Panama City Real Estate | Real Estate Article
Panama City Real Estate - Is Bay County Real Estate a buyer or sellers market?
The Panama City-Lynn Haven metro area of Bay County Florida, is currently undergoing a significant residential and commercial real estate adjustment period.
Panama City, Panama City Beach and the surrounding communities (Lynn Haven, Callaway, Cedar Grove, Springfield, Parker etc.) are currently experiencing a buyers market, although this is not expected to last much longer.
At the time of this writing, current Panama City Real Estate market prices are affordable and stable at the moment offering buyers and investors significant real estate investment opportunities as the areas expected growth continues to climb.
As news of new shopping centers (Pier Park as an example), the New Panama City International Airport, Audubon Society Center, Tourism Development Council projects and the Panama City Beach Community Redevelopment project begins to spread, we will see the market begin to shift slowly.
Current prices on condos and homes have stabilized to help create a thriving second home market. Realizing the current market trend, sellers are offering practical sales prices and reasonable and unique incentives to buyers to move current inventory.
At one point, the available condo inventory for Panama City Beach peaked at over 2400 active units on the market.
The available condo market fluctuates between 1500 - 3000 active condos which shows significant movement in this market area.
Sales volumes for October 07 increased significantly over previous months volume reports. According to statistics is provided by the BCAR (Bay County Association of REALTORS) MLS, the average price of a condominium in September of the same year it was approximately $327,000 while the average price in October climbed to $365,000.
The average DOM (Days on Market) for condominiums saw a significant downward adjustment from 149 DOM to 81 DOM. This shows a significant interest in the vacation home, rental and investment property real estate market.
New construction projects: Shopping centers, low-mid income housing projects, financial institutions as well as corporate head quarters continue to fuel the local economy. As bay county's economy expands, more buyers and investors find the appreciation rate on many properties a sound investment for the future.
Flipping properties in the Panama City metro area is a thing of the past for now. However, as the news spreads of available opportunities we expect to see a significant market shift to a stabilized real estate investment area.
In recent months, the primary home market has experienced significant adjusts to the buyers market as well. Pricing adjustments, buy incentives and relocation assistance have all contributed to stabilizing this Panama City and Bay county real estate market segment.
According to statistics provided by the BCAR (Bay County Association of REALTORS) MLS, the average price of a single family home in September was approximately $290,000 while the average price in October dipped to $237,000. The average DOM (Days on Market) for single family homes saw a slight upward adjustment from 121DOM to 129 DOM. This shows a continuing adjustment trend for the single family housing market in the Panama City Bay County Florida area.
The Panama City and Bay county Commercial Real Estate segment is also undergoing significant adjustments. Many new large scale condominium projects are placed on hold allowing the current inventory levels to adjust. New retail, office and industrial commercial projects continue to fuel the areas growth as preparation for the movement of the existing Panama City Airport to the New Panama City International Airport approaches.
If you'd like more information on the Panama City market, my free Community report and Market summary are available to help you make an informed real estate investment decision in the Bay County Florida Real Estate Market.
© Copyright 2008 Jennifer MacKay. All Rights Reserved.
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