Good news! 2014 was another year of progress in our local Pensacola area real estate market. The gross number of sales saw an increase of 6% with total sales of 7833 versus 7345 in 2013 while the average sales price rose another 1% to $169,332. The Main Street Properties team enjoyed our best year ever with nearly 1,100 sales, participating in about 1 of every 7 sales for the 2014 year.
Looking ahead, 2015 promises to be another year of recovery for Pensacola real estate & the Sunshine State as a whole, with experts predicting that a mild upward trend in sales will continue along with a shift from cash investors back to traditional & first-time homebuyers.
WHAT TO WATCH
Availability of mortgage credit will be a big determining factor to increased recovery as housing demand has already begun to curtail somewhat. The months of inventory or “absorption rate” is a strong indicator of supply and demand with 6+ months favoring buyers (more inventory than demand) and 6- months favoring sellers (more demand than inventory). The neutrally buoyant 6 months of inventory is indicative of a healthy market with balancing demand and inventory levels and is where we are in most of our Pensacola housing market today.
Remember: Each area or neighborhood has it’s own “market” as it relates to supply and demand, and every home and situation is unique so call your favorite Main Street agent today if you’d like an evaluation of your buying or selling position!