Panama City Real Estate Market update

Posted by Jennifer Mackay - Owner on Tuesday, September 7th, 2010 at 9:57am.

The Panama City Real Estate market summary for August 2010 has been published for your convenience.

An interesting aspect of the market numbers is that if we were not faced with a recession/depression the numbers indicate we would be entering a sellers market.

Home sales were up from July, however the price of homes decreased significantly.

Condo sales decreased slightly as prices remained about the same as July.

Banks and lenders continue to foreclose at an alarming rate, shortsales and foreclosures are now the market norm and there is no end in sight.

On the bright side, Panama City homes and condos that are not in foreclosure or short sale status and are priced correctly are sold very quickly - usually in less than 30 days.

 

 

6 Responses to "Panama City Real Estate Market update"

Danny wrote: Foreclosures and short sales are going away in most markets. Here in Tampa we are experiencing the same types of numbers you are there in Panama City.

Posted on Tuesday, September 7th, 2010 at 10:52am.

Panama City Condos | Jennifer Mackay wrote: Danny,

Thanks for stopping by. The market in our area is still top heavy with foreclosures and short sales. Is your market still experiencing the same?

Best wishes

Posted on Tuesday, September 14th, 2010 at 12:20pm.

Danny wrote: I meant to say they are not going away. Yes we are experience about the same as the Panama City market. Although we are seeing a lot more short sales now than foreclosures, I think the banks are waking up and trying to work with sellers more with short sales.

Posted on Tuesday, September 14th, 2010 at 5:47pm.

Janis Gagliardi wrote: Homes that were aggressively priced sold quickly in the Daytona Beach area and there were alot of cash buyers. Our market is also experiencing lots of foreclosures and short sales.

Posted on Friday, October 1st, 2010 at 10:24am.

Panama City Real Estate | Jennifer Mackay wrote: Danny,

Sorry for misunderstanding.

Tampa is a very good market and one similar to what I to believe Panama City will be like in a few years.

Best wishes and thanks for stopping by.

Posted on Saturday, October 9th, 2010 at 12:48pm.

Jennifer Mackay wrote: Janis,

We're seeing quite a few cash buyers come to our market lately as well.

The condo prices are insanely low - and moving quite well.

Best wishes

Posted on Saturday, October 9th, 2010 at 12:49pm.

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