Bayou Place Neighborhood Monthly Report Pensacola FL

January 2014

Bayou Place Neighborhood Monthly Report Pensacola FL

Bayou Place Sales Report for 2013

                                       2013   compared to  2012

Total Sales.................. 7                          4

Average List Price...... $123,000               $111,625

Average Sale Price......$118,771               $111,025

Median List Price.....   $120,000               $109,900

Median Sale Price.....  $120,000               $109,950

Number of homes currently for sale........2

-- 3094 Creole Way for $119,000 and 2982 Creole Way for $135,000

Number of homes under contract............zero

Our two county real estate market has improved to a point where one may conclude that the market has stabilized. The anticipation for what will happen in 2014 is that mortgage rates are expected to rise. Analysts believe that mortgages will increase to about 5% while a few analysts believe that rates will come closer to 6%.

What can you expect if rates do climb? As the rates begin to move up in a consistent manner that movement will cause buyers to enter the market. Buyers will have an impetus to enter the home buying market in order not to be priced out due to affordability. This buyer activity will influence some sellers that have been on the fence about selling to go ahead and list their house for sale. As with the Law of Supply and Demand then prices potentially are set to increase. This will allow some ...