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!

March 1, 2021

Monthly Newsletter

How do buyers win in a competitive real estate market? Be prepared! Have your finances in order, know your market, work with a Realtor you can trust

Emerald Coast Realty

 

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Coastal Real Estate Update

 

Brought to you by Chris Reid

 

February 2021

 
 
 
 

 

Good Things in Small Packages

24 E Carver Dr, Pensacola FL

There are so many great feature this charming cottage home has to offer - this property was lovingly restored from top to bottom in 2008-2009 by its previous owner. The current owners have continued taking exceptional care of the home and have made improvements. new roof, all new appliances installed in 2019, new 8x8 Hardie Board shed to name a few...

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Property Sales Last Month

January 2021 Real Estate Sales

Sales in the Greater Pensacola and beach areas of condos and homes remain in record territory as seen in the monthly listing sales from the Pensacola MLS on the chart above. There were 699 residential sales in January 2021. This up from the previous month and year-over-year sales are significantly up; this is the best January sales ever. Last year there were 583 sales in December. Inventory of homes and condos is very low, and the average residential price this month is at $292,601. The real estate market is continuing to be running hot, and sales are substantially greater than the past ten years sales. The market now is considered a strong "seller's market"...

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Low Housing Inventory - It's time to Sell!

Low housing inventory - It is time to list!

Florida Realtors economist: Why should I list now? Show them why graphically based on 1) different home needs, 2) low mortgage rates and 3) equity potential. In 2020, over one-third of Fla. single-family home sellers cashed out and received their list price or more ...

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Emerald Coast Realty  •  125 W Romana St, Suite 620  •  Pensacola, FL 32502

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Posted in Market Updates
Feb. 26, 2021

Low housing inventory - It is time to list!

Sellers on Sidelines? Pull out the Big Guns: Market Data

Florida Realtors economist: Why should I list now? Show them why graphically based on 1) different home needs, 2) low mortgage rates and 3) equity potential. In 2020, over one-third of Fla. single-family home sellers cashed out and received their list price or more.

ORLANDO, Fla. – Realtors® can help show sellers the money (and get their listing)! In 2020, one in three (34%) single-family home sellers received their original list price or higher. From 2015-2019, this was true for about one in four sellers (26%).

By month, a more striking trend emerges. In November and December last year, over 40% of sellers received their list price or higher.

Percent of closed sales receiving list price or higher.

As buyers compete for a limited supply of homes, the pendulum swings farther in favor of sellers. The Florida single-family home market ended 2020 with 1.8 months’ supply of inventory (MSI), meaning the amount of time it would take to deplete inventory at the current sales pace if no additional homes enter the market.

As a gauge, analysts tend to use 5-6 months as the benchmark for a balanced market, so it’s clear sellers currently have the upper hand. Many sellers did list their properties in 2020, as new listings for single-family homes were down only 3% compared to 2019. But this was not enough to meet the strong demand once lockdowns lifted.

Demand varied by price tier but rose across the board. Nearly 50% of homes in the $150,000-$300,000 range closed with offers equal or greater than their list amount at the end of 2020.

While they may not be broadly accessible, luxury properties benefited from increased demand as well. In the past, homes listed for $1 million or more were less likely to receive an offer meeting or exceeding the list price – one in 10. In December, the number approached one in five (19%).

Although there are no price guarantees, sellers should be confident that they can cash-in on their equity. Today, homeowners – even those underwater in the late aughts – have gained equity from rising home prices. Many sellers get what they ask, but more aren’t jumping into the market because selling is a double-edged sword. If they sell their home, will they have one to buy?

New home construction lags demand; and worse, building has not kept pace for the past decade. The tenure of homeowners persists at historic highs. Florida sellers report a median of 11 years in their residence, according to the latest Profile of Home Buyers and Sellers in Florida report.

There are limited options for both new and existing homes. As buyers, sellers will face obstacles, but there are factors in addition to equity for them to list now.

Interest rates hover at historic lows and sometimes hit new records. Looking ahead, the consensus among economists is slightly rising rates in 2021 to around 3% for a 30-year fixed-rate mortgage. Owners can achieve mortgage savings by refinancing. Yet for some, selling and purchasing a different home may be the wiser option.

The pandemic caused economic uncertainty yet spawned motivations to move. “Home” must function like a living space as it always has, as well as an office, school, recreation center and more. Progress continues with health guidelines and vaccinations, but remote work and other changes are likely here to stay. Owners who believe their residence falls short of their needs may consider upgrading.

Realtors can help bridge the gap. Reach out to past clients who purchased at higher rates but may have different requirements as “home” evolved in 2020. More existing home sellers can ease some of the inventory crunch, or at least contribute to the churn in the market. You can instill confidence in both sides of the transaction to move sellers off the sidelines.

Erica Plemmons is an economist and Director of Housing Statistics

© 2021 Florida Realtors®

 

Posted in Market Updates
Feb. 11, 2021

This month's Pensacola area sales stats

The monthly January PAR stats.

HIGHLIGHTS

  • January sales are down from last month but up significantly from last year with 699 units sold. December 2020 had 583 sales, and January 2020, 583. Sales Y-O-Y, up 19.9%. This a record number of unit sales for January.
  • January average days on market is up from 39 days to: 44 Days.
  • Average sold price is $292,601. Up 20.9% since January 2020 Y-O-Y, with $242,068.
  • January inventory has dropped to: 768 units, and down from January 2020, 2051 units. Y-O-Y drop of inventory of 62.6%
  • Months inventory is 1.1 months, the same as December at 1.1 months, but down from January 2020 with 3.5 months inventory.

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Have a great week!

Chris Reid, REALTOR

Emerald Coast Realty

850.485.3575

chris-reid@cox.net

 

easthillpensacolahomes.com

 

Posted in Market Updates
Jan. 29, 2021

Mortgage Rates/Real Estate Market

Pensacola Beach FL

Mortgage Rates Move Lower, Down to 2.73%

The average 30-year, fixed-rate mortgage dropped from last week’s 2.77%. A Freddie Mac economist attributes it to a new administration and COVID-19 “malaise.”

MCLEAN, Va. – Freddie Mac’s mortgage survey this week found a slight drop in the 30-year, fixed-rate mortgage (FRM). It averaged 2.73% compared to last week’s 2.77%.

“As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly,” says Sam Khater, Freddie Mac’s chief economist. “Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong, given the low inventory that exists across the country.”

Khater considers the low inventory of for-sale homes “an ongoing issue for the foreseeable future.”

The 2.73% average fixed-rate mortgage had an average 0.7 points. A year ago, the 30-year FRM averaged 3.51%.

The 15-year fixed-rate mortgage also fell marginally this week, average 2.20% with an average 0.7 points. One year ago, the 15-year FRM averaged 3%.

However, adjustable-rate mortgages remained stable this week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80% with an average 0.3 point – the same rate as last week. One year ago, the 5-year ARM averaged 3.24%.

© 2021 Florida Realtors®

Posted in Market Updates
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