Real Estate Broker Larry Kuhn reports:
As we have come to an end to March Madness not only on the basketball court but in the Real Estate World we wanted to update our clients on what we are seeing currently in Pensacola Real Estate Market:
Pensacola Residential Detached Homes
• 806 Homes Sold in March 2023
• 940 Homes Sold in March 2022
• Average Days on Market 2023 – 44
• Average Days on Market 2022 – 18
• Average Sale Price 2023 – 365K
• Average Sale Price 2022 – 361K
Zip Code 32503 // Residential Detached Homes
• 45 Homes Sold in March 2023
• 49 Homes Sold in March 2022
• Average Days on Market 2023 – 31
• Average Days on Market 2022 – 16
• Average Sale Price 2023 – 417K
• Average Sale Price 2022 – 361K
As our clients continue to monitor the volatility of mortgage rates, it serves as a key indicator for buyers to enter the market and begin their property search. While most experts believe that the Federal Reserve is finished with rate hikes (which we also hope is the case), we anticipate that there will be fluctuations in the housing market, with strong and slow months depending on the current 30-year mortgage rate.
Currently, there are approximately 1 million active listings on MLS in the US, which is significantly lower than the 5 million listings in 2008. This suggests that the supply and demand dynamics are favorable, and we expect this trend to support further price increases.
In fact, the average price in 32503 has increased by 50K since March 2022. The attached graphs demonstrate a healthy balance of inventory homes in the Pensacola market, and as long as the number of available homes remains below 3500 in our market, we anticipate that prices will continue to remain stable.