Monthly Residential Market Report for Panama City and Beaches, Florida

Monthly Residential Market Report for Panama City Beach, Panama City and surrounding cities of Bay County Please note that these numbers are based on residential detached/attached single family homes and condos ONLY. The number of sales decreased which is typical during the holiday season. Still the average sale price was 12% higher than last year and slightly higher than the average sale prices in 2003 ($213,694). This increase has obviously caused many sellers who were reluctant to list their home in the past to go a head and sell and try to take advantage of the lower interest rates while they are still extremely low. Panama City Beach Residential Market Report # of sales Avg Sale Price Avg # of days on market Months of Inventory Nov 2012 134 $194,287 165 11.05 Oct 2013 194 $231,107 103 6.62 Nov 2013 136 $219,854 105 9.50  Note: 6 months of inventory is considered a neutral market. Above 6 months of inventory is a Buyers Market. Below 6 months of inventory is a Sellers Market Panama City and Surrounding Cities seems to be on the same path as the beach however, the average days on market and lower amount of inventory could be the beginning of a slow and steady price increase. Especially with all the military movement and related sales in East and Central Bay County. The average sale price is also slightly higher than those in 2003 ($139,395) but we still have not seen a big difference from last years sales prices. If you know someone that has been considering buying a home in Panama City, I would encourage them to go a head and take advantage of the low rates and slow recovery of the Panama City market as we move in to the first quarter of 2014.  Panama City and Surrounding Cities # of Sales Avg Sale Price Avg Days on Market Months of Inventory  Nov 2012 94 $149,010 129 10.71 Oct 2013 129 $143,678 87 7.68 Nov 2013 104 $144,768 82 8.99