Here's is a look at the Pace Real Estate Market for April 2018. According to the report released by the Pensacola Association of Realtors this week we are still experiencing a LOW INVENTORY Housing Market. Home sellers are slow to put their home on the market. This delay is causing a shrinking inventory, an increase in prices and a strong competition among home buyers.
This Month in Real Estate
A Look at the Housing Stats
April ended with a total of 97 single-family homes sold. That's an increase from the 89 sales in March. April 2018 sales were at their highest when comparing to April 2017 and 2016. The median price range of houses sold in Pace during the month of April were $215,000. That amount shows an increase of 15.6 percent from April 2017 but a decrease from the 3.4 percent from the $234,303 from last month. April's year-to-date sales of 279 are running 3.7 percent ahead of last year's year-to-date of 269.
What Does This Data Mean?
At the end of the month there were 174 single-family homes listed with no offer. It is a dramatic decrease of over 48 precent from this same time last year. April's inventory was at it's lowest level compared to April of 2017 and 2016. The low inventory trend continues with less than 2 months supply of inventory on the market. In order for the market to be balanced, there needs to be a 6 months supply of inventory on the market.
What Does This Mean If You Are Buying a Home in Pace?
Even with the shortage of inventory, home sales in Pace remains strong. This is still a great time to buy while the interest rates are still low. Rates are expected to continue to rise as we get further into this year. Buying now will help keep your payments down. You can buy more house with the same money than if you continue to wait until later in the year. The lack of real estate inventory is also causing a rise in the median price ranges in the Pace area. With the strong competition it is a good idea to stay on top of your game when it comes to house hunting. One of the easiest ways is to do that is to sign up to receive email notifications and create saved home searches around the criteria you are looking for in your new home.
Cash sales made up 20 percent of all the sales in Pace. This percentage is a dramatic increase from 6 percent of cash sales this time last year. Cash buyers are showing that they are a force in the buyer's market.
What Does This Mean If You Are Selling a Home in Pace?
For some reason, Pace homeowners are slow to place their home on the market, but this is the perfect time to do so. With the inventory low like it is, buyers are feeling an urgency to purchase. For this reason putting your home on the market could get you the price you want and in record time. Home prices continue to rise and and the number of sales keep going up.
The percentage of homes that sold within 60-days for the month of April was 65 percent. Last year, there were no homes that sold that quick.
Pace Florida Homes For Sale
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Here are the most recent homes for sale just added to the database in the sale price range for Pace FL. All homes are priced $300,000 or less.