Buyer's Market in Pensacola . . . But Things Look to be Changing! Most experts agree, once you exceed six months of housing inventory in a local real estate market, you are in a Buyer's Market. And like most of the country, the Greater Pensacola Bay Area has found itself in a buyer's market for more than two years now.
But is a shift afoot? The numbers seem to say so. Our average selling price has stabilized, or crept up, depending on which month you choose as your cutoff point. And our inventory, while at a whopping 15.44 months for the month ending in May, was a far cry from the height of 24.46 months back in January.
And while there was plenty of bad news to focus on in the annual "State of the Nation's Housing" report issued today by the Joint Center for Housing Studies of Harvard University, a "mild downturn" is the concensus forecast of the majority of economists, and "the fundamentals of demand are likely to drive a strong rebound in housing once prices bottom out and the economy begins to recover."
With the baby boomers hitting their peak retirement years from 2012 to 2014, markets on the coast with mild climates and affordable housing, like the Greater Pensacola Bay Area, look like a good bet for real estate.
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Hi Robin,
I just and to say you have done a very nice job on you blog. Very Impressive!
If you can make it, please come to our breakfast on Pensacola Beach during the Blue Angle rehersal activities on Wednesday July 9, 2008 - 8 AM to 11 AM, at the Dock.
For more information see:
http://activerain.com/blogsview/569422/Pensacola-Real-Estate-Professionsals
Kim G
Hi Robin,
Thanks for the info on the blog. I certainly hope you are correct about the market turning. We are hoping to see some stabilization soon in our office. But we're keeping our heads up, working hard, and hoping for the best.
Have a great weekend!
Kim - Thank you for the invitation.