ownership of a home soon and will begin renovating to resell.  Buying them at the right margin of 20 to 30%.

Rents are of course up.  Nationally here is what is going on.

The median monthly asking rent in the U.S. surpassed $2,000 for the first time in May, rising 15% year-over-year to a record high of $2,002. Asking rents were up over 30% in Cincinnati, Seattle, and Nashville, Tennessee, and nearly 50% in Austin, Texas.

In July, the national median asking rent was up 14% year-over-year to $2,032.

“Rent prices have gone up in the last 18 months, much faster than any other time in recent history,” says housing analyst Logan Mohtashami. “So, the question is, ‘Can you tolerate the rent increases on a yearly basis?”

The average 30-year fixed mortgage rate went from 3.22% on Jan. 6 to 5.55% on Aug. 25, according to Freddie Mac. Existing home sales fell for the sixth consecutive month with sales down 6% from June and 20% from one year ago. (Source: FloridaRealtors.org)

Here is a look at rental prices for single-family detached houses in the Pensacola market.

Jack Lara, Broker-Associate with eXp Realty, LLC -  I serve the Pensacola Florida market (Escambia and Santa Rosa County) PensacolaAreaProperties.com

(850) 616-6377 or [email protected]

 

Joaquin Albertor Lara, LLC

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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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