Just FYI:
According to Metro Market Trends, a statistical sales analysis firm in FL, Pensacola is still approx. 19% overpriced in comparison to 'bring home' income. We all know that even though 2005-2006 saw huge increases in pricing due to supply and demand after Ivan, we never gained any new industry jobs to continue to support those prices and mortgages after the storm. So based on MMT's data, the home sales prices vs. Pensacola Income is still overpriced. We are however, the second least overpriced in Fl, next to Tallahasse with only about 9% overpriced. Miami is at an estimated 55% overpriced market. Wow.
Metro Market Trends can be located at http://www.mmtinfo.com or 850-474-1398

Forecasted decline in Pensacola? I agree with the previous agents' answers. It's very hard to "predict" a decline percentage. If you listen to the news media, the market is horrible. Well, it's not. It's simply a buyers' market. All markets have cycles. The real estate market is no different. With this being said, if properties are priced right, at or just below market value, they will sell! It's up to you, the buyer, to determine the quality vs. price on a home. Use a real estate professional to help you search and narrow your selections...then get it!!

Thanks!

Nancy Humphrey, Realtor
Keller Williams Realty
Pensacola, Florida
850/206-5526 Cell

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Like the previous agent stated, the number of factors affecting the real estate market makes it very difficult to tell how prices will be impacted in the coming months. In my personal opinion, I believe that the serious sellers in Pensacola have already adjusted their listing prices to fetch market value. In fact, many of the homes SELLING (not listed) in the Pensacola regional area are priced right from the beginning.

I am sure you are a buyer with a keen eye for quality, and you will be able to tell when a home is priced right. With the help of a real estate professional, you will get the necessary facts (i.e. sold prices on comparable properties) to make an informed purchasing decision.

If I can be of further assistance to you, please call me. 850-380-0571
Preston Murphy
Realtor
Weeks Realty, Inc.
850-380-0571

I am in the Destin area, 50 miles from Destin--what the decline will be will be dependent on so many factors that it is very hard to really predict with any accuracy. There is a high inventory of homes and condos, so the prices will probably continue to drop some--but if money is available and interest rates are low, because of the high military housing market, there will continue to be a demand for properties in the lower price ranges. Those homes don't sit on the market. Keep in mind that housing prices are still continuing to follow a more normal pattern of gradual increase of value over prices from prior to 2004. Remember that 2005, 2006 was a ridiculous spike in prices that could not be sustained. The Gulf Coast is still a very desirable place to be, and there is an aging population across the country that desires warmer climates and beautiful beaches that Pensacola has to offer.