Real Estate Market Update for May '07
What a beautiful day! It is 10:30 AM and a comfortable 70 degrees... Great day to catch up on a little yard work. If you have a moment feel free to browse my Devotional Blog at:
http://www.apilgrimspath.blogspot.com/Here are the April Stats. No real surprises here. There was a slight decrease in the number of sales from March to April, but this is rather typical. Listings usually slow down in January and February, so we shouldn't be surprised by a drop in sales (closings) in April. However, listings rise sharply in March, April and May. So, if history is a good indicator, we should see a rather large increase in the number of sales in May, June and July. I'll have a few more observations below.
APRIL 2007 STATISTICS
http://pensacolaassociationofrealtors.com/STATISTICS.htmHomes that are priced right are selling well below the area average of 128 days on market. Lord willing, the listings that I'll close on this month will have been on the market an average of around 60 days.
There are still a lot of homes to choose from. Will we hit the 7000 active listings mark in May? You might remember that back in March I said that if the current trends continued we might see 7000 active listings in May. We will see.
Average sold price actually increased in April. Lets see what it looks like in May before we call this a trend. My guess is that it will be near the same price. Overpriced listings have been reduced in price and are now selling. This will likely hold the prices steady at least, and may even help to push the average sales price up a bit. The median sold price remains fairly constant at or near $165K.
The same things I have been saying are still holding true. If you bought before IVAN, you are in good shape and stand to make a very nice profit when you sell. And there are so many homes to choose from, you are sure to find the perfect home when you get ready to buy. And, by the way, interest rates remain low.
I have a great home in North Harbor at a great price. If you know of someone who needs an immaculate 4 bedroom home in Pace with a pristine workshop or craft shop, on its own foundation, and huge covered patio for entertaining send them my way!
Here's the link:
http://parmls.com/PcolaReports/listings.asp?ID=2476063683Hope you all have a great weekend.
His by grace,
Tom
"Reaching Forward to What Lies Ahead..." Phil 3:13
Tom Robertson, Sales Associate, Coldwell Banker JME Realty
Direct line: 850-324-7109; Fax: 850-479-4853
loan pre-approval 866-728-4691 www.tomrobertson.com
Real Estate Market Update for March '07
This was published via e-mail in April '07.
The blast of cool air was nice, but, 78 degrees and sunny skies is much more conducive to fun in the Pensacola sun!
Here are the latest stats from Pensacola MLS. Understand that these numbers reflect single family homes, condo's, town homes, homes under construction and homes yet to be built. That being said, it really doesn't matter what data we are including as long as we use the same data each month and each year. We are simply looking at trends in the market over the last several months and years. I am not an economist. I am not a prophet or a psychic. I am simply making these stats available to you.
All that being said, here are the stats! I think you'll notice some encouraging trends. I've included February's stats to keep you from having to dig back through your e-mail or trash bin for a comparison.
http://pensacolaassociationofrealtors.com/STATISTICS.htmHere's what I noticed:
1. The number of available listings at the end of March 07 increased a mere 152 over the previous month's total. Comparatively, March 2006 saw an increase of a whopping 500 available listings over the previous month. That is good news. The rate of increase in the number of listings is lessening!
2. There were 109 more sales in March 07 than there were in February. The March '06 total saw an increase of only 82 sales over the previous month. This also is good news. Let's hope this trend continues!
3. More good news! The average sales price dropped only slightly over last year's total. In my last update I stated that I would not be surprised to see us move downward and closer to the average sales price of March 05... and we did. March 05's average was $181,844. March 07's average was $183,959. We are only $2115 above the March 2005 average. I think this is significant. I hope this indicates that we are near the bottom of the downward spiral.
4. A look at April 06 reveals that the average sales price increased substantially over the previous month. I do not think we'll see that same substantial increase in April 07, due to the fact that supply still far outpaces demand. However, the encouraging news above gives me hope that April 07 may see a stabilization, if not an ever so slight seasonal increase in sales price when compared to last month.
Have we turned the corner? We'll need a few more months of stats before we can tell for sure. But, I am optimistic. I've been hoping to see some good signs in the market and it sure looks promising. But, we'll have to give a bit more time before I start jumping for joy!
If you are thinking of buying, this is very much a buyer's market. Rates are still low! And, because there are so many nice homes to choose from, you are sure to find the right home for the right price!
As I've been saying to those who are thinking of selling, if you bought prior to the run-up that began in mid/late 2004, you are sitting pretty. You stand to make a very nice profit on the sale of your home. And when you do, you'll have a great opportunity to downsize into that low-maintenance Patio home you've been dreaming about. Or... maybe its time to up-size into that larger home for your growing family!
Whatever your particular Real Estate need, I'm here to serve you. If you have any questions, or if you know someone who needs a good Realtor, please call or e-mail!
