The Pensacola Florida residential real estate market has undergone many changes over the past nineteen 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 illustrated by the resulting charts.
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 below.
There were 935 residential sales in August 2022. This is up from previous month, but down year-over-year. Last year there were 1026 sales in August.
Inventory of homes and condos has increased but is still low, and the average residential price this month is at $371,138.
The real estate market is still running hot, and sales are substantially greater than the past ten years sales. The current market is still considered a strong "seller's market."
See detailed information about the most recently sold homes in Pensacola and Pensacola Beach to understand best what today's real estate market is doing. By looking at the charts below, you can see historically what the market here is doing. By looking at recently sold prices, you can see what is happening right now.
The chart below represents monthly sales of residential homes January 2003 through August 2022 Pensacola real estate. The horizontal axis is the month, and the vertical axis is the number of monthly home sales.
The current sales that we see in Pensacola have exceeded "normal" market conditions as the market continues to grow in 2022. That is, people are buying and selling homes in the Pensacola area at levels that are now considered to be a strong seller's market.
There are still some good real estate values available on a case-by-case basis, but overall prices are increasing. Good values sell quickly while overpriced properties can stay on the market for months.
During a period of normal Market Conditions, people buy and sell for reasons such as; job transfers, upsizing, downsizing and new home buyers entering the market for the first time. During this period, there are more investors that are looking for and finding values.
The Pensacola area August monthly residential average sales price decreased to $371,138 from $387,099 in July.
The Pensacola monthly average residential sales price have seen steady increase in the appreciation rate in 2022. Comparing August 2021 to August 2022, there is a 13% rate of average appreciation in the Greater Pensacola area. The overall average price appreciation rate over the past five years is 11.8%/year!
The inventory of listed homes in the greater Pensacola and Destin markets in a "strong seller's market." The current inventory of available homes and condos for sale has come up but is low at 1,851 residential units in the Pensacola MLS.
The number of months inventory is a good indicator of the current real estate market condition, that is, is it a buyer's, seller's, or neutral real estate market. Under four months is considered to be a seller's market. The July number of months inventory is 1.9 months, and this is very low. The number of months is the time it would take to sell the current inventory of real estate listings.
The chart above provides information regarding how long homes take to sell on average; this measurement is referred to as "number of days on the market." The smaller the number means homes are selling quickly. The days on the market for August 2022 increased to 21 days, this is very low for the Pensacola market as the chart above illustrates. This is still in record low territory for days on the market.
The chart above presents annual residential sales from 1999-2021 from the Pensacola MLS. As you can see, 2021 was an extraordinary year exceeding 2020 sales by 1,764 units sold.
The chart above presents annual condo sales from 1999-2021 from the Pensacola MLS. 2021 was an exceptional year for condo sales in the Pensacola area. The average number of sales since 2013 has been near 600 units. In 2021, 828 units blew this average away by 38% more sales.
Take the time to see everything these detailed real estate reports can provide to property buyers and sellers alike.