Market Update - May 2024

Panama City Beach and 30A Market Stats are in for May, and inventory is continuing to climb. In Panama City Beach, inventory surpassed 9 months, while 30A is almost to 11 months of inventory. This signals that both markets are well within a buyer's market, which leads to more choices and negotiating power for buyers. Across the board list prices are down, but pleasant surprise is average sale price and median sale price is slightly up for properties along 30A.

In Panama City Beach, average sale price is down close to 17% compared to April of last year. Both the 32413 and 32408 zip code posted negative numbers while the 32407 zip code posted a slight positive average sale price gain. 

In 30A average sale price is up roughly 1%, while the median sale price is up 1.6% compared to April of last year. Looking at the year to date numbers (Jan-May 2024 vs. Jan-May 2023), we see average sale price is up 2.4% and median sale price up 5.6%. The number of closed sales for April in 30A was actually up 20% compared to April of 2023. Looking forward, though, the number of pending transactions are down, so I would expect to see next months numbers to show a decrease in the number of closed listings.  

Overall, properties are still selling. It just requires owners to list their home at a price that is supported by the market. It also requires concessions at times, such as repairs or seller credits. For buyers, the interest rate outlook doesn't seem as good as a month ago. The Fed has gone back on their earlier indications of rate cuts. Earlier last month, we were expecting 3 rate cuts by the end of the year. Now it seems like we may be lucky if we get one. 

PCB Fast Facts (comparing to April 2023):

Inventory is up over 96%
Average List Price is down 2.4%
Median List Price is down 0.02%
Average Sale Price is down 16.6 %
Median Sale Price is down 9.6%
Average Days on Market is up 28%

30A/Santa Rosa Beach Fast Facts (comparing to April 2023):

Inventory is up over 83%
Average List Price is down 12%
Median List Price is down 6.3%
Average Sale Price is up 0.6%
Median Sale Price is up at 1.62%
Average Days on Market is up 42.5%

If you know of someone looking to buyer or sell in the Panama City Beach and 30A areas, we would love to help! Give us a call at 850-660-7975.