Pensacola Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Dec. 28, 2020

The Start of a New Year

East Hill Properties

New Year's Resolutions and The Time To Sell

The year 2020 has left us with a lot of firsts, but one thing I expect to be the same as in year's past is a bump in real estate activity after the first of the year. It seems to me, that along with making New Year's Resolutions, people put the holidays behind them and focus their interest in purchasing property as a goal set for the coming year. Some home sellers think the spring is time to list, but I say, why wait? There is no time like the present. For many years I have experienced great real estate activity this time of the year, and I expect the start to this year to be no different. With the property listings at record low, along with interest rates historically low (which offers home buyer's more buying power), and property values being high, this is a prime time for sellers to list their property for sale. Why wait for spring where there may be more listings and competition to sell than there is now or for the seller's market to wax and wane? I focus more on what the market is doing currently rather than the time of the year, and the market is hot now for sellers. So for all of you who are thinking about selling, let's talk. Feel free to give me a call or shoot me an email. I would be happy to offer my opinion of value of your property, help you evaluate if the timing is right for you to sell, and to get the job done for you. We are shaping up for another strong real estate year here in the greater Pensacola area, and I am sure it will not be without it's unique challenges. Bring it on! Here is to welcoming the New Year! Cheers!

Posted in Market Updates
Dec. 23, 2020

Coastal Holidays

A Coastal Holiday - photo by Chris Reid

A Coastal Holiday

May the warmth and joy of the season be upon you!

 

Chris Reid, REALTOR

Emerald Coast Realty - Pensacola FL

 

 

 

Posted in Greetings
Dec. 14, 2020

Market Update from Chris Reid Realtor

HIGHLIGHTS of our November Real Estate Market in the Greater Pensacola area

  • November sales are down from last month but significantly up from last year as well with 748 units sold, October - 863, and November 2019 - 661. Sales Y-O-Y, up 13.2%
  • November average days on market is down from 391 days to: 36 Days.
  • Average sold price is $288,261. Up14.0% since November 2019 Y-O-Y, with $284,371.
  • November inventory has dropped to: 1,091 units, and down from November 2019, 2,206 units. Y-O-Y drop of inventory of 50.6%
  • Months inventory is 1.5 months, up slightly from October at 1.3 months, and down from November 2019, 3.3 months.
Posted in Market Updates
Nov. 24, 2020

Real Estate Newsletter - November '20

Autumn in Pensacola

CHECK OUT THIS MONTH'S REAL ESTATE NEWSLETTER - It offers current local market stats and some of my favorite distinctive properties on the market.
WISHING YOU A HAPPY THANKSGIVING! BE SAFE AND WELL!
EAST HILL - NORTH HILL - DOWNTOWN - THE BEACH https://www.mynewsletterbuilder.com/.../1414845496/...
Posted in Market Updates
Nov. 19, 2020

Builder Confidence at Record High, 6% Above Previous Record

contractor meeting on home building site
fstop123 / Getty Images

 

Builders are almost giddy. An Index of 50 suggests a balance between optimism and pessimism, but Nov.’s confidence number hit 90 after a record-breaking 85 in Oct.

WASHINGTON – Calling it “another sign that housing continues to lead the economy forward,” builder market confidence for newly-built single-family homes increased five points to 90 in November. It shattered the previous record of 85 set in October, according to the latest NAHB/Wells Fargo Housing Market Index (HMI).

Builder confidence levels hit successive all-time highs in each of the past three months.

“Historically low mortgage rates, favorable demographics and an ongoing suburban shift for homebuyer preferences have spurred demand and increased new home sales by nearly 17% in 2020 on a year-to-date basis,” says NAHB Chairman Chuck Fowke. “Though builders continue to sign sales contracts at a solid pace, lot and material availability is holding back some building activity. Looking ahead to next year, regulatory policy risk will be a key concern given these supply-side constraints.”

“Another record high for the HMI reflects that housing is a bright spot for the economy,” adds NAHB Chief Economist Robert Dietz. “However, affordability remains an ongoing concern, as construction costs continue to rise and interest rates are expected to move higher as more positive news emerges on the coronavirus vaccine front. In the short run, the shift of housing demand to lower density markets such as suburbs and exurbs with ongoing low resale inventory levels is supporting demand for home building.”

NAHB adds one caveat to the November report: 69% of the builders’ responses for this survey arrived before the media called the election for president on Nov. 7. Attitudes about the election results will be more fully reflected in December’s HMI report.

