Real Estate Market Update 5-1-2006

Not much change in the last 30 days...Once again the Multiple Listing Service (MLS) for Realtors reports that 500 homes sold in April. That's the same as in March, but the total number of properties for sale went up by about 200 (bringing the number to 6,197). With that many properties on the market it could take 3 or 4 months, on average, to sell a property. That's good news for buyers though! Lots of property to choose from and the sellers are willing to consider price reductions. Selling at a rate of 500 units per month, we now have 12 months of supply.

The Florida Trend magazine says that we have 1060 people moving to Florida every day. That is the net figure, after subtracting out the ones that are leaving. So, one of our objectives is to find out where all those new residents are coming from....where they are landing....and if they are buying houses. If you've moved to Florida, or headed in this direction, let me know! You can contact me at joe@stukey.com or visit our website at www.stukey.com.

Gulf Coast News - Bits and Bytes

A quick update on the latest happenings in our area..... as of 4/16/06.

The Oriskany ---- The aircraft carrier is now back in Pensacola and is in final preparation for sinking on May 17. It will become a barrier reef off the coast of Pensacola. With a length of 888 feet, it will be the largest artificial reef ever made. And being so big, care has to be taken to make sure that it remains level while sinking. The worst case would be for it to turn on its side before hitting bottom. Not sure how long it will take to sink, but the plan is to have a "controlled" sinking, which could last for 5, maybe 10, hours or more.

The Beaches --- The Gulf Coast's beaches are coming alive this year. With picture-perfect weather, the crowds are back on the beach. Only six of the 12 hotels have reopened since the 2005 hurricane season, but the locals are out in force. The Hampton Inn reopened this week, bringing the number of beach hotel rooms to 757.

Fishing Season --- Red Snapper fishing season has started and runs through October 31st. Minimum length is 16" and there is a maximum of 4 per person. The season will close before October 31st if 4.47 million pounds of Red Snapper are caught (though I'm not sure how they can accurately measure that!)

Senior Citizens Housing --- Plans have been announced for Englewood Senior Apartments, a new residential complex to be built in downtown Pensacola. There will be 92 units available and the complex will include a small movie theater, clubhouse, computer cafe, and a convenience store. The apartments will be marketed to those 55 and older. Rent for the 1-bedroom apartments will be between $332 and $570 per month. Rent for the 2-bedroom apartments will be between $399 and $684. The project will be done by Beneficial Communities, a housing development firm in Sarasota, FL. We welcome your comments, so please write to me at joe@stukey.com, or visit our website at www.stukey.com.

Real Estate Market Update 4-1-2006

The market continued to shift into a Buyer's Market in March. The number of properties listed for sale increased again, to almost 6,000. A significant price gap exists between the sold and unsold units. The average selling price is $207,000, but there are many houses on the market that are above that price, making the median price about $400,000. Buyers are offering less than list price, and the smart sellers are taking their offers. Of the 6,000 houses on the market, about 500 sold in Santa Rosa and Escambia counties, leaving many sellers frustrated. On average, it takes more than 90 days to sell a property. Hurricane season starts June 1, and that may be causing homeowners to be anxious to get their homes on the market. About half of the properties for sale are on the waterfront. And, yes the storm watchers are forecasting a busy hurricane season. We welome your comments and questions. Contact me at joe@stukey.com, or visit our website at www.stukey.com.