Each month, HVF’s Housing Market Report uses a number of leading real estate market-based indicators to report on activity in the single-family home markets in the top 200 metropolitan areas (CBSAs) in the U.S.
In this month’s Housing Market Report, we take a closer look at Pensacola, Fla., a new member of Top 10 Hottest Housing Markets. Florida was one of the hardest hit states during the 2008 housing market collapse, so seeing a growing market in the Sunshine State is a promising sign.
Of our Top 10 housing markets, Pensacola was #4 in total home sales (2,302) and has a low Months Remaining Inventory score of just 3.99.
Growth has been steady in Pensacola and the western part of Florida over the last few years. A recent article in the Pensacola News Journal reported median home prices rose 7.6 percent over a one-year period.
Our data reflects the same:
Pensacola appears primed for future gains. Sold Days on Market is still on the higher end at 69 and there are currently 3,061 active listings. The chance to own a home in this oceanfront metro at a price point below the county average – Pensacola is $200,000 and the county average is $230,000 – is an opportunity house hunters won’t want to miss.
Interested in learning more about the top metros featured in this month’s market report? Contact Pro Teck for more in-depth information on each CBSA listed in this month’s report.
About Pro Teck’s Monthly Housing Market Report
The Home Value Forecast uses a ranking system that is purely objective and is based on directional trends of nine market indicators. Each indicator is given a score based on whether the trend is positive, negative or neutral for that series. For example, a declining trend in active listings would be positive, as would an increasing trend in average price. A composite score for each CBSA is calculated by summing the directional scores of each of its indicators. From the universe of the top 200 CBSAs, each month we highlight topics and trends in the real estate market.