I hope this update reaches you in good health and spirits. I have analyzed the inventory and sales in our greater Pensacola area over the last two months. So far it looks like the real estate market in our area is holding as properties that were under contract prior to and during the pandemic have closed.
We don’t have the official sales data from our MLS system for March as of yet, but I was able to pull figures for the last 30 days of activity for comparison to February’s data. In the last 30 days - Active listings remain very low for our area at 2930. There were 828 transactions closed. That is sold houses, condos, town homes in the 30 days prior to 4/9/2020. Sales are up from February which one would expect with an annual seasonal increase. Transactions pending closing 759.
Compare this to February, before the social distancing and travel restrictions etc. came into play. Active listings 2939 (again very low inventory for our area) 695 Sales closed (good solid sales when comparing February year over year).
What does all of this mean to those looking to buy or sell in today’s real estate market in the greater Pensacola area? The market is holding at the moment. What do I expect to happen in the next 30 days? Although new listings continue to enter the market, I expect inventory to remain low as it has been. I would be surprised if there weren’t fewer closings compared to the same month last year due to the pandemic and potential delays. I would think it weird if our market wasn’t affected, but I see many of those 759 pending sales (sales that would likely have gone under contract within the last 30-60 days) closing within the next month or two. This gives me confidence in the stability of our local real estate market. That is very good news for residents in our Pensacola area. Time will tell how things pan out, but so far so good. I will keep you posted. As always, please do not hesitate to give me a call, text or email. I strive to be a good solid real estate resource for you.
Be safe and well, Chris
Also, it was a volatile week in the secondary mortgage market, however, it was a good week for mortgage rates! 3.25% Conventional 30 YEAR FIXED *Rate reflected is for 80% financing on purchase transactions of primary residences with loan amounts up to $510,400 with full credit qualification. Rates change often, please contact me for more information.
Snapshot from Pensacola MLS as of 4/9/2020:
Information pulled from the Pensacola MLS is deemed reliable but not guaranteed.