Pensacola, FL housing market

In Pensacola this month, a full quarter of homes for sale have already cut their price, and that tells you almost everything about where this market sits. About 25 percent of active listings have come down at least once, which is what happens when sellers aim high and buyers do not follow. There are roughly one thousand five hundred homes for sale right now, and only about 470 new listings came on in the past month, so supply is heavy relative to fresh demand. Homes that do sell are taking just under two months, around 59 days on market. The pricing gap explains a lot of it. The median list price is about three hundred eight thousand dollars, while the typical home value is closer to two hundred seventy-four thousand dollars, up only about half a percent over the past year. Sellers are still pricing off old expectations, and buyers have the time and the options to wait them out. If you are selling in Pensacola, price to today's value from day one. The homes sitting longest are the ones that started too high.