Pensacola's September Monthly Home Sales and Activities

Inventory remains at record levels and the percent of homes available for sale to homes sold was lower with only 5.75% selling. There were 6,353 active listings with 942 new listings coming on the market in September while there were only 365 sales in September. it appears much of the market is still well overpriced as indicated by the record number of listings that failed to sell. They averaged $320,677 compared to homes that sold with an average sales price of $187,399. The median sales price was $145,200. With only 5.75% of the available inventory selling in September, sellers accepted on average $11,390 lower than their list price to get their homes sold and many agreed to pay much of the buyer's closing costs which could be an additional $4,000 to $10,000 or more. This number is actually worse than it reflects as the last price reduction vs. the Seller's initial list price was sometimes 50% higher and is not reflected in the LP/SP ratios. It appears Sellers putting their properties on the market in September understand it is going to take an aggressive pricing strategy along with aggressive marketing advantage to get their homes sold not just listed. These new sellers on the market have listed their homes on average, $60,236 lower than the average Active List Price. Sellers that sold in September averaged $133,278 lower than the average homes that Failed to Sell. Sellers need to have full service marketing exposure and the best price in their neighborhood to get their home sold as only 5.75% are selling. Listing high to test the market and dropping the price after a couple of months is not a good strategy in this declining value market as you will be chasing values each month. for buyers the market could not be better. A huge selection of fine homes to choose from, interest rates still at great levels and many motivated sellers making their properties available at lower prices and offering favorable terms. NOW IS THE BEST TIME IN YEARS TO BUY YOUR NEXT HOME OR INVESTMENT PROPERTY.