Market Update for Panama City Beach, FL (July 2008)

July was a great time for Panama City Beach real estate.

The number of new listings were down 12% in July, which is great news for sellers. In addition to this, the number of expired and withdrawn listings increased. This may not sound like the most positive news, but think of it this way, the loss in the number of those listings is most likely relieve our market of overpriced listings. This eventually lowered the total number of active detached single family homes and residential condominiums to 2,476 units. That's almost 16% less listings on the market when compared to last month. The average pending price increased to $311,210 and the average days on market [for sold properties] decreased 17 days. Could this be a sign of a changing market?

Buyers are still interested in short sales in Panama City Beach as our requests for these increased this month. I would like to note that Buyers need to consider non-distressed properties because there are many out there that are priced correctly. This also broadens your search and could bring to light a very unique home or condo that could have potentially passed your radar.

I am predicting that as the completion of the new Bay County International Airport draws closer, Buyers will return to the area in large numbers as they once were.

In other news, August will host the brand new fishing tournament called the Grand Lagoon National. This new tournament will be located in North Lagoon/Thomas Drive area of Panama City Beach.  The founder, Bill Spann, will be heading the tournament as Chairman and is planning on over $1 million going to the winners. Spann has also founded such tournaments as the Bay Point Invitational, one of the largest fishing tournaments in Florida.

All information pertaining to the statistics were taken from the Bay County Association of REALTORS®. You may view the statistics online at our website. Look for the "Market Summary" link on the left side menu.

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