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The Improving Pensacola Real Estate Market

The Pensacola Real Estate market picked up nicely in November, driven by the $8000 tax credit for new home buyers, near historically low interest rates, and a continuing  downward trend in home prices. Due to these factors, we saw a dramatic increase in homes sold in Pensacola in November 2009.

An estimated 441 homes sold in November 2009, vs around 265 in November 2008, according to the the Pensacola area MLS. Navy buyers, who will be stationed at one of our three Naval Air Stations, Pensacola NAS, Corry Field ,or NAS Whiting Field in Milton, Fl,  have been a mainstay of the market and have found exceptional value for their money. Of course Veterans Administration (VA) loans are still readily available for Navy personnel, and we have a variety of sources for these VA loans, including local offices of Navy Federal Credit Union, as well as Bank of America, and Wachovia Bank, which is a subsidiary of Wells Fargo.

Another important part of the surge in Pensacola home sales has been the relative increase in buying power of the employees in our excellent medical facilities. Sacred Heart Health System, Baptist Health Care Systems Pensacola, and West Florida Hospital all contribute important jobs to our economy and, along with Navy and civil service employees, have been important in sustaining the Pensacola economy through these difficult economic times.

With the extension of the first-time home buyer tax credit and the added eligibility for a $6500 tax credit for other buyers, we are cautiously optimistic as we enter the new year that the Pensacola real estate market will continue to improve. One striking statistic is that the inventory of available homes continues to decrease in the Pensacola area. As of Dec 25th 2009, there were 4934 residential properties listed for sale in the Pensacola MLS.This is the first month we have had fewer than 5000 properties in the MLS in several years.That number along with the November 2009 sales number of 441 leads me to believe that the Pensacola Real Estate market is approaching a stabilization of supply and demand.

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