Single Family Residential Detached Houses Sales since Feb 1, 2009
Area: west of Spanish Trail; south of Creighton Rd; east of 9th Ave; north of Summit Blvd
3 bedrooms 2 baths 1,000 to 1,499 square feet of living area
4 sales (non short sale & non foreclosure) with a low of $89,000 and a high of $120,000. The average price was $105,225 and the average per square foot was $79.48
Jack Lara, Keller Williams Realty of Pensacola
(850) 554-9543
Market Update for Single Family Houses
Closed sales from March to April rose by 23%. Hold on, this does not mean the buyer's market is over. Last year, 2008, there was a 12% increase from March 2008 to April 2008. In April of last year the number of closed sales was 345 and this April it was 355. The fact is that sales for the first 3 months of this year were lower than last year.
Out of the 35 closed sales, 75 were cash purchases and 101 were financed with conventional loans. Surprisingly FHA loans accounted for only 23% of all closed sales. The running thought by most in the real estate profession was that FHA was accounting for 3/4ths of the market.
Finally, 30% of all single family house closings involved either a short sale or foreclosure.
Jack Lara, Keller Williams Realty of Pensacola
Search For Pensacola, Cantonment, Gulf Breeze, Milton, Pace, Pensacola Beach Real Estate for Sale
First Time Home Buyer Program: SHIP
The volume of first-time home-buyer assistance program applications has increased dramatically over the past two months. This increase demand has caused the funds for this program to be used quickly. Funding for the program in Santa Rosa County has been suspended. This is due to the shortfall in state funding. SHIP funds are still available for first time home buyers in Escambia County Florida.
If you are a first time buyer now is the time to buy. Why wait? You have historically low interest rates and a tax credit of up to $8,000.
Jack Lara, Broker-Associate at Keller Williams Realty of Pensacola
PensacolaAreaProperties.com find out what houses are selling for around you in Santa Rosa and Escambia County Florida.
Just listed a house in west Pensacola. 4 bedroom 2 bath house with 1800+ square feet plus an in-ground pool and a 12x20 workshop. The house sits on a 1/3 of an acre. List price is $115,000. The house is being cleaned up and touched up and will be hitting the MLS in a couple of weeks.
The Florida Association of Realtors has made available a new contract addendum that addresses the defective drywall imported from China.
This is a form to be used if a buyer desires to perform a defective drywall inspection. The Addendum allows the buyer to cancel the contract if the inspection reveals the presence of defective drywall and the cost to repair/replace the defective drywall or damage resulting from the defective drywall exceeds a predetermined amount.
Indicators of defective drywall:
The drywall was imported primiarily from 2004 to 2007 according news accounts.
Looking for a Home Inspector go to Ellis Home Inspections and here is another article on the Drywall.
Jack Lara, Broker-Associate at Keller Williams Realty of Pensacola (850) 554-9543
Find out what homes are selling for around you at HomeValue411.info or start your search for Pensacola Real Estate at PensacolaAreaProperties.com
Einstein the Kitty's illustration of Supply and Demand
The number of residential single family detached homes for sale (active/no contracts) is below 4,000 units. The Pensacola market has been below this number for several months. For most of last year and the year before that we were running above 4,000 units for sale. The number of single family houses sold in January 281, February 226, and in March 281.
We are running with over a one year supply of houses for sale. It appears that for every house that does sell 2.5 do not (expire/withdrawn from the market). Another interesting number to be aware of as a seller and especially as a new seller is that for each house that does sell there are nearly 3 houses that come up for sale. This can mean that the longer your house stays on the market the less likely it is to sell. Look at it this way. If you have a jar of M&M's and it is nearing the bottom you will put more in the jar on top of the old ones. The old ones get stale and eventually are thrown out. This is in effect is what is happening each day a new listing (house) enters the market. Something to think about when pricing your house.
Jack Lara, Broker-Associate at Keller Williams Realty of Pensacola 7140 N. 9th Ave Pensacola Florida 32504
(850) 554-9543
Search for Pensacola Real Estate at Pensacola Area Properties.com
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Helping Home Buyers and Sellers since 1999. Accredited Buyer Representative, Realtor, Broker-Associate, Certified Distressed Property Expert.
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