September Pensacola Market Update
Today I would like to give you an update on what the market has been doing the last seven days.We are seeing that the inventory on existing homes are going up 1/10 of a percent a month for the last several months by themself. What we are looking at in the local market is that there is 2,941 homes on the local market and 421 closings. Clearly sales are very strong, but what we do is take the number of homes on the market and divide it by the number of sales. With that said, we are just under seven months supply of inventory. This inventory has been on the climb every single month.
Anything between five and seven months supply is considered a balance market. We are slowly but surely moving back into a buyer's market. This occurs when the inventory of listings go up. Also, the rise in interest rates has gotten buyers who were waiting on the fence to jump into the market before the interest rates og up too much. Rates have dropped in the last two week, but have been on the rise this season. On the existing homes, we have gone from nine months of inventory to five and then back up to seven. On new homes, we have dropped all the way to two months of inventory. This is a clear sign that the economy is getting better when the rates go up. Rates right now are at 4.5 to 4.25 %, it all depends on whether you want to pay for a discount point. Right now, rates are overall up and inventory is going up. We suggest that buyers take advantage of this market while the rates are at near-historic lows. If you need information on how much your home is worth or purchasing in the area, Keith Furrow has the experience to help you.
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