Panama City Real Estate Market Update - Panama City Up 15% in Existing Condo Sales Statewide
By joaniemiller | January 4, 2008
By: The Goulding Agency
Florida Association of REALTORS® (FAR) releases November 2007 home/condo resales data
Panama City Real Estate Market continues to show positive trend.
Florida Association of REALTORS® (FAR) this week released sales data for November 2007 existing condos and homes, and Panama City continues to stays ahead of the statewide curve.
Statewide, sales of existing condos declined 29 percent (2,375 units closed for November 2007 compared to 3,356 for November 2006). In contrast Panama City shows a net increase of 15 percent (31 existing condo units closed in November 2007 compared to 27 closings in November 2006) for the second best showing in the state, only to Fort Pierce-Port St. Lucie. Panama City is followed by Daytona Beach with a 6 percent increase, with all other areas of the state posting negative percentage numbers.
In sales of existing single-family homes, November 2007 shows a statewide decline of 30 percent (8,106 units closed in November 2007 compared to 11,609 in November 2006) while Panama City shows a net decrease of 21 percent (85 units closed in November 2007 versus 107 units closed in November 2006). This places Panama City in fifth best position statewide only to Fort Walton Beach, West Palm Beach, Sarasota, Melbourne and Daytona Beach.
Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 9% reduction in November 2007 versus November 2006 and existing condos seeing a 12% reduction for the same period. Efforts continue on the part of REALTORS® to educate sellers about realistic expectations while buyers continue to recognize the potential for long-term sustainable growth in Panama City and Northwest Florida.
Topics: Market Updates |
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