Here’s a look at the Pace Real Estate Market Report for August 2018. According to information from the Pensacola Association of REALTORS®, the current real estate inventory numbers are still low for this area and the number of new listings has also decreased. Let’s take a closer look at the Pace market trends.
A Look at Housing Stats
July ended with a total of 87 homes sold. We’re seeing a drop of 29.3 percent when we compare this month’s sales to the 123 recorded in June. Sales are down 16 percent from this same time last year, but sales are still 8.8 percent ahead when we look at year over year stats. There have been 619 total sales this year compared to the 569 total sold by this time last year.
The average sale price of homes in Pace was $240,066 in July. That amount shows an increase of 1.9 percent when we compare it to the $235,645 from June. In July 2017, the average sale price was $218,408, which is an increase of 9.9 percent year over year. The median sale price for homes sold in July was $227,500. This amount is higher by 6.3 percent from last year’s $214,000.
What Does this Data Mean?
August began with 181 homes for sale without an offer. This number shows a decrease of 7.2 percent from the 195 we recorded in June. The number of active listings is down a shocking 45.2 percent from the 330 recorded this same month in 2017. We continue to see a decrease in the active listings available for Pace as we move through this year. In fact, July showed the lowest inventory number in years.
Currently, The Pace Real Estate Market has 2.1 months of inventory to sell. The real estate market is considered balanced with a 6 month supply.
What does this mean if you’re buying a house in Pace?
There were 73 new listings in the month of July. This number is down 5.2 percent from the 77 new listings in June and shows a 36.5 percent decrease from the 115 new listings in July 2017. The current inventory shortage combined with the decline in new listings is creating a competitive market for home buyers. There’s something you can do to increase your odds of getting to a new listing before the crowd. Sign up for free email updates that are set up according to the criteria that you find important when it comes to searching for a home. These updates may just give you the edge needed to step in front of your competition and buy the home of your dreams.
What does this mean if you’re selling a house in Pace?
Home sellers in Pace are in the best position possible as we move towards the end of summer months. Sellers are receiving 97.6 percent of their asking price when it comes to home sales in this area. The average days on the market for homes sold in July was 86 days. This number is down 5.5 percent from the 91 days that were recorded this time last year.
The average selling price per square foot as we ended July was $110. This amount is up by 7.8 percent from the $102 recorded this same time in 2017 and shows a 0.9 percent increase from the $109 from June. Want to give yourself the best chance of getting the highest return on your investment when it comes to the home selling process? Make sure that you do everything possible to set your asking price correctly from the start. Start by getting an idea of your home’s worth today by using our home valuation calculator.
Pace Homes for Sale
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Here are the most recent home listings just added to the database in the average sale price range for Pace. All homes here are priced at $240,066 or less.