Here is the first of its kind (for me anyway) Pensacola real estate market report broken down by area. The areas are based on the Pensacola Multiple Listing Service (MLS) areas, which is the only way I can break it down and provide you with meaningful real estate market statistics.
Why would this table be useful to you as a real estate buyer or seller?
I can think of several reasons.
The number of active listings gives you a number to gauge the competition in your area. Use this in conjunction with the “Listed To Sold Ratio” number. The lower the percentage, the harder it will be to sell your home in the given area.
The Days On Market (DOM) will give home sellers an idea of the average time it takes in their area to sell a home. If you price your home to sell, you can come in way under that average.
The number of active listings gives you an idea of the inventory of homes on the real estate market in that area. A higher number of homes for sale will mean you have more to choose from.
The average price and average price per square foot gives a good indication of the prices of homes in the given area.
Refer to the map image below to get a rough idea of the area delineations:
Now lets look at the winners and losers in our market survey, based on homes sold vs homes on the market.
Milton Florida scores a big #1 for the most the most homes sold in the first half of 2008. Coming in at a close second is Southwest Pensacola. This is no big surprise as these are 2 areas closest to our largest military bases, Whiting Field and Pensacola NAS.
Northeast Pensacola also comes in a big winner with the lowest number of Days On Market (DOM), followed closely by Southeast Pensacola. In addition, Northeast Pensacola comes in 6th place as the area with lowest average home price and has a homes listed to sold ratio of 43%. So if you want to get a lot of home for your money, and hope for the quickest sale of your home, consider Northeast Pensacola to be a good bet.
Last Place WINNERS
(I hate the word losers, and how can you call the beaches losers. They are some of the most beautiful beachs in the world.)
Perdido Key is taking the worst beating, followed closely by Pensacola Beach. (Note that I am ignoring Jay and Molino/Century for the most part, as there is minimal interest in these areas.) When looking at the beaches, you can see that they have the lowest ratio of homes/condos sold to the homes/condos on the market, and they come in priced higher than any other areas in Escambia and Santa Rosa county. No big surprise there either. The beach is a great place to live if the weather cooperates, and you will pay a premium to live there.
Notes and Disclaimers:
Data in the table was taken from the Pensacola MLS and is deemed reliable, but not guaranteed.
The Active Listings Column shows homes on the market as of the end of June 2008. These numbers are for Residential homes and Condos in Escambia County and Santa Rosa County. They do not include vacant land, mobile homes or manufactured homes.
The Homes Sold and Average Prices are based on homes sold in the given area from January to June of 2008.
In the near future, if my motivation holds up, I will be posting detailed information on each of these Pensacola MLS areas. I hope to make this a great overall Pensacola real estate reference that will be useful to buyers and sellers in the Pensacola real estate market.
Click on Pensacola Real Estate News for a list of articles indexed by category.