Pensacola Real Estate Market Conditions for June 2008

By
Real Estate Broker/Owner with ERA Emerald Coast Realty

Pensacola residential real estate unit sales numbers are in for June, 2008. This data comes from the Pensacola Association of Realtors. Residential unit sales data includes homes and condos but does not include land, commercial property or lots.

June 2008 sales turned out to be rather lack luster. This is presumably the result of tighter credit and weak economic news.

The number of residential real estate listings is continuing to decline. This is good news and is indicative of Pensacola's overall improving market condition. Many markets across the county are still seeing residential inventories increasing.

Median home values are down slightly and this again is very positive news. Many other real estate markets are seeing dramatic declines in median home values, we are not.
That being said individual home buyers are continuing to buy here for traditional reasons:

  • Moving in to the area
  • Moving  out of the area
  • Up-sizing
  • Down-sizing
  • Retirement property

Investors are buying, for the most part, for the following reasons:

  • Good values that can, with little improvement, be re-sold at a profit
  • Properties that can cash-flow in the current rental market.
  • Investors with a longer time horizon, that see value in today's market


North West Florida continues to be a very desirable area for families, investors and retirees.

 

 

Pensacola Real Estate Market Trend

 

Median Residential Property Sales Values

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Rainmaker
986,056
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

With all the military personnel in the ara I would think P'cola has had some insulation from the declines.

Jul 07, 2008 09:50 AM #1
Rainmaker
1,142,174
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Great looking statistical graphics.  Here in Sacramento, we had 29.9% more sales in the month of May compared to the same month a year prior.  However, our prices were 30% less for the same period.

Myrl Jeffcoat
http://www.myrljeffcoat.com

 

Jul 07, 2008 10:05 AM #2
Rainmaker
57,987
ERA Emerald Coast Realty
ERA Emerald Coast Realty - Pensacola, FL
Realtors

Hi Myrl,

Would you say your market is in recovery?

Thanks,

Kim

Jul 07, 2008 11:03 AM #3
Rainmaker
1,142,174
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Kim - I would say that there is much more sales activity happening.  I'm cautious about saying we are in recovery, as prices haven't really stabilized.  We are working our way thrugh inventory.  I guess we need to see how many more properties enter inventory over the course of the next months.

I do see it as a tremendous buying opportunity for our buyers here.  I can't imagine prices going lower.  A lot depends on how much longer the fall out from the sub-prime loan fiasco continues.

 

Jul 07, 2008 11:28 AM #4
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Rainmaker
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ERA Emerald Coast Realty

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