While October’s market numbers aren’t quite finalized, let’s take a quick look back at the month of September to see how the Pensacola real estate market closed out Q3.
Highlights
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September is up 17% over last year’s total sales, and the MLS recorded the highest number of sales for September ever.
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Pending sales, too, were the highest on record for the month of September.
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September saw the newest residential and condo listings added for the month in 3 years.
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The average days on market for the month was 20 days which was up slightly from August’s low of 17.
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The $160k-199k price point was the hottest price point for the month averaging 12 DOM.
Takeaways
More often than usual, we’ve been fielding questions from our clients past and present about the state of the current market, and how it will impact them. While we don’t have a crystal ball, we know that rates will likely rise in the near future, and as a result, we feel there will be a certain amount of “cooling” of the market. Until that happens, however, we are going to continue to see significant amounts of competition in the market and historic highs in pricing.
If you’re a buyer, you’re probably wondering where the good news is for you in all this, and while it might not be much of a consolation, there is a tremendous amount of inventory being brought to market. Coupled with all-time-low interest rates, it’s still not a bad idea to consider purchasing in the current market. What that means for you is that, even though you might be facing increased competition, there are significant amounts of new homes being listed each month, so be patient, if you can help it. Your home will come along.
Of course, if you’re a seller in this market, you’re in the driver's seat. Prices are up, days on market are low, and there are throngs of buyers hoping to buy your home. Don’t let this lull you into a sense of complacency though. It’s still important to address property conditions that may affect the ability of your home to clear appraisal hurdles. Otherwise, you run the risk of getting a contract at the price you thought you’d never see only to end up having to renegotiate, or worse, cancel when you have “subject-to’s” that come back on the appraisal. When priced appropriately, that’s about the only thing that can derail you as a seller in current market conditions.
All in all, Q3 was one of the strongest quarters for the Pensacola real estate market ever recorded, and that’s not something to lose sight of as we head into Q4. We will continue to share monthly market stats moving forward, and we’ll keep our eyes open for the biggest factor looming for the market - rising interest rates.
Interested in keeping up with what’s happening in the local real estate market? Well, you’ve come to the right place. In an effort to better educate the community, we will be sharing monthly market information to inform your real estate decisions. Here on our blog, you will find more detailed breakdowns of market dynamics, and you can look for interesting highlights on our social media. Give us a “like” and “follow” on Instagram and Facebook for more information.
