Pensacola Real Estate Market, in a nutshell!
If you are interested in buying, selling or investing in Real Estate, it is extremely important to have good, up to the minute information on that market. So here it is…Pensacola Real Estate market, in a nutshell!
Since it is the end of August, the numbers are not quite all in yet. At the end of July 2016, there were 3058 active listings. In July 2016, there were 739 completed Sales in the Greater Pensacola area. Median Sales price was $162,775 and the Average Sales price was $193,856. Homes listed on the MLS were available on the market an average of 96 days. These numbers may appear to be disappointing considering national averages, but considering how bad the Florida market was after the collapse of 2008, things are starting to look really good in the Pensacola area.
Last month, the Pensacola market posted unemployment figures of 5.3 percent, compared to the national average of 5.5.5 percent. No more than a year ago, Pensacola’s unemployment rate was at 6.4 percent. These numbers alone would be promising, but they have also led the way for job growth. The one year growth rate of 3.4 percent is greater than the national average of 2.1 percent. With unemployment numbers declining and more jobs being created, this has led the way to a growing economy. This boost to the economy has led to a slight demand for housing. This is represented by an average one month increase in new building permits. The number of new housing is down over the last twelve months, but it appears that the market has hit the bottom and is on the way up. Great time to sell!
Housing affordability in this area is an indicator of the economy and housing market. One of the trends to look at when dissecting affordability is the monthly mortgage payment to income number. Pensacola homeowners spend an average of 8.1 percent of their income on monthly mortgage obligations. The national average is closer to 14 percent. This indicates that Pensacola homeowners have more reserves and higher disposable income. Those should reduce the number of future foreclosures and increase the growth of local economy. Pensacola is historically strong in regards to affordability, and price to income ratio. Growth may be moving slowly, but there are driving forces that show it can be sustainable. Great time to buy!
Numbers, Number, Numbers….What does all this mean to you? Let me show you.
Mandi K Willis
Realtor® with Realty Masters of Florida
The Phases of a New Construction Home Build
- Prepare site and pour foundation
- Complete rough framing
- Complete rough plumbing, electrical, and HVAC
- Install insulation
- Complete drywall, interior fixtures; start exterior finishes
- Finish interior trim; install exterior driveways and walkways
- Install hard surface flooring and countertops; complete exterior grading
- Finish mechanical trims; install bathroom fixtures
- Install mirrors, shower doors, and finish flooring; finish landscaping
- Final walkthrough!
- Depending on your timeline, you have a few options for buying or building your brand new construction home!
- You can purchase a newly constructed home already built and close within 60 days.
- You can have a home built on a cleared lot with the option to pick your builder, floor plan, and upgrades which takes between four and six months.
- You can also have a home built on a lot that hasn’t been cleared which can take upwards of a year to complete.
If you want to explore your options to purchase new construction, the best thing to do is contact a new construction specialist like myself, so an experienced realtor can guide you through the home buying process. As a buyer, there is no cost to you to have a realtor represent you in your new construction purchase!
Don’t make the mistake of going to the model home in the neighborhood. You may end up making the mistake of writing a contract in the first subdivision you visited without exploring your options.
Mitch Adcox, Realtor (210) 232-5791 cell / (850) 473-3983 office
- Pensacola Real Estate Market
- Baby Boomers
- Buying A Home
- Waterfront real estate
- New Construction
- Closing Costs in Real Estate Sales
- Senior Housing Communities
- first time home buyers
- Selling your home
- Buying a Home
- Pensacola Real Estate Market Analysis
- Baby boomers chart new direction in housing
- The cost of renting vs. owning your home
- Pensacola Waterfront Home for Sale
- Phases of a New Construction Home Build
- Mandi K Willis
- Mandi Willis
- Nicole St. Aubin
- Pam Brantley
- Mitch Adcox
- Rick Puckett
- Sheri Harris
- David Keen