The Panama City Beach real estate market has actually come back fairly well after our hurricane season that kind of wiped out a lot of tourist attractions. But, for those of us that love the beach, Panama City Beach is doing fairly well, but now is a great time to consider buying in this area since we are not seeing overly inflated vacation home prices or condominium prices. Here’s what’s going on in the Panama City Beach real estate market.
Our inventory is up by 5% over last year at this time. Home prices have increased by 11% for a median list price of $389,000. One year ago it was $349,000. There are practically zero distressed properties on the market currently meaning that there are no short sales or foreclosures and when there are distressed properties they tend to sell extremely quickly.
There are about 1218 active properties for sale including lots and land, single-family homes, condominiums, townhouses, and beachfront property. As we head into summer the current market is extremely hot for all of Panama City Beach home values. Zillow puts this hot market home value index at $281,200. That’s an over 4% increase from last year at this time. The median sales price is $259,800. And even with the short slump last year, home prices have continued to rise since 2012. We’ve gone from about $150,000 on an average price in 2012 up to nearly $305,000 as of today.
The highest appreciating neighborhood since 2000 continues to be Sunnyside and Hollywood Beach, Gulf Resort Beach, Gulf Lagoon Beach, Edgewater Gulf Beach, Laguna Beach, Upper Grand Lagoon, and City Center.
Nearly 37% of homes are priced between $132,000 and $265,000. This is the highest percentage of properties currently for sale. The next highest is 32% price between $265,000 and $397,000. Only 5% are under $67,000 and .2% are over $1.3 million.
So good news for both buyers and sellers! It’s a great market right now and if you’re in the market to buy or sell in the Panama City Beach real estate market, give us a call!