Market Update - June 2024

Updated market stats are in for Panama City Beach and 30A, and the real estate market seems to be seeing increased activity with tourists in town. At a high level, Panama City Beach has seen a 7.25% decrease in average sale price year to date. Median sale price is down 4.22% year to date. The number of closed transactions is down 21% year to date compared to last year, meaning there is way less buyer demand. Pending sales in May were up 1.3%, which shows the increase in activity due to seasonality. The number of new listings hitting the market is up 12% year to date compared to last year. So we have decreased buyer demand as well as an increase in inventory hitting the market. To me, this shows that a downward pressure on prices will continue. 

In 30A, inventory saw a slight dip and is sitting just under 11 months supply. A neutral market is considered 6 months, so we are still in a market that heavily favors buyers. Days on market dropped to 98 days in for homes that sold in May. Year to date, Average sale price is up 6.7% and median sale price 10.4%. The number of new listings hitting the market is up 25%. Honing in on May, the number of closed sales is up 12% in 30A, and the number of pending sales is up 8%. 

PCB Fast Facts (comparing to May 2023):

Inventory is up over 83%
Average List Price is down 4.02%
Median List Price is up 0.8%
Average Sale Price is down 3.25%
Median Sale Price is up 0.7%
Average Days on Market is up 70%

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

Inventory is up over 61%
Average List Price is down 14%
Median List Price is down 11%
Average Sale Price is up 15.7%
Median Sale Price is up at 20.2%
Average Days on Market is down 1%

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.