Hope you all had a great Easter! As always, please take a look at these listings and forward them to anyone you thing may be interested.
Details 325227, 3980 HARBORS PORT ST, PACE, FL - $239,900.00
Details 325065, 5615 WHISPERING WOODS DR, PACE, FL - $209,900.00
Details 322774, 5608 WHISPERING WOODS DR, PACE, FL - $224,900.00
Details 324104, 7201 SCENIC HWY, PENSACOLA, FL - $569,900.00
Or
Click Here to go view all listings at once. If your email program doesn't support an HTML url, then copy and paste the following address to your browser's address box. Make sure you copy and paste the entire link; it may appear on multiple lines.
http://parmls.com/PcolaReports/listings.asp?ID=2475859499God bless you and yours,
Tom
"Reaching Forward to What Lies Ahead..." Phil 3:13
Tom Robertson, Sales Associate, Coldwell Banker JME Realty
Direct line: 850-324-7109; Fax: 850-479-4853
loan pre-approval 866-728-4691
www.tomrobertson.com
Real Estate Market Update for February 07
Hope you all are having a great day. The weather in Pensacola is heavenly. We'll see a high of about 72 degrees today with bright sunny skies.
Here is another Real Estate Market Update. Take a peek at the numbers for yourself. Then I'll make a few comments to put it in perspective. Here's the link to the latest stats:
http://pensacolaassociationofrealtors.com/STATISTICS.htmA few observations:
1. There are still a ton of homes on the market. There are more homes on the market right now (6648 as of this morning, March 8th) than there were during any month last year. This number will go up as the spring selling season unfolds. I would not be surprised to see active listings hit near the 7000 mark by mid May.
2. Days on market are directly proportional to the amount of listings on the market. As the number of listings increase, the number of days on market increase.
3. The average price of a home fell about 5% when compared to January. But, when comparing previous years, a drop in sales price from January to February is not uncommon. Hard to say why this is the case, but, I'd speculate that those homes that did not sell prior to the New Year, made significant price reductions in January to "get it sold."
4. There were a few more sales in February than in January. That is almost always the case. Less contracts are written over the Christmas and New Year Holidays. That translates into fewer sales in January.
5. Compared to February 06... Avg Sold Price dropped 13%. There was a 19% drop in the number of sales. The number of active listings rose by 23%.
Putting it all together. I think we are still seeing a correction in pricing. If the Law of Supply and Demand holds true, then we should not be surprised by a further slight decrease in pricing. When will it stop? I hope we are reaching that point. At this moment we are very close to Feb 2005 average sold price. I just took a peak at March 05's average sold price... it is $181,844. I wouldn't be surprised to see another slight drop toward that number...but, nothing drastic.
Still, supply is far exceeding demand. So what I've been saying all along is that those sellers who bought prior to the dramatic increases that began occurring around mid-summer '04, are in a prime position to price their homes aggressively, make a huge profit and then turn around and find the "pick of the litter" from the large inventory of homes on the market!
So, if you or someone you know is thinking of buying or selling, please tell them that you know a great Realtor who can be trusted and who will serve them well!
If you know of someone who would like to be included, please feel free to forward this to them, or have them visit my web site at
www.tomrobertson.com and drop me a line.
Sincerely,
Tom Robertson
Real Estate Market Update Jan 07
Market Update from Jan 07. I had trouble trying to paste the stats into this one.
Hi all,
Here is a quick update on Real Estate in the Pensacola area for the beginning of 2007. Following the statistics below, I've included some thoughts on what it all means and what we might expect in the coming year.
Thought you might interested in comparing January 2006's statistics to January 2007's.
[couldn't figure out how to cut and paste the table]
That represents a 10% drop in the Average Sold price and a 32% drop in the Median Sold price! Wow! Neither of these drops are insignificant. The median price indicates that the most frequently sold homes in Pensacola are in the $130,000 price range vice the $190K price range of a year ago. The problem with this is that the average list price of a home in Pensacola is much higher than $130,000. Having been out looking these past several weeks for homes under $150K, I can tell you that there is not much to choose from.
Bottom line: The market is saturated with listings that exceed the financial capability of the average Pensacolian. Therefore, even though rates remain constant at around a very good 6%, or so, on a 30 year mortgage, we will continue to see Days on Market increase, Sold Prices decrease, and foreclosures on the rise. A Lawyer friend of mine whose company deal in Real Estate Law and processes bank foreclosures told me that for one particular bank whom they service, they performed only 1 or 2 foreclosures all of last year. This year, they have already processed 5! If these trends continue, things are going to get real interesting this year.