All HMI indices posted their highest readings ever in November. The HMI index gauging current sales conditions rose six points to 96, the component measuring sales expectations in the next six months increased one point to 89, and the measure charting traffic of prospective buyers rose three points to 77.

Looking at the three-month moving averages for regional HMI scores, the Northeast increased two points to 83, the Midwest jumped six points to 80, the South rose four points to 86 and the West increased four points to 94.

Derived from a monthly survey that NAHB has been conducting for 35 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

By Kerry Smith 

© 2020 Florida Realtors®

Posted in Market Updates
Nov. 18, 2020

5 Star Zillow Reviews!!!

Feeling thankful for the two 5 STAR Zillow reviews I just received!!!

 

Posted in Reviews
Nov. 16, 2020

October 2020 Market Update

Pensacola  Beach Florida

  • Sales are up from last month and from last year with 863 units sold in October 2020, September 2020 - 849, and October 2019 - 799. Sales Year Over Year are up 8.0%

  • October average days on market is down from 41 days to: 39 Days.

  • Average sold price is $284,371. Up16.1% since October 2019 Year Over Year.

  • October inventory has dropped to: 1,011 units, and down from October 2019, 2,265 units. Y-O-Y drop of inventory of 51.0%

  • Months inventory is 1.3 months, the same as September at 1.3 months, and down from October 2019, 2.8 months.

Posted in Market Updates
Aug. 24, 2020

NAR: July Existing-Home Sales Soar 24.7% Higher

Pensacola Beach Florida

“The housing market is well past the recovery phase and now booming,” says NAR. And current owners seeking larger homes will “drive demand even into 2021.”

WASHINGTON – National existing-home sales continued a strong, upward trajectory in July, marking two consecutive months of significant sales gains, according to the National Association of Realtors® (NAR). Each of the four major U.S. regions attained double-digit, month-over-month increases, and the Northeast was the only region to show a year-over-year decline.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – jumped 24.7% from June to a seasonally-adjusted annual rate of 5.86 million in July – a record high. The previous record monthly increase in sales was 20.7% in June of this year.

But sales increased year-to-year as well as month-to-month, with overall sales volume up 8.7% compared to July 2019 (5.39 million).

“The housing market is well past the recovery phase and now booming with higher home sales compared to the pre-pandemic days,” says Lawrence Yun, NAR’s chief economist. “With the sizable shift in remote work, current homeowners are looking for larger homes, and this will lead to a secondary level of demand even into 2021.”

The median U.S. existing-home price for all housing types in July was $304,100, up 8.5% from July 2019 ($280,400), with prices rising in every region. July’s national price increase marks 101 straight months of year-over-year gains, and – for the first time ever – the national median existing home price rose above the $300,000 level.

Total housing inventory at the end of July totaled 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million). Unsold inventory is at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019. Economists generally consider a 6-month supply of listings to be a balanced market between buyers and sellers, with anything below six months a sellers’ market.

Yun says dire inventory totals have a substantial effect on sales.

“The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition,” he says. “More homes need to be built.”

Properties typically remained on the market for 22 days in July, seasonally down from 24 days in June and 29 days in July 2019 – 68% of homes sold in July were on the market for less than a month.

First-time buyers were responsible for 34% of sales in July, down from 35% in June and up from 32% in July 2019.

Individual investors or second-home buyers, who account for many cash sales, purchased 15% of homes in July, up from both 9% in June and 11% in July 2019. All-cash sales accounted for 16% of transactions in July, equal to the percentage in June and down from 19% in July 2019.

Distressed sales – foreclosures and short sales – represented less than 1% of sales in July, down from 3% in June up from 2% in June 2019.

“Homebuyers’ eagerness to secure housing has helped rejuvenate our nation’s economy despite incredibly difficult circumstances,” says NAR President Vince Malta. “Admittedly, we have a way to go toward full recovery, but I have faith in our communities, the real estate industry and NAR’s 1.4 million members, and I know collectively we will continue to mount an impressive recovery.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.02% in July, down from 3.16% in June. The average commitment rate across all of 2019 was 3.94%.

Single-family and condo/co-op sales: Single-family home sales were at a seasonally-adjusted annual rate of 5.28 million in July, up 23.9% from 4.26 million in June and 9.8% from one year ago. The median existing single-family home price was $307,800 in July, up 8.5% year-to-year.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units in July, up 31.8% from June and equal to a year ago. The median existing condo price was $270,100 in July, an increase of 6.4% from a year ago.

“Luxury homes in the suburbs are attracting buyers after having lagged the broader market for the past couple of years,” Yun says. “Single-family homes are continuing to outperform condominium units, suggesting a preference shift for a larger home, including an extra room for a home office.”

