Beautiful White Sand of Pensacola Beach

Thank you for visiting the Northwest Florida real estate blog where you can read about the latest real estate market trends and news with a focus on Pensacola, Pace, Milton and the surrounding Northwest Florida Area. It is here that you can keep up on market reports, coming soon homes, just listed/sold homes, homeowner tips, mortgage news and community happenings. We care about our community and want to help you find your place in it.  Please reach our if you have any questions at all.  We would love to talk with you! 

 

 

 

Sept. 14, 2017

Home Sales In Pace FL 32571 Market Report For July 2017

Home sales in Pace FL in July 2017 continued to climb upward.  This month there were 105 closing in Pace, up from 101 last month, up 56.7% from July of 2016, which was 67 closings.  Despite the low amount of homes for sale, Buyers are still buying homes.

July Property sales in Pace, FL were 105. Pace home sales were up 56.7% from 67 in July of 2016 and the same as the 105 sales last month. July 2017 sales were at their highest level compared to July of 2016 and 2015. July YTD sales of 564 are running 13.0% ahead of last year's year-to-date sales of 499.

 Pace FL Real Estate Market Update 2017

The Median Sales Price in July was $217,175.  Pace home values have gone up 5.9% from $205,000 in July of 2016 and up 2.4% from $212,095 last month. The Average Sales Price in July was $222,190, up 12.2% from $198,102 in July of 2016 and up 0.9% from $220,122 last month. July 2017 Average Sale Price was at the highest level compared to July of 2016 and 2015.

The Total Inventory of Properties available for sale as of July was 278, down 9.2% form 306 last month and down 10.6% from 311 in July of last year.  July 2017 Inventory was at its lowest level compared with July of 2016 and 2015.

A comparatively lower Month's Supply and Inventory (MSI) is more beneficial for sellers while a higher MSI is better for buyers.  The July 2017 MSI of 2.6 months was at its lowest level compared with July of 2016 and 2015.

The average Days On Market (DOM) shows how many days the average Property is on the market before it sells.  An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend indicates a move towards more of a Seller's market.  The DOM for July was 91, up 12.3% from 81 days last month and down 4.2% from 95 days in July of last year.  The July 2017 DOM was at it's lowest level compared with July of 2016 and 2015.

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values.The July 2017 Selling Price per Square Foot of $103 was up 3.1% from $100 last month and up 11.0% from 93 in July of last year.

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at above 100% indicates more of a Seller's market. The July 2017 Selling Price vs Original List Price of 99.1% was up from 98.3% last month and up from 97.4% in July of last year.  

This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in July 2017 was 105, down 6.3% from 112 last month and up 38.2% from 76 in July of last year.   

 

Your Northwest FL Real Estate Professional

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July 31, 2017

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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