Panama City, Florida Real Estate Market Continues to Show Improvement

by October 25, 2007 • 0 comments

I couldn’t find the article on the FAR website, so I don’t know if it was reported by The Goulding Agency, but I’ll give them a plug here anyway.   I got an email, and this is what it said:

Panama City, Florida Real Estate Market Continues to Show Improvement  

Florida Association of Realtors® (FAR) releases monthly home/condo resales data

Panama City, Florida, October 24, 2007

The Florida Association of REALTORS® (FAR) today releases home and condo resales numbers for September, 2007 and Panama City places best in the state for overall percentage of change in sales of existing single family homes, while second best in the state for overall percentage of change in sales of existing condos.

The median price for detached, existing single-family homes in Panama City is down by 9 percent compared to September 2006, about average for the entire state, while the median price for existing condos is down 5 percent, once again closely following the state average.

According to the data, Panama City places second only to Ft. Walton Beach in percentage of change for existing condominium sales in Florida.  A 19 percent increase in condo resales in Panama City over September 2006  measures up favorably against an overall statewide decrease of 37 percent, due in part to a 5 percent correction in Panama City condominium prices, providing incentive to buyers.

Bay County Association of REALTORS® president Scott Bowman points to public awareness campaigns, educating home buyers that now is the best time to invest in real estate, and executed in Panama City, Sarasota and Pensacola, areas showing some of the most positive sales data in the state. 

The Panama City/Bay County area continues to see aggressive retail and commercial development, indicating a high degree of optimism for long-term sustainable growth from investors.  CNN and other news sources observe that Panama City will possibly see as much as a seventy two percent increase in home prices over the next five years, with as large as a twelve percent growth in population and as much as a thirty percent rise in per capita income.

For additional information on the Bay County Association of REALTORS® or ‘Gotta Buy Panama City’ contact The Goulding Agency at 850-625-6888 or the Bay County Association of REALTORS® (Scott Bowman, President) at 850-319-0509.  Further information can also be found at www.GottaBuyPanamaCity.com.

Print Story

Additional Real Estate Market Stories

More Ways to Connect with Us

Leave a Comment