October 2011 Panama City Real Estate Market Update

Sell Your House Fast — As the month of October progressed, I was thinking to myself “Things seem to be picking up!”  But, alas, the numbers proved me wrong.  Only 100 houses in Bay County sold in October, at an average price of $188,000 (median $152,000), and an average “dollars per square foot” price of $98. Average days on the market was 133.  There are currently 1281 houses listed for sale in the MLS, which translates to a years supply.

One interesting number is that, of the houses on the market, the average “days on market” is 263…substantially higher than the average days on market of the houses that sold.  The average listing price of all the houses on the market is $291,000 (WAY over the average selling price in our market).  I interpret this to mean that there are a lot of houses on the market that are badly overpriced!  It also demonstrates how hard it is to get rid of houses in the upper price ranges.

205 houses got listed in October, meaning that houses were going on the market twice as fast as they were being sold.  151 listings listings expired unsold (50% more houses expired than sold, not a good trend), and 88 listings were withdrawn.

There is some positive news to report.  155 houses are currently “pending”, meaning they are under contract to sell.  Not all of these sales will close, but the majority will, so perhaps there will some better news news next month.

I buy houses, pretty or ugly!

If you are one of those sellers that is tired of waiting in this slow market, call me at 850-763-7355.  I am still buying houses in Bay County, even in this slow market.  I can give you a quick, professional, no hassle sale, in close in 3-5 days.

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