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.

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.