Panama City Beach Real Estate Housing Report for May 2017 – condos and homes for sale
If you plan on buying or selling condominium or home throughout Panama City Beach it’s important to stay attuned to the changing market. In many places around the country, we are seeing hot seller’s markets but that might not be the case here in town. We’re seeing a neutral market, which is good for both buyers and sellers.
As of the publishing of this post, the current median sales price is $226,250, which is roughly $184 per square foot. The median rent is $1350 per month.
This price is gone up and down over the last six months were the lowest was in November 2016 at just under $200,000 for the median sales price. It increased up to $220,000 in February, slightly dropped in March and is back up to the $220,000 mark as of May 2017.
Zillow’s home index value puts Panama City Beach it $231,800, and 8.9% increase over one year ago. This is good news for investors the purchase condominiums in Panama City Beach. Prices increase and therefore rents and demand increases as well. Panama City Beach is higher than the Panama City Metro area. The median list price, which is different than the sale price, is $272,000 according to Realtor.com. That comes in at $188 per square foot and a median closing price or sales price of $215,000. Currently, there are 1636 homes for sale and 68 homes for rent, including all condominiums, townhomes, single-family homes and beachfront condo units.
Inventory has remained about the same from about a month ago and the median days on the market are between 70 and 95 days. This is actually lower than it was one month ago as we head into summer.
If you’re looking to buy or sell a condominium or any single-family home or property throughout Panama City Beach and surrounding communities and villages contact my office today. You might be surprised as to what your home is worth and what you can get for around $200,000 in Panama City Beach.