Pensacola Real Estate Maket Update - March 2009

The first graph, Residential Monthly Sales for March looks like it could end near March 2008 sales. This is a very positive event.

I am still hopeful we are approaching a floor in the number of residential sales and this is supported by the data here.

We currently show sales of 325 units, should end up around 350. We currently are about 12% below March 2008 sales but will end up only off about 5%!

This is much better than the February month-to-month -26%

We continue to see a month over month rise in sales as we would generally expect, given our normal seasonal cycle, as we approach summer.

The next graph is the Monthly Active Residential Listings.

As you can see, the number active listings is continuing to decline and is trending lower in 2009.

The number of active listings is still too high and will continue to put downward pressure on real estate pricing.

Our last graph, Average Monthly Residential Sales Price, indicated a downward trend on prices.

This should continue given the current high level of active listings.

But look! We have hit the 4% appreciation line.

Data compilation and analysis By Bill Gibbons.