Pensacola, Florida, is known for its beaches and colorful history, and these days the market should be catching buyers' attention. Some experts report that prices dropped in the last few years, leaving sellers and investors both holding onto properties they wanted to get rid of.

But now, according to a recent Sarasota Herald-Tribune article, "Florida's premiere economist believes that the downturn in the residential real estate market is over. That does not mean that Floridians will see much improvement in the months ahead. But barring a sharp increase in oil prices or some other earth-shattering event, market conditions are not likely to deteriorate."

In terms of stats for the area, local expert Milly Burleson reports that "during September 357 homes were sold. ... The average Days on the Market was 143 days. The average sales price was $189,664. Homes sold for an average of 94.31% of the listed price."