Here’s a look at the Pace Real Estate Market Report for December 2018. According to information from the Pensacola Association of REALTORS®, the current real estate inventory numbers have increase and the price per square foot has decreased. Let’s take a closer look at the Pace market trends.
A Look at Housing Stats
November ended with a total of 68 homes sold. We’re seeing a increase of 3 percent when we compare this month’s sales to the 66 recorded in October. Sales are down 24.4 percent from this same time last year, and sales are still 3.5 percent behind when we look at year over year stats. There have been 952 total sales this year compared to the 987 total sold by this time last year.
The average sale price of homes in Pace was $221,507 in November. That amount shows a decrease of 6.9 percent when we compare it to the $237,836 from October. In November 2017, the average sale price was $226,712, which is an decrease of 2.3 percent year over year. The median sale price for homes sold in November was $201,250. This amount is higher by 5.2 percent from last year’s $212,400.
What Does this Data Mean?
November began with 168 homes for sale without an offer. This number shows a decrease of 4.5 percent from the 176 we recorded in October. The number of active listings is down a shocking 42.1 percent from the 290 recorded this same month in 2017. We continue to see a decrease in the active listings available for Pace as we move to the end of this year. In fact, November showed the lowest inventory number in years.
Currently, The Pace Real Estate Market has 2.5 months of inventory to sell. It has continued to increase for the last months. 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 51 new listings in the month of November. This number is down 28.2 percent from the 71 new listings in October and shows a 33.8 percent decrease from the 77 new listings in November 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 still in the best position as we move towards the end of the year. Sellers are receiving 95.6 percent of their asking price when it comes to home sales in this area. The average days on the market for homes sold in November was 66 days. This number is up 112.9 percent from the 31 days last months and down 25.8 percent from 89 days that were recorded this time last year.
The average selling price per square foot as we ended November was $107. This amount is up by 3.9 percent from the $103 recorded this same time in 2017 and shows a 2.7 percent decrease from the $110 from October. 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.
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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 $221,507 or less.