Regional breakdown: For the second consecutive month, sales for July increased in every region and median home prices grew in each of the four major regions year-to-year.

July existing-home sales in the Northeast rocketed 30.6% higher with an annual rate of 640,000. The median price in the Northeast was $317,800, up 4.0% from July 2019.

Existing-home sales jumped 27.5% in the Midwest to an annual rate of 1,390,000 in July, up 10.3% year-to-year. The median price in the Midwest was $244,500, an 8.0% increase from July 2019.

Existing-home sales in the South shot up 19.4% to an annual rate of 2.59 million in July, a 12.6% increase from the same time one year ago. The median price in the South was $268,500, a 9.9% year-to-year increase.

Existing-home sales in the West ascended 30.5% to an annual rate of 1,240,000 in July, a 7.8% increase from a year ago. The median price in the West was $453,800, up 11.3% year-to-year.

By Kerry Smith

© 2020 Florida Realtors®

Posted in Market Updates
July 29, 2020

Fla.’s Housing Market Shows June Upswing Despite COVID-19

Pensacola Beach Florida

By Marla Martin, Florida Realtors

Florida Realtors’ data: More new pending sales, more pending inventory and higher median sales prices year-over-year in June. Single-family closed sales rose 1.3% – 1st increase since March and a significant change compared to April and May, says Chief Economist O’Connor.

ORLANDO, Fla. – Florida’s housing market in June showed positive signs of recovery despite the continuing coronavirus pandemic, with more new pending sales, more pending inventory and higher median sales prices compared to a year ago, according to Florida Realtors® latest housing data. Single-family existing homes sales increased year-over-year, up by 1.3% – the first increase since March and a significant change compared to April and May, according to Florida Realtors Chief Economist Dr. Brad O’Connor

“Thanks to this nice recovery in June, plus the unusually strong sales growth we had ahead of the pandemic in January and February, here at the mid-point of 2020, closings are only down a little over 7% for the year compared to the first half of 2019,” he noted.

The June market data shows the resilience of Florida’s residents, economy and real estate sector, according to 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Florida Suncoast Real Estate Inc. in Bradenton.

“Over the past few months, our homes have become more important than ever,” Grooms said. “Many buyers and sellers understandably hit the pause button in recent months due to the coronavirus, but record-low interest rates now are helping to fuel pent-up demand.

“As families have been navigating the challenges of working remotely, online classes and other daily activities all together under the same roof, many buyers are considering new must-haves when it comes to their homes. And Realtors in every community can help, with advice and knowledge on local market conditions.”

Last month’s closed sales of single-family homes statewide rose 1.3% year-over-year, totaling 27,650, while condo-townhouse sales decreased 10.9%, for a total of 8,996. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

In June, the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 102 consecutive months. The statewide median sales price for single-family existing homes was $282,000, up 4.4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $210,000, up 7.7% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

New pending sales continued to trend upwards for a second month, according to Chief Economist O’Connor. “If we assume new pending sales trends will continue to provide reliable forecasts of closings in the months to come, then based on the latest numbers from June, we can expect a very good summer. Statewide new pending sales of single-family homes were up 23.2% year-over-year,” he said. “Meanwhile, new pending sales of condo-townhouse units rose 19.8% compared to June 2019.

“Several factors are playing into this renewed demand for housing, but by far, the most important factors are record-low mortgage interest rates and the release of all the pent-up demand from our derailed spring buying season. We can’t expect this supercharged level of sales growth to last forever; at some point, we will burn through this pent-up demand. But interest rates are not expected to rise any time soon and they still have some room to go lower, so we have every reason to be optimistic about sales over the coming months, barring additional negative shocks to the economy.”

On the supply side of the market, inventory remains scarce and is an area of concern, particularly in the single-family existing home category, which was at a restricted 2.8 months’ supply in June, O’Connor noted. Condo-townhome inventory (active listings) was at a 5.7-months’ supply.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.16% in June 2020, down from the 3.80% averaged during the same month a year earlier.

© 2020 Florida Realtors®

Posted in Market Updates
July 9, 2020

Real Estate Update from Chris Reid Realtor July 2020

PENSACOLA BEACH FLORIDA

This month’s newsletter shares an article that sums up where we are in our current real estate market, our market stats and my favorite properties on the market. Enjoy!

CLICK HERE TO CHECK OUT THIS MONTH'S NEWSLETTER

EAST HILL | NORTH HILL | DOWNTOWN | THE BEACH

Posted in Market Updates