Panama City Real Estate – Market Update
Posted on February 19, 2008
Filed Under Florida Real Estate Market Update | 1 Comment
I’m please to bring you an additional Panama City Real Estate Market update.
Periodically, the FAR (Florida Associations of REALTORS® ) reports on the status of the Real Estate market statewide.
This latest update is as predicted, good news for Panama City, Florida…
With all the announcements lately for the Panama City, Florida area such as:
- New store announcements for the Pier Park shopping complex
- The go ahead word for the construction on the Panama City International Airport
is it any wonder, according to the Florida Association of REALTORS® that the Panama City real estate condo market 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!
In addition:
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 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.
Author : Jennifer Mackay - Posts:284
Jennifer Mackay is an award winning real estate agent and Keller Williams team leader in the Panama City Florida area. Her website: Panama City Real Estate provides guidance, information and free buying and purchasing features for registered visitors. Follow: @realtorjennifer | Facebook
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Nice post and great looking blog. Keep up the great work, and I am sure that the downturn in the real estate markets is coming to a end. I can feel it in our area, and soon I bet you will feel it as well.