"Housing stats offers some encouragement. But for one notable number, the Pensacola Association of Realtor’s October report on the local housing market’s sales and prices would be nothing exceptional to write about.
The number of single family homes sold last month- 342- was nearly identical to the previous month, and the month before that. The median sales price of homes sagged falling from $149,000 a year ago to $145,000 last month.
And the average number of days a house stayed on the market before selling was 145, up slightly from 142 in October 2010.
But of all the numbers in the association’s report last month, there was one number that stood out.
At the end of October, there were 3,910 unsold homes in the two-county area.
Why is that number significant?
It’s the first time in nearly seven years that the two-county inventory of unsold homes has dipped below 4,000.
In October 2010, the unsold home inventory was 4,819, and three years ago it was 6,000.
While still high, this slow but steady shrinking of inventory is the surest sign the market is trying to consolidate itself and begin a long, sustained climb back to normalcy.
The question is: Will the trend continue?
If you talk to local experts, most will tell you privately there is little on the housing market landscape that portends a robust recovery anytime soon.
But if the slow and steady shrinking inventory continues, eventually prices will start climbing. And that’s something every homeowner should welcome with open arms.”
--Thanks to Mr. Proctor and the PNJ for sharing that article!
Just a few additional notes:
*Of the 342 homes sold in October, the average price was $160,860 with a median price of $140,000. Homes sold ranged in price from $8,100 for a 1 bedroom 1 bath 600 square foot house in downtown Pensacola to $950,000 for a 5,100 square foot waterfront/ golf-course home in Gulf Breeze.
*The number of homes RENTED is still exceeding the number of homes sold. While 342 homes were sold in October, 382 homes in Santa Rosa / Escambia County were rented during the month of October! The average rental rate is $947 with a median price of $875. Apartments rented as low as $295 with luxury waterfront homes renting as high as $3,000 in October.
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