Pace, Florida Real Estate Market Conditions
The Pace real estate market is not much different that most of the rest of the country. This means that there is a LOT of supply compared to demand. This creates what is known as a buyer’s market. Not such great news for those of you who need to sell; however, a great opportunity for those of you who need to buy! Pace remains one of top areas of the country, and more so for Florida, in affordable real estate. On top of that, Pace being a “bedroom community” of Pensacola, gets you away from the feel of city life; the schools are outstanding, and crime is significantly lower. I personally have lived in Pace for 8 years and would highly recommend it to anyone, especially those with growing families.
And you know, if you are in the market to sell your current home in order to purchase another, then things aren’t as grim as many sellers will have you believe. Here’s why: If the market were booming again, you would certainly sell your home for top dollar. But…you would also have to pay more for the home you were moving into. Now that the market is soft, you will get less money from your current home, but you have an opportunity to obtain a GREAT deal on your next home. This essentially becomes a wash for homes of comparable value. In actuality, this works IN YOUR FAVOR if you are moving up in value on a home. Dollar wise, the more expensive home is discounted more than a lower priced property.
The only problem here is that if you are “upside down” on your current home, I admit that it may be difficult or impossible to sell your existing home without coming to the closing table with money out of your pocket.
Below are some good statistics for Pace. Note prices down and inventory up (pure economics, folks).
Real Estate Sales and
Inventory
History for Pace, Florida
Month |
Year |
Monthly Sales |
Avg ListPrice |
Avg Sale Price |
% Diff Sell/list |
Avg DOM |
Curr Inventory |
Months Inventory |
January |
2005 |
44 |
$164,339 |
$162,308 |
98.76% |
57.0 |
99 |
2.25 |
February |
2005 |
39 |
$207,634 |
$201,115 |
96.86% |
53.0 |
103 |
2.64 |
March |
2005 |
50 |
$167,589 |
$166,438 |
99.31% |
48.0 |
141 |
2.82 |
April |
2005 |
41 |
$174,712 |
$173,541 |
99.33% |
49.0 |
179 |
4.37 |
May |
2005 |
65 |
$213,653 |
$210,521 |
98.53% |
47.0 |
184 |
2.83 |
June |
2005 |
71 |
$225,342 |
$220,419 |
97.82% |
45.0 |
201 |
2.83 |
July |
2005 |
53 |
$219,338 |
$218,651 |
99.69% |
50.0 |
214 |
4.04 |
August |
2005 |
46 |
$222,719 |
$218,835 |
98.26% |
54.0 |
259 |
5.63 |
September |
2005 |
48 |
$234,753 |
$229,767 |
97.88% |
86.0 |
289 |
6.02 |
October |
2005 |
52 |
$233,850 |
$229,243 |
98.03% |
72.0 |
321 |
6.17 |
November |
2005 |
57 |
$198,563 |
$193,744 |
97.57% |
73.0 |
338 |
5.93 |
December |
2005 |
46 |
$236,742 |
$233,340 |
98.56% |
84.0 |
344 |
7.48 |
|
Total |
|
612 |
$208,270 |
$204,827 |
98.35% |
59.8 |
223 |
4.42 |
|
January |
2006 |
35 |
$236,113 |
$233,272 |
98.80% |
118.0 |
345 |
9.86 |
February |
2006 |
40 |
$217,016 |
$212,692 |
98.01% |
100.0 |
384 |
9.60 |
March |
2006 |
52 |
$210,892 |
$206,761 |
98.04% |
83.0 |
401 |
7.71 |
April |
2006 |
50 |
$232,577 |
$225,766 |
97.07% |
111.0 |
423 |
8.46 |
May |
2006 |
66 |
$221,746 |
$218,262 |
98.43% |
103.0 |
427 |
6.47 |
June |
2006 |
61 |
$240,907 |
$234,014 |
97.14% |
91.0 |
439 |
7.20 |
July |
2006 |
55 |
$249,151 |
$241,480 |
96.92% |
97.0 |
442 |
8.04 |
August |
2006 |
47 |
$211,180 |
$204,474 |
96.82% |
133.0 |
444 |
9.45 |
September |
2006 |
39 |
$218,262 |
$213,390 |
97.77% |
150.0 |
466 |
11.95 |
October |
2006 |
42 |
$204,733 |
$199,478 |
97.43% |
168.0 |
468 |
11.14 |
November |
2006 |
35 |
$197,104 |
$190,135 |
96.46% |
144.0 |
459 |
13.11 |
December |
2006 |
35 |
$197,701 |
$191,581 |
96.90% |
145.0 |
468 |
13.37 |
|
Total |
|
557 |
$219,782 |
$214,275 |
97.49% |
120.3 |
431 |
9.70 |
|
January |
2007 |
33 |
$221,006 |
$210,401 |
95.20% |
133.0 |
440 |
13.33 |
February |
2007 |
32 |
$229,719 |
$220,349 |
95.92% |
170.0 |
457 |
14.28 |
March |
2007 |
41 |
$218,102 |
$210,926 |
96.71% |
147.0 |
487 |
11.88 |
April |
2007 |
41 |
$189,708 |
$186,173 |
98.14% |
131.0 |
481 |
11.73 |
May |
2007 |
56 |
$231,356 |
$219,628 |
94.93% |
172.0 |
457 |
8.16 |
June |
2007 |
60 |
$231,357 |
$224,916 |
97.22% |
131.0 |
451 |
7.52 |
July |
2007 |
40 |
$187,394 |
$180,632 |
96.39% |
108.0 |
463 |
11.58 |
August |
2007 |
48 |
$225,028 |
$217,964 |
96.86% |
125.0 |
484 |
10.08 |
September |
2007 |
33 |
$217,850 |
$210,767 |
96.75% |
177.0 |
507 |
15.36 |
October |
2007 |
41 |
$184,495 |
$177,211 |
96.05% |
131.0 |
485 |
11.83 |
November |
2007 |
32 |
$173,682 |
$166,680 |
95.97% |
147.0 |
464 |
14.50 |
December |
2007 |
40 |
$191,248 |
$185,471 |
96.98% |
153.0 |
441 |
11.03 |
|
Total |
|
497 |
$208,412 |
$200,927 |
96.41% |
143.8 |
468 |
11.77 |
|
January |
2008 |
24 |
$188,414 |
$183,984 |
97.65% |
211.0 |
417 |
17.38 |
February |
2008 |
23 |
$220,447 |
$213,477 |
96.84% |
148.0 |
415 |
18.04 |
March |
2008 |
21 |
$222,706 |
$217,190 |
97.52% |
163.0 |
419 |
19.95 |
April |
2008 |
33 |
$171,192 |
$164,760 |
96.24% |
149.0 |
407 |
12.33 |
|
Total |
|
101 |
$200,690 |
$194,853 |
97.09% |
167.8 |
415 |
16.93 |
|
Total |
2005-2008 |
1767 |
$209,288 |
$203,720 |
97.34% |
123.0 |
384 |
10.75 |
|
