We are currently at 3.7 months of inventory in the greater Pensacola real estate market. That means that, if no more properties come on the market, it would take less than 4 months for us to sell all of the currently listed homes at the current rate of sale. Six months of inventory is what has been historically viewed as a neutral market, favoring neither buyer nor seller over the other, as it relates to supply & demand. Above six months (we were at 20+ months when the market was at its worst), the number of homes for sale exceeds the current demand and buyers tend to have the upper hand. Below six months of inventory, the favor swings to the side of the seller as buyers scramble to buy in a market with little to choose from.
What makes this market especially unique is the still low interest rates that are keeping homes so affordable and many buyers still “in play” for a mortgage loan. (As interest rates creep up, many buyers will be priced out of the market as it relates to affordability.)
Interestingly, rents are staying high & rental inventory is also low, which rarely coincides with low resale inventory.
The result? A great real estate market for investors, buyers, and sellers alike! A rare situation, indeed.
Call your favorite Main Street Properties agent today to buy or sell your next home or to see if real estate investing might be right for you!