Escambia & Santa Rosa County Real Estate Market Overview With low inventory and high buyer demand, homeowners could earn a larger profit on their houses and sell them quickly. The greater Pensacola area has experienced a rise in property values during an extraordinary global health crisis. This may seem absurd, but we are not alone! All across the country, homeowners have seen the very same trend.
Where We Have Been The consequences of the 2008 housing crisis impacted the area as they impacted the rest of the country. The excessive amount of speculative buying came to a halt and left an abundance of inventory, driving prices down since pre-recession levels. Where We Are Currently Today, we have the Dodd-Frank act in place which requires lenders follow strict guidelines to verify income and debt ratios. The difference between then and now is home values are being fueled by qualified buyers and extremely low levels of inventory, resulting in consistent appreciation over time. Currently, most homeowners have more equity than they realize. According to John Burns Real Estate Consulting, over 42% of homes are owned free and clear, meaning they are not tied to a mortgage. Of the remaining 58%, the average homeowner has $177,000 in equity.
01/01/2019 - 07/31/2019 VS 01/01/2020 - 07/31/2020 All info from PAR MLS for Santa Rosa & Escambia County as of 08/01/2020
