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Active Listings and Foreclosures in the Pensacola Real Estate Market

I wanted to share a little interesting information on the Pensacola Florida real estate market that came to my attention today.

I have been tracking the number of residential properties in the area that show up in “active” status in the Pensacola MLS for quite some time, at least the last seven years, beginning around 2002 before the peak of the housing boom and subsequent collapse.

Back in 2002-2003 we commonly averaged about 4000-4500 residential properties on the market. Just prior to hurricane Ivan, we had a dip in supply and increase in demand that left us with very few homes to show in almost all desirable neighborhoods, especially East Hill, North Hill, Pensacola Beach and Gulf Breeze.

 

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I vividly remember trying to find properties in those neighborhoods and having a lot of difficulty matching the needs of my buyers with the available properties.

After the “meltdown” supply rose sharply for several years to the point where I remember in 2006 we briefly were near 7000 homes for sale in the MLS. After that peak we have very slowly but steadily seen a bumpy, gradual decrease in the supply in our MLS.

As of today the number of residential listings broke the 4000 level
And stands at 3999.That number caught my attention because it reminded me of those 2002-2003 levels of inventory that we have reached,and how long it took to get there

If you click on the link below you can see the graph of the declining inventory

http://www.pensacolaassociationofrealtors.com/STATISTICS.htm

We have been hoping for some stabilization in the supply and demand in the Pensacola Real estate market for some time, and maybe dropping below 2003 supply might be an indicator that we are finding some balance.

Also, in analyzing the Pensacola MLS data today, I noticed that there are more than twice as many short sales listed than foreclosures, which indicates to me that the foreclosures will keep on coming, and are selling, as a large percentage of short sales eventually turn into foreclosures.

 

 zforeclosure

 

Prices should continue to be held down at these low levels by  these market forces for some time to come.

Just food for thought!!

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