Panama City Real Estate Market Update April 2012

Good new for home sellers is Panama City!

The Panama City real estate market did really well in April 2012. As of May 15, there were 1236 listings, which means that  inventory is pretty stable. 131 houses sold last month, which is some of the best sales volume we have seen in a long time. The median sales price was $159,000, which is up substantially from numbers we’ve seen earlier. Days on the market for the typical house was 148.  That number is down a little which is also good news.

Now for the bad news…

256 houses came on the market for sale last month. That means it houses are coming on the market twice as quickly as are being sold off. That can only mean the inventories will continue to rise. Also new foreclosure filings were up 100% over the same period last year. There were 159 foreclosure filings in April and there have been 618 total for the year.

The sweet spot in the market is still below $160,000.  That’s really where houses are selling quickly. However we did have two sales over $1,000,000. Considering that we only had one million-dollar-plus sale last year, that’s really good news for the higher end of the market.

Do you need to sell you house fast?

Stay tuned to this blog for more information on the Panama City real estate market. If you need to sell a house in this slow market, call me! I buy houses, pretty or ugly, and I can close fast, usually in five days. I’ve been buying houses in Panama City since 1989, and I’d like to buy yours too. Give me a call at 763-7355, and let’s get your house sold!

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