The housing market in Panama City, FL, and Bay County, FL, has shown some interesting signs.
In May 2024, the median home sold price in Bay County was $399,742, which remained the same as last year.
The median home sold price in Panama City was $348,800, up 2.5% from last year.
The median price per square foot in Bay County was $253, while in Panama City, it was $204.
The housing inventory in Bay County increased by 5.1% compared to April 2024, with a total of 3,906 homes for sale in May 2024.
In Panama City, the housing inventory increased by 6.3% compared to April 2024, with 1,812 homes for sale.
The average number of days on the market in Bay County increased by 26.5% compared to last year, with homes spending an average of 72 days on the market in May 2024.
In Panama City, the average number of days on the market increased by 11.8% compared to last year, with homes spending an average of 58 days on the market in May 2024.
The housing market in Bay County and Panama City seems to be experiencing a slight cooling down, with prices stabilizing and the number of days on the market increasing.
However, the market remains competitive, with a significant number of homes being sold or pending in both areas.
If you’re a homebuyer, looking for the perfect home at an affordable cost, mortgage rates may not drop significantly anytime soon, but home prices may, so it could be a good idea to wait, if that’s an option.
If you’re a home seller, it might be worth jumping ahead of the market with a meaningful price reduction, or find a creative way to sell, like creative financing or deals on terms, and that’s assuming you’re in the financial position to support it and have the knowledge and experience to handle it. Obviously, our parent, Proxima Investors, setup and manage these deals daily, so they can be of assistance if needed, but you could also wait it out. If you want to make an exploratory conversation, call or text 617-921-9265.
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