The Panama City Beach real estate market is hot. According to economists, home values are predicted to rise by nearly 5% over the next year and have changed over 6% from the previous 12 months. We are definitely in the seller’s market throughout Panama City Beach with the highest neighborhoods being Lagoon Beach, Hollywood Beach, and Upper Grand Lagoon. The highest price communities include Sunnyside and Gulf Lagoon Beach. This small coastal town of fewer than 13,000 residents is seeing a pretty hot real estate market right now. The average home price is about $287,000 and the median list price is $390,000, making the median list price per square foot at $276.
Prices have steadily increased since 2012 where the average home was just $161,000. Today we’re pushing the $300,000 mark. Homes are averaging about 98 days on the market, which seems like a lot but that’s coupled with high-end, million-dollar properties that just don’t sell as quickly. Homes in the Lower Grand Lagoon are selling for less than Upper Grant. The median home price in Lower Grand Lagoon starts at about $216,000 where an Upper Grand $234,000.
Nearly 37% of properties for sale fall between $143,000 and $287,000. 32% fall between $287,000 and $430,000. Less than 1% are over $1 million and less than 6% are under $75,000. Nearly 60% of properties in Panama City Beach are owner-occupied but we do have a high vacancy rate, which is to be expected considering we are a vacation destination. Many people by condominiums in Panama City Beach specifically to rent out or use as a second home or vacation property throughout the year.
Nearly 52% of homes were built after 2000 and nearly 68% are apartment buildings or complexes. 47% of properties in Panama City Beach are two-bedroom.
So, what does all this mean?
For sellers, it’s a great market, especially if you have something to offer that might be out of the ordinary such as four or five bedrooms, a larger lot, more amenities etc. For buyers, the competition isn’t too fierce, so you’re likely to get a good price and be able to negotiate on your terms.
For more information on the Panama City Beach real estate market please contact our office at any time.