Panama City Beach Real Estate Market Conditions
Panama City Beach Real Estate Information | Market Conditions | Boating and Fishing

Hi folks,
I hope all of you are doing well today. I just posted the Panama City Beach Real Estate For Sale inventory numbers for Panama City Beach, Panama City and Bay County. The numbers are for the month of March.

Locally there may be an encouraging trend starting. It seems that Panama City Beach real estate absorption rates may be trending lower for single family homes and condos. This means that as the number of property sales seem to be keeping pace with or exceeding the number of properties coming on the market. For the long term if there is a trend and it continues we could see selling prices versus asking prices stabilizing. The reduction in absorption rates is encouraging. That said last month the ave. selling prices for single family homes in Bay County moved up slightly and condos in Panama City Beach were still moving downward.

For sellers this may mean that you are pricing your properties to the market and you may be able to look foward to not having to make further major price reductions. Discounts from asking price versus selling price are running about an average of 6%.

Sellers please note that the average days on market are running about 136 days. If you have a home that has been on the market for awhile, has been adequately advertised and you have not received any offers, it is mostly likely a pricing issue. If you want to sell, you will most likely have to reduce the price.

Buyers…if this trend continues and you are in position to buy you may want to do it sooner than later. Theoretically if the trend continues with inventory numbers coming down as well as absorption rates there could be price stabilzation and then prices could start to eventually increase. That thought combined with the fact that current interest rates for 30 year fixed rate mortgages are 5.6%…you may want to get in this real estate market now.

I would like to comment briefly on the vacant land situation. It is a difficult market for sellers of vacant land. The inventory numbers are very high and prices are continuing down for that property type. For buyers of vacant land well it just dosent get much better in terms of availability and price. See the Panama City Beach and Bay County Real Estate vacant land market data.

Please let me know your thoughts and if you have any questions or concerns.
Thanks and have a GREAT day!

Kind regards, Mike Foate- By Land or By Sea!
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MIKE’S CELL: 850-596-4236
VIVIAN’S CELL: 850-814-2372
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Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
400 S. Hwy 79
Panama City Beach, FL 32413

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