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.