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

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 hollandjames@hotmail.com

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

 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 

  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    hollandjames@hotmail.com

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.

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

Just food for thought!!

Active Listings:  Pensacola Homes for Sale are now at their lowest number since 2005. This is a good sign, in that it shows the market is getting closer to a normal real estate market. Pensacola has approximately 500 fewer homes on the market than in March of 2009.

Pensacola Real Estate Sales: Sales in March were quite good compared to previous months in 2010. Pensacola has almost doubled the number of homes sold compared to January. And over 100 more Pensacola homes sold in March than February. This increase in homes sold is typical for Spring time, but the home buyer tax credit has likely pushed the number a bit higher than it would have been without the tax credit.

Pensacola Real Estate Prices: We can see a slight drop in real estate prices from the month of March in previous years. Average sold price and median sold price are at their lowest level in 5 years. These prices are also likely to spur sales even more, and I expect April of 2010 will be a great month for Pensacola homes sold.

Average Days on Market: This number is still too high. I would like to see this number get closer to the days on market in the 2005-2006 years. I’m sure most Pensacola sellers would agree with me on this.

Related Articles on Pensacola Real Estate News:

Pensacola Real Estate Market Report for Beach Homes and Condos

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  

Notice the great differences between 2009 and all the previous years listed. The prices in 2009 are considerably lower than all previous years listed, but Days On Market (DOM) are very high. In fact, at $231 per square foot, beach real estate is almost $80 a square foot less than it has been at any time in the past 6 years. This is likely one reason sales are picking up on the beaches.

On the date this report was written, there were 508 active Pensacola homes and condos for sale on Pensacola Beach and Perdido Key.

The charts below give a graphical representation of sales per year and average sold price over the past 6 years.

The graph above shows homes, townhomes and condos sold on Pensacola Beach and Perdido Key over the last 6 years. The graph below shows the average price at which beach real estate sold over those same years.

Given the price level in 2009, this could be considered the best times the past 6 years to purchase Pensacola real estate on the beaches. In an upcoming market report, I’ll look at price levels in the first quarter of 2010.

Related Articles On Pensacola Real Estate News:

The Condo Market Upswing On Pensacola’s Beaches

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.

January was a slow month for sales of Pensacola homes. January is historically slow for real estate sales, but this year was even slower, coming in with the lowest Pensacola Real Estate sales of the last 5 years.

You can also compare January’s home sales to those of November and December of 2009 and see what a sharp drop there has been in sales. I have no doubt that it is going to pick up, and will likely become a very strong real estate market as we go into the next couple of months. I think the driving force is going to be the Homebuyer tax credit, which was extended through April/June of 2010. 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.

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

In comparison to previous years, you can also see that average and median home sale prices are down in January 2010. Both average and median sales prices are at a 5-year low compared to January for the previous years. That is good news for Pensacola home buyers. The good news for Pensacola home sellers is that the inventory of Pensacola Homes For Sale has also dropped significantly (14% since 2009 and 36% since 2008) .

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.

Click to view the February 2010 Pensacola Real Estate Market Report

In addition, data is provided for previous years back to 2004. This gives a good perspective of where the Pensacola real estate market is and where it was in the past few years.

What can we read into these tables? Notice how the active listings (Pensacola homes for sale) have declined since 2008. This is a good sign that the Pensacola real estate market is heading back towards a more stable state. Active listings have declined by an average of 20% since the same time period in 2008, and an average of 35% since 2007.

Pensacola homes sold for 2009 have also increased since the previous year, and are similar to the 2007 sales level.  We are, however, nowhere near the level of sales for the 2004-2006 period.

But what matters most to the person looking to buy or sell Pensacola real estate is the home prices. Prices of Pensacola homes sold has dropped a little since 2008 (see average and median sold prices).  Median Sold Prices of homes declined by around 10% on average since 2007. This is not great news for current home owners, but people looking to purchase a home in Pensacola can expect to find great bargains in this market.

Keep checking back at Pensacola real estate news for more market data. The January 2010 market report will follow soon.

I provided a report on the condo and beach real estate market back in mid-2008. You can check out that real estate condo report to get an idea of just how much prices have dropped and sales have increased in 2009.

Pensacola Beach’s core area has returned to its pre-hurricane Ivan condition, and actually has more to offer than ever. Most of the year there are 5 to 10 venues with live entertainment and a wide variety of restaurants including everything from fine dining at Hemmingway’s at the end of the Portofino Boardwalk, to Hooters, to Sidelines Sports bar.

The newly rebuilt Pensacola Beach fishing pier is back for fishing as well as sightseeing. The road to Fort Pickens has reopened, along with the road through the national seashore that connects Pensacola Beach with Navarre Beach. The picture below is a view of Pensacola Beach from the pier.

All of the annual events that take place on Pensacola Beach have resumed, bigger and better than ever, including the Blue Angels air show, and the world famous Pensacola Beach bushwhacker festival, as well as the huge Pensacola Beach Memorial Day celebration.

Here is the schedule of events for January through March from the Pensacola Bay Area Chamber of Commerce:

January 5, 2010

January

Annual Polar Bear Dip, Flora-Bama, (850) 492-0611
Navarre Half Marathon 5K/10K, (850) 476-7434
All American Chili Cookoff, Seville Quarter, (850) 434-6211
Youth Art Focus, Pensacola Museum of Art, (850) 432-6247
Annual Antique Show & Sale, Fairgrounds

February

Pensacola News Journal Double Bridge Run, 15K/5K, (850) 434-2800
Mardi Gras Street Party, Seville Quarter, (850) 434-6211
Mardi Gras Parades
Blue Angel Marathon
Cajun Fest, Pensacola Beach, (850) 932-1500
Heart of Gold Ball, American Heart Association, (850) 473-0411
Mardi Gras Parade, Pensacola Beach, (850) 932-1500
Lust for the Arts, Seville Quarter, (850) 434-6211
Gumbo Ya-Ya, Seville Quarter, (850) 434-6211
Pensacola Children’s Chorus, (850) 434-7760

March

Beulah Sausage Festival
Business Expo at Civic Center, (850) 438-4081
McGuire’s 5K Run, (850) 433-6789
Rockabilly Festival, Seville Quarter, (850) 434-6211
Pensacola Junior League Bargain Sale, (850) 433-4421
Santa Rosa Celebrates the Arts, (850) 623-2339
Magnolias and White Linen, (850) 435-2533
Gulf Coast Renaissance Festival, (877) 429-8462
Riverwalk Fine Arts Festival, Milton, (850) 626-9567, (850) 623-8493
Gulf Breeze Celebrates the Arts

Related Articles On Pensacola Real Estate News:

Pensacola Real Estate Market Report On Beach Homes and Condos

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.