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.