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 have come off of record highs of 2022, as seen in the monthly listing sales from the Pensacola MLS on the chart below.
Cash buyers now makeup 27% of all real estate sales in our market.
There were 665 residential sales this October verses 822 sales in October 2022.
The inventory of homes and condos is low but has increased in October to 2505 units. The average residential price this month is $364,985.
The real estate market has slowed, and the number of sales is lower than last year at this time but the current market is still considered a "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 2004 through October 2023 Pensacola real estate. The horizontal axis is the month, and the vertical axis is the number of monthly home sales.
The current sales have recently slowed in Pensacola and more like a "normal" market. People are buying and selling homes in the Pensacola area at levels that are now considered a "seller's market".
The chart above is the change in year-over-year residential unit sales per month. The number of unit sales has decreased 19.1% in October 2023 compared to October 2022.
There are good real estate values available on a case-by-case basis, but overall prices are unchanged compared to last year. Good values still sell quickly while overpriced properties can stay on the market for several 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 October monthly residential average sales price decreased to $364,985, down from $387,335
The average appreciation in the Greater Pensacola area. The Pensacola monthly average residential property sales price is down 4.2% year-over-year and down month-over-month 5.8%. The overall average price appreciation rate over the past five years is 12%/year.
The inventory of listed homes in the greater Pensacola and Destin markets in a "sellers market." The current inventory of available homes and condos for sale is low but has increased to 2505 from 2296 residential units in September with 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 October number of months inventory is 3.8 months. 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 October 2023 is 45 days, this is still relatively low for the Pensacola market as the chart above illustrates.
The chart above presents annual residential sales from 1999-2022 from the Pensacola MLS. As you can see, 2021 was an extraordinary year exceeding 2020 sales by 1,764 and 2022 by 1034 units sold.
The chart above presents annual condo sales from 1999-2022 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. In 2022 there were 664 units sold.
Take the time to see everything these detailed real estate reports can provide to property buyers and sellers alike.