As our nation has an economic story so too does Pensacola. Taking the same principles of supply and demand and applying the implications it has on our local real estate values is a pivotal piece of any buyers decision-making process. Pensacola has exploded over the last decade due to the incredible quality of life our area provides.
112.5% increase in demand (listings sold) in 2018 compared to 2011
In the time period ranging from 2014-2018 Pensacola saw a 48% increase in the number of visitors to our area. During that same time frame the average income of these visitors also increased by 16%. There are more highly qualified buyers descending upon Pensacola than ever before and growing. The purchasing power of the average resident in Escambia County has also increased in comparison to the cost of living. Major industries, such as aerospace and defense, cybersecurity, advanced manufacturing, and professional services are investing in Pensacola and the workforce that calls Pensacola home.
Supply has dropped 47% from 2011 to 2018 in Escambia & Santa Rosa counties
As a homeowner, it is important to keep up with supply in your local market. In our market, we have a lack of inventory. As you can see by the graph below, developers are building at increasing rates in our area, but nowhere near the levels needs to keep up with demand. And, there is currently little to no speculative building or buying due to stringent lending practices.