Panama City Beach Market Update May 2014
Panama City Beach is located in Florida and is one of the biggest touristy areas along Florida’s Gulf of Mexico’s Panhandle. Teeming with condominiums, vacation resorts, waterfront estates and endless amounts of activities and nightlife, spring breakers, snowbirds and vacationers alike flock to this area each year for sun, sand and relaxation. It helps to know what’s going on in the market if you plan on buying a second home for permanent residence in this area.
This market report is from May, 2014.
Currently the average list price is about $346,000 and the median sales price is $183,000, roughly the same as last year. There are currently 1860 properties, homes and condominiums for sale, of that about 580 are foreclosures, short sales or bank owned properties. The average price per square foot has dropped slightly since last year at $139. The number of sales is one of the most dramatic figures to have dropped; 344, which is nearly 41% lower than it was last year at this time.
Some of the more popular neighborhoods along Panama City Beach is the Long Beach resort, Summerwood, Palmetto Trace, Palm Cove and Laguna Beach. Laguna Beach is one of the more expensive neighborhoods with an average list price of $559,000. These other popular neighborhoods have average list price between $150,000 and $300,000.
Waterfront condominiums, vacation homes, timeshares and townhomes are some of the more popular places to call home whether it’s full-time, part-time or the occasional vacation. Homes range anywhere from $150,000-$1 million depending on size, condition and amenities.
For more information on homes, values and properties for sale in Panama City Beach visit the website or call us for a more accurate look at today’s market.