Pensacola Home Sales
ERA Emerald Coast Realty
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The Pensacola Florida residential real estate market has undergone many changes over the past seven years. One of the best ways to understand what has happened and where we are today is to analyze monthly home sales data and trends illustarted by the resulting charts.
The chart below represents January 1999 through November 2011 Pensacola real estate monthly sales of residential homes. The horizontal axis is the month and the vertical axis is the number of monthly home sales.
The chart above clearly illustrates the housing bubble that started in 2001 and ended in, 2008.
The housing bubble that affected all US real estate markets was the result of a credit bubble that provided very cheap short term credit (Green line is the up leg, Red line is the down leg of the hosing bubble).
The current sales that we see in Pensacola are more aligned with "normal" market conditions (Orange line denotes a normal market) as the market recovers.
That is, people are buying and selling homes in the Pensacola area at levels that are now below 2001 levels. When you examine the home sales in 1999, 2000 and 2001 you will see there is a consistency that reflect and are indicative normal Pensacola market conditions. The current market has over corrected as the market is recovering.
The Inventory of listed homes has entered a "neutral market" which is is neither a buyers or sellers market.
There are still some very good real estate values available on a case-by-case basis but overall prices are not changing dramatically. Good values sell quickly while over priced properties can stay on the market for years.
During a period of normal Market Conditions people buy and sell for reasons such as; job transfers, up-sizing, down-sizing and new home buyers entering the market for the first time. During this period there are more investors that are looking for value over a 2-3 year horizon.
The Pensacola area monthly average residential sales price has stabilized in early 2010 and is approximately tracking the 5% appreciation line.
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