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Pensacola Real Estate Market Report for March 2010

This is a Pensacola Real Estate Market report for March 2010.  The tables provide Pensacola real estate data for the previous 2 months for comparison purposes.

market_Tables_March2010

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

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Pensacola Real Estate Market Report For Beach Homes and Condos

Here is some compiled data on the Pensacola real estate home and condo sales on Pensacola’s beaches. This includes homes, townhomes, and condos on Pensacola Beach and Perdido Key.

 

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  

Pensacola Beaches Real Estate Market Report

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.

Pensacola Beach Real Estate Sales per Year

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.

Pensacola Beach Real Estate Average Price Per Year

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

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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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Pensacola Real Estate Market Report: January 2010

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

Pensacola Real Estate Market Report - January 2010
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

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Pensacola Real Estate Market Report: October-December 2009

This report provides a snapshot of the Pensacola real estate market at the end of 2009. It shows Pensacola homes for sale and Pensacola homes sold, along with other useful statistical data.

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.

Market_Report_Oct-Dec_2009

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.

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