March 2018 Pace Market Report

There has been an increase in home sales in Pace FL for the third month in a row. There was an increase by 19 in February when looking at the homes sold in January. It is a small increase, but an increase just the same. Considering we are so low on inventory and have been for months it is a bit surprising. We have more buyers than homes for sale that an increase in sales almost seemed unlikely. At any rate, let’s take a look at this market together and see where it is and where it is likely headed.

The real estate market in Pace saw 56 properties exchange hands last month. That is 19 more sales than the previous month. In comparison, there were 85 closings during the same time-frame last year. While consumers are still purchasing properties in Pace FL, it is vitally important that new inventory become available soon. With only 2.4 months worth of properties to pick from, both buyers and investors will start to look elsewhere in Santa Rosa County if they do not find what they need here.

Thankfully, pending sales went way up this past month. There were 105 pendings, an increase of 47 over the previous month. It still bears repeating for sellers though…your home must be priced right and well maintained if you want it to sell in this market. With just 132 homes available (up 47 over the previous month), buyers should be prepared to act fast when they find a home that meets their needs in Pace FL. Any delay could cost them the house…it really is that simple right now!

No need to delay so let’s jump in and take a deeper dive to see what the home sales in Pace Florida in March 2018 looked like!

Pace Florida Homes Sales

With 89 homes sales in Pace FL in March 2018, this market continued to move forward toward spring but there is still plenty of work to do to get back to a balanced market. As a comparison, the average number of homes sales over the past 12 months is 82 sales. With warmer weather arriving, perhaps that will give consumers the incentive to check out the available inventory in this market.

The average days on market for home sales in Pace Florida this past month was 106 days (from listing to closing). That is 23 days off the 12-month average of 83 days. As a comparison, it took 90 days to close homes (on average) during this time-frame last year.

The average sales price came in at $234K+ which was $23K less than the previous month, and $12K lower than the 12-month average. The total was $16K above the same time-frame last year. Homes in all price points have a good opportunity to be seen and sold in the Pace real estate market right now, especially if they are market priced and well maintained!

The sales price to list price ratio (SP/LP) was decent coming in at 97.60% last month. The 12-month average is at 98.90%. When buyers and investors find a home they want, they are making decent offers giving sellers an incentive to negotiate and sell their property. What they are not doing is overpaying in this market right now, despite the shortage of inventory.

How can both buyers and sellers gain an advantage in the current Pace FL Real Estate market? Employ the services of a local Pace FL Real Estate Agent who understands all of the ups-and-downs and twists and turns of this market.

 

Homes for sale in Pace FL.,  Market Reports for Pace FL

Pace FL Real Estate Market

Currently, the Pace FL real estate market favors sellers with 2+ months of available inventory (213 homes) to choose from. To review the home sales in Pace FL in March 2018 as well as other closing information, check out the following statistics:

  • Average Sales Price: $234,303
  • Median Sales Price: $214,900
  • Number of Monthly Sales: 89
  • Number of Distressed Sales: 2
  • Average Days-On-Market, Sold Homes: 106
  • Average Sales Price /List Price Ratio: 97.60%
  • Highest Priced Sale: $495,000
  • Lowest Priced Sale: $80,000
  • Highest Priced Listing: $513,525
  • Lowest Priced Listing: $70,000
  • Largest Home on the Market: 4,425 sq ft
  • Smallest Home on the Market: 1,200 sq ft

This is a good real estate market to be part of for buyers, investors, and sellers. Do not delay or you may miss out on the home of your dreams in Pace FL!

Find Pace FL Homes for Sale

For a complete list of the available real estate in Pace FL and all of Santa Rosa County, search all the available Pace homes for sale. As always, subscribe to my newsletter so you do not miss out on any Pace home deals!

Call me at (850) 377-4410 to find out what your Pace FL home is worth or so we can discuss your housing needs. I know this market incredibly well and can assist with all your residential real estate needs in this market.

Review the Home Sales in Pace FL 32571

 

Statistics represent single family homes and in  (Source: PARMLS) for the referenced month. Information is deemed reliable, but not guaranteed.