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Pensacola Real Estate Market Report: February 2010

Here is the Pensacola Real Estate market report for February of 2010. The tables for the previous 2 months of Pensacola real estate sales are provided for comparison purposes.

Pensacola Real Estate Market Report February 2010

Home sales picked up in February 2010. Pensacola had almost 100 more home sales in February than in January 2010. However, January was historically slow for real estate sales, coming in with the lowest Pensacola Real Estate sales of the last 5 years.

When you compare February’s Pensacola home sales to those of the same month in the past 5 years, the market is performing a little better than last year, but still lagging behind 2005-2008. I think the driving force that is going to cause sales to pick up is going to be the Homebuyer tax credit, which was extended through April/June of 2010.

However, reports have been coming out indicating that many real estate agents do not believe the homebuyer tax credit is having the desired effect. See Pensacola Real Estate News article Impact From Home Buyer Tax Credit. We can only wait and see.

Note that you must have a home under contract by April 2010, and have closed the sale by June 30, 2010 to qualify for the tax credit.  Click for more detailed information on the Homebuyer Tax Credit.

Once the homebuyer tax credit expires, it’s not clear where the real estate market is headed.

Back to the real estate tables. In comparison to previous years, you can also see that average and median home sale prices are down overall in February 2010, although they look to have held fairly steady compared to last year.  The good news for Pensacola home sellers is that the inventory of Pensacola Homes For Sale is considerably lower than at this time last year.

Keep checking back to Pensacola Real Estate News for more news on Pensacola market data and other topics relevant to the local real estate market.

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