Panama City’s real estate market continues to show signs of strength even if Florida’s real estate market remains somewhat sluggish. According to third quarter 2007 sales data released by the Florida Association of Realtors, Panama City leads the state in existing condo sales and showed a minimal decline in existing single family home sales compared to the same time period last
year.Sales of existing condos increased 38% in Panama City, making it the top existing condo sales market in the state. Fort Walton Beach ranks second with an increase of 26 percent; Sarasota ranks third with a 15 percent increase in sales for the third quarter.
Panama City Ranks Third in Existing Home Sales
In sales of existing single-family homes, Panama City showed a relatively small decrease compared to activity statewide. Panama City’s existing home sales was down eight percent. Statewide, existing home sales suffered a much bigger decline of 29 percent. Panama City is third behind Marco Island, which just barely outranked Panama City with a seven percent decrease. Sarasota is the strongest market for existing home sales with decline of only five percent.
Bay County Association of Realtors President Scott Bowman attributes the strong performance of the Panama City market to public awareness and education campaigns carried out in Panama City, Sarasota and Marco Island.
A Postive Forecast
The forecast for Panama City’s real estate market remains positive. Recent coverage by major news organizations, including CNN, featured forecasts for Panama City including a possible 72 percent increase in home prices and a 12 percent jump in population. The population increase will be accompanied by a projected 30 percent increase in per capita income over the next five years.
