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Panama City Market Conditions, Update for September 2008
By Joanie Miller | October 9, 2008
Here is your local Panama City real estate market conditions update for September, 2008.
Residential sales were up 43% last month when compared to September of 2007, but were down 14% from August of this year.
The fall season is swiftly moving forward and an increase in withdrawn and expired listings have surfaced. There were 92 more listings withdrawn over August, 2008. In addition to the increase in withdrawn listings, the number of expired properties jumped to 140 units, or a 24% increase over the previous month. This upward motion in withdrawn and expired listings [to me] can only mean one thing, “Good-bye overprice listings“. In all honesty folks, our market is flooded with overprice listings.
For example, there is a one bedroom condo for sale at Long Beach Resort for $349,500. When was the last time we saw those prices? Well, April 21st, 2006. This year, there have been five 1-bedroom units sold ranging from $210,00-$225,00. Lets just say someone was going to purchase a one bedroom unit right this second for $225,000 (there are currently listings lower priced than this). That unit is priced $124,500 over what the market is going for.
Pending sales were just about the same as August, 2008; but, there was a massive 45% more pending contracts than September of 2007. This could be due to many things, but for the most part, improved affordability. Oh, and let’s not forget those deals!
Overall, September’s Panama City real estate market was good. I do want to say that if you don’t have to sell - hold off. Unless you bought before 2004, chances are you won’t be able to receive what you want for your property and will end up wasting your time.
If you need to speak with someone regarding your property, feel free to call one of our Listing Specialist.
I hope a wonderful Friday and a great weekend!
Information taken from the Bay County Association of REALTORS(r) on 10/9/2008.
Category: Market Updates |
October 14th, 2008 at 10:19 am
How many total condos went pending and sold in September?
October 14th, 2008 at 11:03 am
According to a report I just pulled, 48 condos went pending and 47 condominiums sold resulting in $14,836,420 in sales.
October 15th, 2008 at 10:08 am
Hey I’ve been doing rehabs for years now and now I’m trying to get into Wholesaling, does anyone know a good course or class I can get into?