Pensacola Real Estate

Pictured Above: 3060 Windermere Drive. 3400+ sqft, 3 bedrooms, 3 baths in the heart of Pensacola for $424,900. Visit the link on the right side of the page to find out more about this super home.

I promised I'd get the August Stats out to you as soon as they were officially released. Not much has changed. Here are the stats for August 2007:



http://pensacolaassociationofrealtors.com/STATISTICS.htm


1. Active Listings have declined to just below 7000. That is an encouraging trend. Ideally, I'd like to see that number below 4000.


2. The Average sold price remained fairly constant. However, recent Real Estate news of a negative nature (the mortgage industry) will likely drive the Average Sold Price slightly lower. In fact, looking back to 2005 and 2006, the average sold price is nearly unchanged... slightly up in comparison to 2006 and almost exactly the same as 2005.


3. The total number of sales remained constant at around 470. Excluding 2005 and 2006, this is a fairly normal number of sales for our area. It will be interesting to see how the tightening of lenders belts effects the availability of buyers in the coming months. September will not be a good barometer due to the fact that it is usually a slow month. However, October and November will be the months that are most likely to reveal the effects of the current market.


I've received a couple of additional e-mails from industry experts regarding the current state of affairs in the mortgage industry and its expected effect on the Real Estate market. Most expect a continued "correction" in the market lasting approximately 12-18 months. I personally think the correction in our local market will be shorter than 12 to 18 months. But, it is hard to say. I certainly do look for prices to continue to decline slightly as desparate sellers and aggressive buyers continue to set the tone in the market. But, I don't think that the effect will be drastic. Nevertheless, sellers in all areas will find it necessary to offer a very competitive property at a very competitive price in order to get their homes sold.


If you are a potential buyer, I suggest you chose a lender carefully. Use one the bigger more established lenders, or a a local bank or credit union when you begin to look around. Because of the need for more documentation and verification of income and assests, buyers will find the loan process a bit more tedious. In spite of that fact, buyers will easily be able to find a good loan at a good rate from a reputable lender.