Panama City Number 1
Panama City Number One in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases quarterly home/condo resales data
Panama City, Florida, November 21, 2007
Panama City Real Estate Market continues to show positive trend
Florida Association of REALTORS® (FAR) today releases quarterly sales data for existing condos and homes, and Panama City stays upbeat.
Statewide, sales of existing condos declined 26 percent (9,622 units closed for Q3 2007 compared to 13,028 for the same quarter last year). In contrast Panama City shows a net increase of 38 percent (127 existing condo units closed in Q3 2007 compared to 92 closings in Q3 2006) for the best showing in the entire state. Panama City is followed by Fort Walton Beach with a 26 percent increase and Sarasota with a 15 percent increase.
In sales of existing single-family homes, Q3 2007 shows a statewide decline of 29 percent (31,910 units closed in Q3 2007 compared to 44,776 in Q3 2006) while Panama City once again shows a more positive trend with a net decrease of only 8 percent (369 units closed in Q3 2007 versus 401 units closed in Q3 2006). This places Panama City in third best position statewide only to Sarasota with a 5 percent decrease and Marco Island with a 7 percent decrease.
Existing single-family home and condominium process continue to see a market correction, with sellers becoming more realistic and buyers recognizing the potential for long-term sustainable growth in Panama City and Northwest Florida.
See more statewide sales figures at: http://www.gottabuypanamacity.com/index-news%20you%20can%20use.html
What does this mean to Panama City? National Association of REALTORS® Senior Economist Lawrence Yun says “Buyers in most areas who do their homework will recognize that housing remains a good long-term investment.”
Bay County Association of REALTORS® President Scott Bowman in Panama City points to public awareness and educational campaigns executed in Panama City, Sarasota and Marco Island as partially responsible for the positive sales data in these respective areas.
CNN and other news sources observe that Panama City will possibly see as much as a seventy two percent increase in home prices, as large as a twelve percent growth in population and as much as a thirty percent rise in per capita income over the next five years.