When working with home buyers, I am often asked what to offer on a property. The graph below shows the average difference between the asking price and the selling price over the last two years in our greater Pensacola area. When a property is priced fairly for the market, this is a great guideline for home buyers and sellers. 

The monthly March PAR stats now available for our Pensacola real estate market:

HIGHLIGHTS

• March sales are up from last month but down from last year with 731 units sold. Last month 595 units sold. Number of sales Y-O-Y was down 18.4%.
• Cash buyers represent 22.2% of all residential sales in our area. This is down from 25.2% last Month.
• March average "day on market" is up February at 62 days to: 66 Days.
• Average sold price is $379,142, this is up from the prior month and up 2.4% March 2023 Y-O-Y, $370,274.
• March inventory is up month over month to: 2770 units, up significantly from March 2023, with 1766 units. Y-O-Y increase in inventory of 56.9%!
• Months inventory is 3.8 months, down from February 4.5 months, and up from March 2023 with 2.0 months inventory.
• Average List to sold price difference in February was -2.5% no change from -2.5 % in February.
• The inventory of homes remains low with 3.8 months inventory, this level is considered a neutral market neither favoring buyers or sellers. 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.

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You may want to be aware of some new developments in the way real estate will be conducted in the near future. You may have heard about it recently in the news. The National Association of Realtors® has announced that under a potential Settlement Agreement two new MLS rules will be enacted in mid-July 2024. In summary, one will completely remove offers of compensation to Buyer's Brokers in the MLS, and the other will require any MLS participants who are working with a Home Buyer to enter into a written representation agreement before showing a property. What does this mean to you? This means there will very likely be added expenses to Home Buyers when closing on real estate - costs for Realtor services that were customarily paid for by Sellers. This will change the way real estate transactions have been handled over the last 100 years.

With this said, if you are seriously interested in making a property purchase, you may want to consider contracting on a property before this summer. It very well may be advantageous to you as a Home Buyer as Buyer's Agent Commissions for services provided are currently still being paid by Sellers. 

As a real estate professional for the last 17 years, it is my job to assist Buyers and Sellers with our ever-changing real estate market - to help navigate the challenging tasks of contract negotiations, conducting proper inspections, financing and insurance needs, in order to make solid investments now and for the future.

I hope this information is helpful to your decision making. I will keep you informed as changes unfold. Please don't hesitate to contact me with questions or concerns. As always, I am here to make the home buying and selling process easier for you.

Kind regards,

Chris

Chris Reid, REALTOR

Emerald Coast Realty

850.485.3575

chris-reid@cox.net

easthillpensacolahomes.com

The monthly February PAR stats are now available.

HIGHLIGHTS

• February sales are up from last month but down from last year with 595 units sold. Last month 470 units sold. Number of sales Y-O-Y was down 6.7%.
• Cash buyers represent 25.2% of all residential sales in our area. This is down from 31.5% last Month.
• February average "day on market" is up January at 57 days to: 62 Days.
• Average sold price is $369,000, this is down from the prior month but up 2.0% since February 2023 Y-O-Y, $361,767.
• February inventory is up month over month to: 2652 units, up from February 2023, with 1783 units. Y-O-Y increase in inventory of 48.7%
• Months inventory is 4.5 months, down from January 5.6 months, and up from February 2023 with 2.8 months inventory.
• Average List to sold price difference in February was -2.5% a change from -3.5 % in January.
• The inventory of homes remains low with 4.5 months inventory, this level is considered a neutral market neither favoring buyers or sellers. 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.

If you're considering buying or selling a historic or special property, an agent specializing in this niche offers invaluable expertise and resources. They'll help you navigate the complexities, maximize the property's value, and preserve its unique charm for future generations.

The first home my husband and I lived in was built in the year 1774. The first home we bought was 168 years old when we bought it. Our first East Hill home purchased was built in 1918 and we considered it our NEW old home.

I have a deep appreciation for these older properties and the people who call them home. I pride myself as being a historic properties specialist and would love an opportunity to work with you on your special property.

HIGHLIGHTS

• January sales are down from last month and down from last year with 470 units sold. Last month 611 units sold. Number of sales Y-O-Y was down 12.8%.
• Cash buyers represent 31.5% of all residential sales in our area. This is up from 24% last Month.
  
• January average "day on market" is up from December at 55 days to: 57 Days.
  
• Average sold price is $397,436, this is up from the prior month and up 17.2% since January 2023 Y-O-Y, $339,224.
  
• January inventory is up month over month to: 2529 units, upfrom January 2023, with 2505 units. Y-O-Y increase in inventory of 27.6%
• Months inventory is 5.6 months, Up from December at 4.1 months, and up from January 2023 with 3.7 months inventory.
• Average List to sold price difference in January was -3.5% a change from -3.1 % in December.
• The inventory of homes remains low with 5.6 months inventory, this level is considered a buyers market favoring buyer's over seller's. 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.

The monthly August PAR stats are now available on Dropbox.

HIGHLIGHTS

• August sales are up from last month but down from last year with 793 units sold. Last month 776 units sold. Number of sales Y-O-Y was down 17.5%.
• August average days on market is down from July at 44 to: 38 Days.
  
• Average sold price is $403,965, this is up from the prior month and up 8.8% since August 2022 Y-O-Y, $371,138.
  
• August inventory is up to: 2150 units, up from August 2022, with 1851 units. Y-O-Yincrease in inventory of 16.2%
• Months inventory is 2.7 months, up from July at 2.6 months, and up from August 2022 with 1.9 months inventory. 
• Average List to sold price difference in August was -2.0% a change from -1.9% in July.
• The inventory of homes remains low. With 2.7 months inventory, is still a sellers marketin our area. 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.

The monthly July PAR stats are now available on Dropbox.

HIGHLIGHTS

• July sales are down from last month and down from last year with 776 units sold. Last month 1004 units sold. Number of sales Y-O-Y was down 17%.
• July average days on market is down from June at 47 to: 44 Days.
• Average sold price is $367,910, this is down from the prior month and down 4.7% since July 2022 Y-O-Y, $386,052.
• July inventory is up to: 1876 units, up from July 2022, with 1839 units. Y-O-Y increase in inventory of 2%
• Months inventory is 2.4 months, up from June at 1.9 months, and up from July 2022 with 2.0 months inventory.
• Average List to sold price difference in May was -1.9% a change from -1.6% in June.
• The inventory of homes remains low. With 2.4 months inventory, is still a sellers market in our area. 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.