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Pensacola Home Sales 9-11-22
Dated: September 11 2022
A look at the Pensacola Florida real estate market. This includes Escambia and Santa Rosa county (northwest Florida).
This report is talking about Single-Family Detached Homes. Information was obtained from the Pensacola Association of Realtors MLS system.
We are still in a seller's market. There is still a high volume of sales occurring each month despite the increased interest rates. We ended the month of August with an inventory level of 1.73 months and a six-month average of 1.7 months. We are well below the threshold of a balanced market which is 6 months.
This shows a dramatic shift in the number of available homes for sale.
There has been an average of 809 sales per month for the last 32 months. That is a significant jump from the average of 474 per month from the years 1999 to 2019. Florida continues to add population from other regions of the country (no state income tax) and our ability to weather through COVID without causing too much harm to businesses is making Northwest Florida a destination place.
I am seeing an increase in standing inventory that is overpriced in our changing market. New home builders are making adjustments to the market by adding incentives for buyers and real estate agents. Appliance packages and special financing incentives are being offered by the builders. Note, many times not all available builder homes are placed in the Multiple Listing Service and this is where having an agent familiar with new builds is important.
The difference in the number of "Average Days for Sale" of those houses for sale and those that are under contract. No matter the market it always comes down to price and terms.
A significant drop in the number of homes under contract.
Here is a look at the 6-month rolling average for Escambia and Santa Rosa County.
Jack Lara, Broker-Associate, eXp Realty LLC
Joaquin Alberto Lara, LLC
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....