December market stats are in, and the average listing price and average pending price rebounded slightly this month. Inventory is dipped slightly to 3.8 months for Panama City Beach, which is a 197% increase from December 2021. We had an increase in the number of sold listings (from 173 in November to 194 in December). At the same time, the number of new listings decreased from 212 new listings in November to 191 new listings in December. The sold price to list price ratio increased slightly and is now sitting at 94%.
From December 2021 to December 2022, the average sale price in Panama City Beach jumped from $454k to $531k(an increase of 17%). The average Days on the Market is up to 60 days.
30 Year Fixed Rate Mortgages dropped since this time last month, from 6.6% to 6.4% according to Freddie Mac’s website. This is still double what the rate was in January of 2022. For every 1% increase in interest rate, a buyer’s purchasing power is decreased by 10%.
Moving forward, I still believe we'll see inventory keep rising towards a healthier market (typically 5-6 months of inventory). As spring approaches, I think we will see activity pick up as investors get ready for the upcoming summer season.
The number of active listings is hovering around 1,100 listings in Panama City Beach
Listing prices continue to drop. The high in May was $850k, and average listing prices are now sitting at $690k
Sellers on average are getting 94% of their list price.
The average days on the market are now at 60 days.
If you are curious about what your home may be worth, fill out the form below, and we will provide you with a completely free, no-obligation valuation of your property.
