March 17th, 2010 Categories: Foreclosures
Foreclosures are big news and Pensacola real estate is no exception. There are a fair number of Pensacola Foreclosures on the Pensacola real estate market at this time. In addition, there are an even greater number of short sales.
If you are not familiar with the term Short Sales, I provide a great overview of short sales in the article Real Estate Short Sales – Is It Worth It? .
In August 2008, data from Realty Trac showed that in the United States, 1 in 5 homes for sale were foreclosures. The Pensacola Real Estate market has never had this high of a percentage of foreclosed homes on the market. You can see from the table provided that foreclosures in Pensacola are nowhere near the level of 1 in 5 homes.
(NOTE: The table is a snapshot of the Pensacola Foreclosures and Pensacola Short Sales on March 16, 2010. Real estate market data is in a state of constant change. The numbers in the table were obtained from the Pensacola MLS and are deemed reliable, but not guaranteed.)
How to read the table:
Column 1: Each area of Pensacola is delineated based on boundaries in the Pensacola MLS (View Map).
Column 2: Total Active Listings (i.e.Pensacola Homes For Sale) on the market
Column 3: Total Active Listings that are Foreclosures
Column 4: Percentage of total active listings that are foreclosures
The rest of the columns should be self explanatory based on the descriptions provided above.
Based on the Pensacola Foreclosure table numbers:
- 1 in 25 Pensacola Homes For Sale is a foreclosure
- 1 in 8 Pensacola Homes for Sale is a short sale.
How many of these short sales will eventually become Pensacola foreclosures is impossible to determine. Many short sales will end up being sold, with the bank taking a loss. Others will be foreclosed, and still others will have the situation resolved in alternate ways.
More interesting points about the Pensacola Foreclosure table:
- Historical data prior to 2009 on Pensacola Foreclosures and Short sales is not available in the Pensacola MLS. New categories for these special sale types were just added last year.
- Most Pensacola areas had foreclosures in the range of 4% to 6%. There was greater variation on short sale percentages.
- In almost all areas, the average list price of short sales was higher than the average list price of Pensacola Foreclosures. Interpretation: Foreclosed homes in Pensacola tend to be lower valued homes on average. However, more residents in higher valued homes are facing the prospect of foreclosure in the future. This interpretation assumes that homes are being listed at current real estate market value.
- On Pensacola Beach, all foreclosures were in the Portofino Condos. In addition, 24 of the 35 short sales were condos (not all Portofino).
- Southwest Pensacola has the highest number of Pensacola Homes For Sale, the highest number of foreclosures, and the highest number of short sales.