Panama City and Nearby Real Estate Markets on the Upswing
We all know that Panama City is world renowned for its Spring Break appeal and wide range of activities, but we love it when we hear reports that both tourism and real estate closings are strong in the area. As a representative for the Panama City Beach Title Office recently explained, this is one of the busiest times on record.
“It only takes one trip down Front Beach Road to realize that tourism this spring has been strong,” said Maureen Richardson. “We’ve seen an increase in real estate closings in March and it’s one of the busiest times I have ever experienced.”
February bed tax collections set a record in Okaloosa County and were up in Walton and Santa Rosa Counties compared to 2011.
Richardson’s office also reported the average selling price of real estate held steady with only a slight 1% decline over 2011 and properties sold quicker with average days on the market falling 9.4%. Furthermore, the market appears very strong for the future with predictions for an 18% price increase for Panama City real estate estimated between June 2012 and June 2013.
Elsewhere, nearby real estate markets reported:
4% - Increase in # of Single Family Sales
18% - Increase in # of Condo/Townhome Sales
16% - Increase in Total Dollar Volume of all Sales
15% - Increase in # of Single Family Sales
6% - Increase in # of Condo/Townhome Sales
11% - Increase in Total Dollar Volume of all Sales
Santa Rosa County
20% - Increase in Total Sales
20.6% - Increase in Total Dollar Volume of all Sales
“What’s great for tourism is also great for real estate sales,” said Jayme Nabors, co-owner of NBI Properties and Lifestyle Properties. “We have noticed that the two always seem to go hand-in-hand, and the result is that we’re seeing more property inquiries than ever this year.”