Panama City Real Estate Market Update
By joaniemiller | February 12, 2008
Contrary to the national media coverage of the real estate market, our office has seen the market pick up tremendously.
According to the National Association of REALTORS®, existing home sales were down about 22%. In January of 2007, 98 homes sold in Bay County. In January, 2008, 84 homes had sold. Nearly a 16% drop in home sales, this statistic is far more encouraging than other areas of the country. With the opening of Pier Park and the progress of the new airport, we project that this percentage will change dramatically in the near future.
According to the Bay County Association of REALTORS® MLS data, condominiums have seen a drop as well - 46% to be exact. Our team was absolutely shocked when this number came up. We have had three open houses in the last 30 days, two at Long Beach Resort and the other at Gulf Crest Condominiums, and they drew in more open house visitors then we’ve ever seen in our entire real estate business. Not only that, but traffic and registrations on our website have increased tenfold.
The spring season is on its way and the Panama City real estate market continues to see a rise in potential buyers. The spring seasons seem to draw buyers to the area with its beautiful sunny weather, fun atmosphere and of course, the outdoor activities. With prices down as much as 15% since 2006 along with a notably large inventory to choose from, market conditions heavily favor buyers.
There is also good news for Sellers. When we compared January 2007 average days on market to January 2008, there was an average reduction of 65 days on the market. Kate Courtney, one the Miller Team’s Listing Specialists, regularly informs sellers that if you are interested in selling, you have to be both competitive and realistic. Overpricing your property not only prolongs your days on the market, but may inevitably place your property in the position of not selling at all.
We are very excited about the spring and summer seasons, here in Panama City Beach, Florida. If you’re thinking about buying or selling in the Bay County area, please feel free to give us a call at 850-249-6655 or e-mail us at info@longbeachsales.com.
Information taken from the Bay County Association of REALTORS® MLS and the National Association of REALTORS®
Topics: Market Updates |
February 12th, 2008 at 4:32 pm
I found your site on Technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.
Eric Hundin
March 3rd, 2008 at 12:47 pm
Why thank you Eric! We try our best to keep our customers up-to-date on what’s happening in Panama City Beach.
Again, thank you!
June 5th, 2008 at 1:52 am
[…] The market’s picking up tremendously. The panama City real estate market currently favors buyers.[…]