Market Trends in the Pensacola Bay Area - We've had our Ups (2003 to 2006) and we've had our Downs (2007 to . . . ). So where are we right now? Here's a year over year comparison for the Pensacola Bay Area's real estate market:
|
Sales in the Pensacola Bay Area |
6/1/06 to 6/1/07 |
6/1/07 to 6/1/08 |
|
Total # of Sales |
6,316 |
4,889 |
|
Average Sold Price |
$205,797 |
$210,234 |
|
Median Sold Price |
$167,000 |
$162,000 |
|
Average Price Per Square Foot |
$129 |
$113 |
|
Sell Price to List Price |
96.03% |
95.01% |
|
Average # of Days on the Market |
121 |
141 |
Our total number of sales shows a distinct downward trend - 22% fewer closed sales year over year - to be exact. But, look at the average sold price . . . almost $5,000 higher.
So what gives? Well, it's tough to tell in the macro view, but on the micro level I am seeing the Pensacola Bay Area real estate market remain strong in the $225,000 and under price range while our higher priced inventory is having to adjust prices downward in order to sell.
What does this spell for consumers? For the time being I see opportunities across the board, but particularly on higher priced homes, beach properties and waterfront properties.
The buyers continue to ask, "Is it time to jump in?" My answer, let me run the numbers for you for the particular Pensacola area or neighborhood you are interested in. We can see if properties are trending upward or downward. Then the question is simply, "Are you ready to jump?"
Market Trends in the Pensacola Bay Area - Related Article "It's Raining Real Estate Contracts in Pensacola"
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