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Home Sales Rise in Pensacola Bay Area by 36 Percent

According to data released by the Pensacola Association of Realtor’s on September 11, 2013, sales of single family homes last month in the Pensacola Bay area jumped 36 percent! This is great news for the real estate market! The pendulum seems to be swinging back to the positive.

Data tallies show that total sales reached 602 compared to 442 homes sold in August, 2012. Timberland Contractors, LLC enjoyed a flurry of activity this past month with 6 new building contracts signed and begun! The sounds of busy hammers, nail guns and saws can be heard in neighborhoods, such as Cottonwood (pictured below), Covington Woods and Plantation Woods.

Timberland Contractors, LLC. and DR Horton are busy building Executive Homes in this prestigious neighborhood.

Timberland Contractors, LLC. and DR Horton are busy building Executive Homes in this prestigious neighborhood.

In addition to the spike in the number of homes sold, prices rose almost 7 percent in August of this year. It is an advantageous time to build, buy or sell a home.

According to Zillow’s Mortgage Rate Ticker, 30-Year Fixed Mortgage Rates Have Fallen for the First Time in Five Weeks; The Current Rate is 4.37%.

http://online.wsj.com/article/PR-CO-20130827-909202.html

The average home price sold in Escambia and Santa Rosa Counties last month was $176,734.

The number of days a home for sale remained on the market also dipped to 113 from 133 days in 2012.

The only negative in the Association’s report was a slight increase in the total inventory of unsold homes.

That number edged up from 3,388 last year to 3,420 in August of 2013. However, as people relocate to Pensacola, Florida these numbers are likely to change. An influx of military families and retirees happens with regularity in Pensacola. Young families are also choosing to plant roots in our lovely city.

If you have any questions about any of these neighborhoods, please contact me here or feel free to call me, and I will be happy to answer any real estate questions you may have.

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Pensacola Real Estate Market Report for January 2012

The Pensacola Real Estate Market was a little above average for Pensacola home sales for January of 2011. The table shows real estate data for January 2012 in comparison to previous January’s back to 2007.

 

 

Pensacola Real Estate Market Data January 2012

Pensacola Real Estate Market Data January 2012

 

The numbers in the table were derived from data in the Pensacola MLS and are deemed reliable but not guaranteed. These statistics do not include Pensacola FSBO sales.

The biggest news here, and the best news for home sellers, is that the inventory of homes on the market has shown a significant drop over the past 6 years. Pensacola has just  over half the homes for sale in 2012 that it had in 2007. On the other hand, median and average home sale price are both down from previous years. And days on market is showing a noticeable increase.

Even with the inventory of homes on the market decreasing, I’m still going to call this a buyer’s market. The logic here is that, while there are less homes to choose from,  the prices are the lowest we’ve seen since the early 2000’s real estate boom, and interest rates remain at historical lows.

Even if you don’t believe this is a good time to buy, I would highly recommend taking a look at homes available on the Pensacola real estate market right now. There are some sweet deals to be had, and you never know how much give a seller will allow in their negotiations.

Of the 261 home sales in January, 49 were listed as foreclosures and 56 as short sales. That is about 40% of the sales in January being either foreclosures or short sales. If you are facing possible foreclosure or considering buying or selling in a short sale situation, the following Pensacola Real Estate News articles may be of value:

 Free Legal Advice for Florida Real Estate Owners Facing Foreclosure 

 Short Sales – Is It Really Worth It?

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Pensacola Real Estate-Pensacola MLS Update!

Pensacola Real Estate on the east side, for January is being bought primarily by bargain hunters.

As you can see by the table below, the average sold price, so far this year for Pensacola MLS  areas  three and four,  of  127,300 is well  below the year end median price of 133,000 for the Pensacola Real Estate market as a whole.

Areas three and four in the Pensacola MLS includesthe entire eastern side of Pensacola, from downtown, north to intersate 10, and have some of the most desireable neighborhoods in Pensacola Real Estate

