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Panama City Real Estate Market Update: August 2008
By Joanie Miller | September 9, 2008
Here is your local Panama City real estate market update for August, 2008.
The number of new listings on the market in Bay County was down from last month, totaling 285 units. The average sold price was 12% below market value from this time last year, however, it was up 1% from last month. Expired listings remained about the same and withdrawn listings were down to 136.
The condo market did show decreasing number of new listings this month. The number of pending (-21%) and sold (-32%) properties were down as well; which is to be expected since the season is changing (see below). On a positive note, like the rest of Bay County, the average sold price for condos in Panama City were up 1.5%.
It’s been said that many buyers wait until the spring time to start looking for property, so expect a decrease in the number of units sold until the beginning of the new year. One way you can see how this relates to real estate is by viewing the graph below. It shows the search volume for the term “real estate” used in Google’s search engine.
As you can see, at about the end of July is when things start slowing down for real estate. It’s at the beginning of the year when buyers start their searches again.
For more information about Augusts statistics, head over to our market summary and statistics page for the complete breakdown.
Category: Market Updates |
September 10th, 2008 at 12:43 pm
thanks for the update
September 10th, 2008 at 1:26 pm
What ever happened to the old Polynesian Condos.
It seems like a high rise invester would sweep that
property up since it is so close to Pier Park? the last
time I saw it, it looked a mess!
September 10th, 2008 at 1:44 pm
The Polynesian Village is still there. Right now there is four units for sale. But, until the market comes back and there are a lot less listings on the market, I don’t think we’ll see an investor/developer buying the whole complex to develop newer condominiums. I totally agree with you though! It is a great location.
September 10th, 2008 at 1:49 pm
You’re very welcome Brent!
September 13th, 2008 at 8:16 am
nice update. thanks joanie
October 9th, 2008 at 1:47 pm
[...] in withdrawn and expired listings have surfaced. There were 92 more listings withdrawn over August, 2008. In addition to the increase in withdrawn listings, the number of expired properties jumped to 140 [...]