If the latest year-over-year statistics are any indication, our market is starting to shift toward more of a buyer’s market.

For your latest Pensacola market update, let’s look at some statistics from last September and see how they compare year over year with the numbers from September 2017.

First off, the number of homes sales increased 5% to 804. The median sale price, meanwhile, increased just 1% from $221,000 to $224,000—the lowest year-over-year increase we’ve seen in almost two years. We’re still in a seller’s market, but as you can see, conditions are starting to favor buyers more and more.

"We’re still in a seller’s market, but as you can see, conditions are starting to favor buyers more and more."

As for the rental numbers, the median price for a rental home increased 5% from $1,150 to $1,212 per month. In 12 years, rental prices are expected to double to $2,400 per month. This means if you’re currently renting, unless you don’t plan on living in your area for longer than six months or a year, you should seriously consider buying.

If you have any more questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.