Now that 2010 has come to a close, I wanted to look back at the general trend in house prices in Bay County. The accompanying chart shows the median sales price of single family homes on a yearly basis from 1996 (the first year that data is readily available) to 2010. Click on the thumbnail for a larger image. We have had some pretty impressive variations over the years! I remember how excited I was back in 1999 when our median house price first surpassed $100,000. My, how things change!
One thing that stands out to me is that we have not given up as much ground as other areas. I talk to other investor friends around the country that say their markets are back to late 1990’s prices. We are only back to 2004 prices, even though I think we will still give up a little more before we bottom out. Panama City and Panama City Beach did not fly as high as some other markets (south Florida, Las Vegas, southern California), and therefore, didn’t have as far to fall to get back to reality.