Sunday's Pensacola News Journal includes a report by Lesley Conn on what locals know: There's a housing glut in greater Pensacola."Last week, the Pensacola Association of Realtors listed 5,642 properties for sale -- a five-year high and nearly four times more than the 1,487 homes listed in March 2005."Conn identifies a number of reasons. Among them are two years' of unremitting storms, still-unresolved insurance claims, discouraged homeowners looking to move farther inland, lack of available contractors and work crews, frustration over long delays in getting building permits, inexperienced realtors over-pricing homes, etc. etc. etc.
The over-arching explanation is that supply exceeds demand. The unanswered question is whether this is a temporary situation or more long-term.
The coming hurricane season will answer that, we're guessing, either by improving demand --or reducing the supply.
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