Market Update - February 2024

January markets stats are in! At a high level we see the majority of metrics in Panama City Beach have cooled off. Inventory in PCB inched slightly higher to 7.34 months, meaning we are still in a buyer's market. The sold to list ratio plummet to 91%. To me this is probably due to seasonality (December was extremely slow). Days on market jumped up to over 80 days. One positive highlight is that the number of pending listings rose month over month, showing that the market is gaining some life! Another interesting number that caught my eye was the number of closed transaction. This was down 7% compared to Jan2023. Although at first glance this seems bad, for months we have been seeing this number closer to being down 20%. So we are heading in the right direction! 

The 30A market is staying strong. Inventory has consistently dropped since September and is now sitting just above 8 months (buyer's market). Days on market and sold to list ratio are trending in the wrong direction. BUT average sale price and median sale price are both up double digits from Jan 2023. Looking at the breakdown of sales, there were only 66 closed sales along 30A in December (up 10% from last year). Sitting at 8 closed transactions above the $5,000,000 mark, these $5M+ sales may be skewing the average sale price stat, because last year there were only 3.  

PCB Fast Facts (comparing to January 2023):

Inventory is up over 88%
Average List Price is down 5.6%
Median List Price is down 3.19%
Average Sale Price is down 11.53%
Median Sale Price is down 4.38%

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

Inventory is up over 95%
Average List Price is down 6.4%
Median List Price is up 0.75%
Average Sale Price is up 38.7%
Median Sale Price is up 11%
Average Days on Market is up 44%