 Sold Property Analysis

Address List Price Sold Price DOM % Chg %SP/OLP SP/Sqft
7730 FITCH AVE $61,000 $56,500 57 7.4% 92.62% $55.12
1838 SAN DOLLAR CIR $32,000 $33,501 14 -4.7% 104.69% $23.76
5936 MONA LN, unit B $40,000 $40,000 9 0.0% 100.00% $46.30
3805 KINGSBERRY DR $72,100 $70,000 428 2.9% 56.45% $40.51
3565 RIDDICK DR $145,000 $145,000 64 0.0% 100.00% $87.77
4314 WHITELEAF CT $250,000 $225,000 107 10.0% 90.00% $98.60
4831 OLIVE RD, unit 3B $54,900 $55,000 209 -0.2% 64.71% $41.42
7547 SOUTHPOINTE PL $64,900 $65,000 707 -0.2% 65.07% $57.93
3045 DEL MONTE DR $94,900 $93,900 147 1.1% 96.90% $77.48
2520 BELLE CHRISTIANE CIR $269,900 $265,000 79 1.8% 98.18% $113.93
2206 INVERNESS DR $335,000 $320,000 1148 4.5% 80.00% $86.30
2299 SCENIC HWY, unit R12 $79,900 $70,000 188 12.4% 87.61% $69.03
14 HILLBROOK WAY $130,000 $115,000 151 11.5% 88.46% $52.27
903 TEXAR DR $59,900 $54,500 90 9.0% 90.98% $54.50
1721 BAARS ST $95,000 $85,000 21 10.5% 89.47% $69.16
2210 MAXWELL ST $379,900 $343,500 53 9.6% 90.42% $141.13
1207 8TH AVE $19,999 $14,500 106 27.5% 48.33% $14.50
534 ZARAGOSSA ST E, unit 7 $259,000 $240,000 10 7.3% 92.66% $170.58
Total Averages $135,744 $127,300 199 6.2% 86.88% $72

Also it is interesting to note the low average  price of 72$ per square foot for the homes sold so far.

There are a couple of notable exceptions. 2210 Maxwell Street sold for 141.13 dollars per square foot and 2520 Belle Christian that sold for 113.93 Per square foot.

The sale of 2210 Maxwell at a high price per foot is easy to explain as it is in the very desirable eastern most part of the  East Hill neighborhood.

Also the sale of 2520 Belle Christian for 113.93 per square foot also makes sense, as it is located in a secluded and very well maintained neighborhood that is very close to shopping and downtown activities.

Also both of these homes, although not new, seemed to have been updated nicely. And as usual the cliché’ ” location location location” brought the highest prices per square foot.

As for the rest of the current sales in east Pensacola For January 2012, eleven of the eighteen were below $100,000, and they were a mixed bag including several short sales and several foreclosures, with one property selling for a  very low 14.50 per square foot and another at 1838 san Dollar Circle selling for  23.76 per square foot which was a foreclosure, and a quick cash sale that closed in 15 days  and had only been on the market for a couple of weeks.

 To find out more about Pensacola Real Estate call Jim Holland at

850-206-6140 or e-mail [email protected]

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Pensacola Real Estate Market MLS Update

 

Pensacola Beach Pier

Pensacola Beach Pier

Here is a picture I took from the Pensacola Beach Pier last evening 01/10/2010.If you look close you will see a bunch of surfers waiting for the next wave

 Pensacola Beach Pier Sunset with Surfers 01/10/2011

 I just wanted to make a quick comment concerning  a current statistic from the Pensacola MLS.

Today as of January  11th 2012 the number of available residential listings in the Pensacola Real Estate Market stands at 3718.

Here is a statement concerning  Pensacola MLS  inventory  from the Pensacola Board of Realtors :

 

“Overall inventory fell 21%  from 4533 in January to 3603 in December

 

Distressed inventory was reduced by 25% , from 886 in January to 662 in December

 

Overall sales increased 15%, from 3988 in 2010 to 4604 in 2011

 

On average, distressed property sales accounted for nearly one third of all sales on a month to month basis”

Also you can click here for more Pensacola Real Estate statistics

Here are some statistics in the Pensacola Real Estate Market for December 2011-2006  you can see the big drop from last year 

Current Active Listings at Month End 3603 4469 4566 5364 6096 5828
Sales This Month 387 381 292 282 311 460
Median Sold Price $133,000 $139,900 $141,395 $149,900 $162,000 $164,900
Avg. Sold Price $161,368 $162,439 $170,082 $170,306 $229,441 $203,410
Avg. Days on Mkt 162 158 136 141 127 128

  Also you can see  the median price of a home in the Pensacola Real Estate market has,  continued to drop while the interest rates have stayed at historic lows ,near 4%, making home ownership in the Pensacola Real Estate market very affordable at this time  

 

 These numbers seem to me to be good news,as the number of availble homes is steadily decreasing, while sales are increasing.The average number of sales vs listings is hovering around a 10 months supply of inventory, which reminds me of the Pensacola Real Estate market around 2002 – 2003 at a time of modest but steady appreciation.     

It seems that, at least locally, we are finally getting to an equilbrium in the market and hopefully the stability we have been waiting for!

If you would like more information on any area of Pensacola Real Estate please give me a call   Jim Holland  850-206-6140

or e-mail me at    [email protected]

 

 

 

 

 
 
 
 
 
 

 

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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.

 

To find out about new homes to be built in the Pensacola real estate market, or existing homes, anywhere in the Pensacola real estate market call Jim Holland at 850-206-6140  

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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