AUGUST PENSACOLA MARKET UPDATE

The Pensacola Market saw the average home price drop from $386k to $377K in the month of August. It is the first time we have seen home prices drop in a long time. The average days on market now sits at 20 days vs 15 days in July. Back in April, it was an average of 5 days on the market. The average interest rate sits at 6.03%. We are seeing many builders offer incentives that they haven’t offered in the past 2 years. They are buying down interest rates, giving $10k in closing costs, plus all appliances. We are also seeing sellers offering a buy down in interest rate as well. Sellers still have a ton of equity in their homes today but we are seeing more flexibility when it comes to negotiating and terms. If you ever need any honest real estate advice, reach out to The Leavenworth Team at 850-378-1260.