Panama City shows 3rd Best in Existing Home Sales, 4th Best in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases 2007 4th Quarter home/condo resales data
Panama City, Florida, February 18, 2008
Panama City Real Estate Market continues to place well statewide
Florida Association of REALTORS® (FAR) has released sales data for Q4 2007 existing condos and homes, and Panama City continues to stay among those least-affected by the current real estate market conditions.
Statewide, sales of existing condos declined 27 percent (7,923 units closed for Q4 2007 compared to 10,820 for Q4 2006). In contrast Panama City showed a decrease of only 10 percent (81 existing condo units closed in Q4 2007 compared to 90 closings in Q4 2006) for the fourth best showing in the state, tied with Ft. Pierce-Port St. Lucie and surpassed only by Fort Walton, Sarasota and Marco Island.
In sales of existing single-family homes, Q4 2007 shows a statewide decline of 31 percent (26,130 units closed in Q4 2007 compared to 37,879 in Q4 2006) while Panama City shows a net decrease of only 15 percent (269 units closed in Q4 2007 versus 315 units closed in Q4 2006). This places Panama City in third best position statewide, only to Fort Walton Beach and Sarasota.
Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 4% reduction in Q4 2007 versus Q4 2006 and existing condos seeing a 17% reduction for the same period. Statewide sales figures continue to show that those areas embracing efforts to educate sellers about realistic expectations, while pointing toward a ‘buyers market’, remain least-affected by the current real estate market conditions.