And so what I've said previously remains true as far as I can tell:
1. Buyers who don't mind shopping around and being patient, will find an occasional good deal. There are sellers who MUST SELL and will be more willing to deal as there days on market climb and as the next mortgage payment looms.
2. Sellers, who have owned their homes for more than 2 or 3 years (bought prior to the escalating prices of late '04 and '05 and avoided the temptation to refinance), and who are willing to price their homes aggressively, below market, are poised to sell their homes in well under the DOM average and make a very nice profit.
3. If you are thinking of buying and you've owned your present home for a while, sellers are much more likely to accept an offer contingent on the sell of your home. This was not the case a year of so ago. Sellers had the upper hand and could demand and receive a full priced offer with no contingencies. Not so any longer! So, find a home you like, negotiate a "buyer friendly" deal, then price your own home aggressively and move into your dream home within a couple of months!
Hope this was helpful and informative.
His by grace,
Tom Robertson
Sep '07 Real Estate Update
Here is a combination, Devotional/Market Update that I published via e-mail back in September of last year. I now publish these separately on two different blogs. My devotions are now published at
http://www.apilgrimspath.blogspot.com/ if you are interested in reading and commenting there.
Reaching Forward Devotional/Market Update September 06
A friend once told me, "God directs the boat, Tom, but you’ve got to row." So very true. The Apostle Paul made plans to carry the message about Jesus Christ to places that had never heard about Christ. With much prayer and the prayer of friends he acted on that plan. Things did not always go as planned. On one occasion he attempted to go to Asia and spread the Gospel of Christ, but kept finding himself blocked at every turn. One night he dreamed about a man from Macedonia (modern day northern Greece) who was asking for help. Paul and his missionary companions concluded that they were to sail to Macedonia with the good news of Jesus Christ. The result? Many came to faith in Christ and a new church was established, which served as a launching point for evangelism for all of Greece and eventually Italy. Paul did not plan on Greece and Italy when he set out for Asia Minor. But, he rowed the boat and God directed him to an even more incredible mission which bore, and is still bearing, tremendous fruit (you can read the story yourself in the Bible beginning in Acts 15:36 and continuing to the end of Acts). The point is this, keep rowing, even when things don’t go as planned, and as long as you are rowing for God, God will direct your life as surely as He directed Paul’s and much fruit will be borne.
The Real Estate market in Greater Pensacola has changed. There are over 6000+ active listings on the market at present as compared to about 1000 a year and a half ago! Given the high demand and diminished inventory, prices were inflated after Ivan, but are now stabilizing. You may know of someone who is thinking about buying, but is concerned about the changing market. Tell them to keep rowing, there are great deals to be had. If you or someone you know is thinking of selling, "Row on!" Buyers are coming back into the market now. Your buyer may be rowing to your home as we speak. Let’s get it on the market!
If you don’t know me, you can find out more about me, my career in the Marine Corps and my philosophy in Real Estate at
www.tomrobertson.com.
Sincerely,
Tom Robertson
May 2006 Real Estate Update
I published this via e-mail back in May of 2006. I'll be interested to compare May's 07's stats when they come available early in June!
Just wanted to let you know that we are in a BUYERS market. The likes of which we've not seen in many years. Listings are up 400% over last year. Sales are down 27% over last year. The law of supply and demand is a work once again. Only this time it is benefiting buyers!
I just helped a lovely couple negotiate a contract for over $40K off the listed price. It is a great time to buy!
Interest rates are still pretty good. Rates are hovering around 6.5% or so.
I would love to help you or your friends buy a home in this great buyers market.
Last year, about this same time, sellers flooded the market with a lot of over priced homes. Buyers revolted. Prices are on their way back down and buyers would do well to get back into the market now!
Before Ivan hit in September of 2004, I was advising sellers, as early as March of 2004 to put their homes on the market due to a dwindling supply and high demand. Prices were on the upswing and a seller could expect multiple offers on a reasonably priced home. Those days have ended. Buyers now have several homes to choose from. They can make an offer on a home, and if it is not accepted, they'll simply move to the next one on the list. Bottom line, great deals are ready to be had. Many sellers, both resales, and new homes are offering incentives to buyers in the form of closing costs and other extras!
It works the same with condo's. A man recently offered ridiculously low offers on 9 multimillion dollar condos, the one that responded with the best counter offer was the one he bought. He sealed the deal for hundreds of thousands below list price!
If you have friends who are thinking of investing or buying a new home, you should send them my way. I'll take care of them and make sure they are getting the best home for the best price!
I'd be happy to work with your friends who are thinking of selling as well. They'll need a top notch Realtor in this market. The days of hiring the "average Joe real estate agent" are history. I'll give them top notch marketing and top notch representation.
Thanks for the referrals. Give me a call or drop me an e-mail.
God bless,
Tom Robertson
