October market stats are in and across the board, Panama City Beach is relatively flat from last year. Inventory continues to climb along with rising interest rates. Both average sale price and median sale are slightly down from this time last year. As we approach winter, we typically see the market slow down along the coast. If you are a buyer, this is the best time of year to negotiate a better deal. One bright spot in the Panama City Beach market this month is the 32407 zip code. They posted a 12% median sale price increase year over year.
With the new residential neighborhoods being built in Panama City Beach (Ward Creek, Margaritaville, Breakfast Point), it feels like we are seeing a tale of 2 markets. These neighborhoods, which have houses well below our average sale price, are still selling units, while it feels like condos and short-term rentals are sitting longer. The new construction homes in turn may be pushing our stats slightly down.
Another bright spot in our area is Santa Rosa Beach. This month they posted a year-over-year increase in average sale price of 30% and median sale price increase of 40%.
Moving forward I expect to see days on the market to creep up, inventory to keep climbing, and interest rates to stay higher for longer. Optimistically, I'm hoping interest rates will start to level off and decline by the springtime rush.
Fast Facts (comparing to last year):
- Inventory is up over 72%
- The average List Price is up 1.5%
- Median List Price is down 1.4%
- Average Sale Price is down 4.87%
- Median Sale Price is down 3.26%
- Average Days on Market is up 27%​
The number of active listings is now over 1400 listings in Panama City Beach
Sold Average sale price is slightly down. Sold Median Sale Price dropped slightly
Sellers on average are getting 92% of their original list price
The average days on the market for September was 70 days
Inventory is above 6.4 months, meaning we are slightly in a buyer's market
Interest Rates are sitting at 7.79% for 30-year fixed-rate mortgages according to Freddie Mac's Primary Mortgage Market Survey.
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