Market Conditions Favor the Ever Elusive Buyer

Market Conditions for the first four months of 2008 compared to the same period of 2007 in the Pensacola, Florida MLS area.

Here are some numbers that may make you cringe:

Current monthly sales indicate an upward trend, which is typical for this time of year. However, compared to 2007, there have been 512 fewer sales in 2008.

The hardest hit, by far, is the $100,000 to $199,999 price range, with a staggering 248 fewer transactions. The next hardest hit is the $200,000 to $399,999 range, which accounts for another 171 less transaction. These two price ranges have a combined loss of 419 transactions or approximately 82% of the 512 sales lost year to date through April.

Sellers with homes in the $600,000 plus price tier have fared slightly better compared to the same period last year. This price range has seen a net gain of 29 sales. It doesn't sound like much until one considers that only ten sales closed in this range in 2007. Sales for the same period this year have almost tripled. The biggest gain was in the $950,000 to $999,999 range, with an increase of 20 transactions. Resistance at the higher price levels is evident. There were ZERO transactions on the MLS in 2007 and 2008 for properties priced at $1,400,000 to $1,850,000.

The number of properties on the market in April has dropped from last year with 639 fewer homes. Considering an inventory of 7,132 residential properties for sale, this decrease in the number of listings seems negligible.

For those sellers in the hardest hit price ranges, take heart. Historically, most transactions in your price range will happen in the next three to four months.

And for those ever elusive buyers, your options have never looked better!

Numbers generated using data from the Pensacola MLS and are deemed reliable but not guaranteed