Greater Pensacola Real Estate HIGHLIGHTS

• May sales are up from last month but down slightly from last year with 863 units sold. Last month 787 units sold. Number of sales Y-O-Y was down 3.1%.

• Cash buyers represent 22% of all residential sales in our area, down from last month 25%.

• May average "days on market" is up slightly from April with 80 days to: 81 Days.

• Average sold price is $388,176, this is up from the prior month and down 1.7% from May 2024 Y-O-Y, $394,787.

• May inventory is up month over month to: 3564 units, and up from May 2024, with 3205 units. Y-O-Y increase in inventory of 11%

• Months of inventory is 4.1 months, down from April 4.5 months, and up from May 2024 with 3.5 months inventory.

• Average List to sold price difference in May was -2.9% up from -2,7% in April.

• The inventory of homes has 4.1 months inventory, this level is considered a "Neutral Market". Generally when Months Inventory is generally less than 4.0 months it is considered a seller’s market. 6.0 months or more is a buyer's market. Between 4 and 6 months inventory is a neutral market.

It is important to note that earlier this year in the Pensacola area we touched into a weak Buyer's market and have since trended into the neutral zone weighing closer to a Seller's market. For those Buyers that are waiting for interest rates to change, there is really no sign of that happening anytime soon. With sales now outpacing new listings, you may find waiting does more harm than good. All good things to consider!

HIGHLIGHTS

• April sales are up from last month but down from last year with 783 units sold. Last month 670 units sold. Number of sales Y-O-Y was down 4.7%.
• Cash buyers represent 25% of all residential sales in our area, up from last month 21%.
• April average "days on market" is down from March with 89 days to: 79 Days.
• Average sold price is $371,000, this is down from the prior month and down 8.6% from April 2024 Y-O-Y, $406,229.
• April inventory is up month over month to: 3528 units, and up from April 2024, with 3014 units. Y-O-Y increase in inventory of 17%
• Months of inventory is 4.5 months, down from March 5.2 months, and up from April 2024 with 3.7 months inventory.
• Average List to sold price difference in April was -2.7% up from -3.0% in March.
• The inventory of homes has 4.5 months inventory, this level is considered a "Neutral Market". Generally when Months Inventory is generally less than 4.0 months it is considered a seller’s market. 6.0 months or more is a buyer's market. Between 4 and 6 months inventory is a neutral market.

The last couple of months we had drifted into a soft buyer's market. We have now shifted back into a more neutral market with homes selling at a faster rate than the inventory is providing for. Interest rates are predictable with inventory and prices showing stability - the market seems to have settled into a groove. Home buyers should take advantage of the interest rates we have, as they are not showing any signs of changing any time soon and home prices historically increase over time. Time will tell, but you could find waiting only leads to higher prices at the same interest rate. People are moving to our area and we are gearing up for a busy summer selling season! 

Pensacola Area Real Estate HIGHLIGHTS

• January sales are down from last month but up from last year with 483 units sold. Last month 704 units sold. Number of sales Y-O-Y was up 2.5%.
• Cash buyers represent 26% of all residential sales in our area, up from last month 24%.
• January average "days on market" is up from December with 81 days to: 82 Days.
• Average sold price is $377,824, this is up from the prior month but down 4.9% from January 2023 Y-O-Y, $397,436.
• January inventory is up month over month to: 3238 units, and up from January 2024, with 2529 units. Y-O-Y increase in inventory of 28%
• Months of inventory is 6.7 months, up from December 4.5 months, and up from January 2024 with 5.4 months inventory.
• Average List to sold price difference in January was -2.6% down from -2.7 % in December.
• The inventory of homes has 6.7 months inventory, this level is considered a weak "buyer's Market". Generally when Months Inventory is generally less than 4.0 months it is considered a seller’s market. 6.0 months or more is a buyer's market. Between 4 and 6 months inventory is a neutral market.

HIGHLIGHTS

• December sales are up from last month and from last year with 697 units sold. Last month 614 units sold. Number of sales Y-O-Y was up 14.1%.
• Cash buyers represent 24% of all residential sales in our area, up from last month 23%.
• December average "days on market" is up from November with 67 days to: 82 Days!
• Average sold price is $348,932, this is down from the prior month and down 6.1% from December 2023 Y-O-Y, $371,587.
• December inventory is down month over month to: 3157 units, and up from December 2023, with 2505 units. Y-O-Y increase in inventory of 26%
• Months of inventory is 4.5 months, down from November 5.3 months, yet up from December 2023 with 4.1 months inventory.
• Average List to sold price difference in December was -2.7% down from -2.8 % in November.
• The inventory of homes has 4.5 months inventory, this level is considered a "neutral market". Generally when Months Inventory is generally less than 4.0 months it is considered a seller’s market.6.0 months or more is a buyer's market. Between 4 and 6 months inventory is a neutral market.

If you or your loved ones have been waiting for interest rates to ease, this may be the time to lock in. Some of my lender contacts had rates as low as 6.18% this week! Properties closed before January 1st may also qualify for homestead exemption on property taxes for 2025. There is still time! All good things to consider! Call me. I am happy to help make it happen.

U.S. Average 30-year Mortgage Rate Falls to 6.69%

It’s the lowest level since late Oct.; last week it was 6.81%. The average 15-year mortgage interest rate fell to 5.96%. Rates mostly have been rising in recent weeks. Read the full story:  U.S. Average 30-year Mortgage Rate Falls to 6.69% | Florida Realtors

Chris Reid, REALTOR

Emerald Coast Realty

850.485.3575

chris-reid@cox.net

easthillpensacolahomes.com

The monthly local real estate stats are now available. I’d be happy to discuss them and answer any questions you may have:

HIGHLIGHTS

• October sales are up from last month and from last year with 712 units sold. Last month 683 units sold. Number of sales Y-O-Y was up 6.9%.
• Cash buyers represent 22% of all residential sales in our area, down from last month 23%.
• October average "days on market" is down from September with 65 days to, 64 Days.
• Average sold price is $364,278, this is down from the prior month and down 0.2% from October 2023 Y-O-Y, $364,985.
• October inventory is down month over month to: 3083 units, but up from October 2023, with 2505 units. Y-O-Y increase in inventory of 23%
• Months of inventory is 4.3 months, down from September 4.8 months, but up from October 2023 with 3.8 months inventory.
• Average List to Sold price difference in October was -2.4% down from -2.5 % in September.
• The inventory of homes has 4.3 months inventory, this level is considered a neutral market. Generally when Months Inventory is less than 4.0 months, it is considered a Seller’s market. 6.0 months or more is a Buyer's market. Between 4 and 6 months inventory is a neutral market.

Fantastic East Hill Craftsman Cottage with updates now available. Schedule your showing today!

List vs Sold Prices for Pensacola Real Estate September

Monthly Real Estate Sales Y-O-Y difference Pensacola 2024