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Pensacola Real Estate Market Analysis
09-02-2016
Mandi K Willis
Pensacola Real Estate Market
09-02-2016

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
(904)755-4795
mandiknowles@yahoo.com


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