A Closer Look at the Panama City Beach Market | Year-to-Date Analysis 2023

October 2, 2023

The Panama City Beach real estate market has experienced several notable changes when comparing year-to-date statistics from both 2022 and 2023. This analysis will provide insights into key trends and shifts in the market. Data examined reflects sales from January 1st to August 31st in both 2022 and 2023 for single family homes and condominiums.

PANAMA CITY BEACH – DETACHED SINGLE-FAMILY HOMES

Year-to-Date Top Single Family Homes at Berkshire Hathaway HomeServices Beach Properties of Florida through 8.31.2023.

1. Detached Single-Family Homes – Number of Listings Sold:

  • In 2022, there were 799 detached single-family homes sold.
  • In 2023, this number decreased to 726, indicating a 9.14% decrease in the number of listings sold.

2. Detached Single-Family Homes – Average Sold Price:

  • The average sold price for detached single-family homes in 2022 was $638,479.
  • In 2023, the average sold price increased to $730,000, reflecting a substantial 14.36% increase in the average sold price.

3. Detached Single-Family Homes – List to Sales Price:

  • The list to sales price ratio for detached single-family homes in 2022 was 99%.
  • In 2023, this ratio decreased slightly to 97%, suggesting a 2% decrease in the percentage of the listing price that properties are selling for on average.

4. Detached Single-Family Homes – Cumulative Days on Market (DOM):

  • The cumulative DOM for detached single-family homes in 2022 was 26 days.
  • In 2023, the cumulative DOM increased to 73 days, marking a significant 180.77% increase in the time it takes for these properties to sell.

PANAMA CITY BEACH – CONDOMINIUMS

Year-to-Date Top Condominium Sales at Berkshire Hathaway HomeServices Beach Properties of Florida through 8.31.2023.

1. Condominiums – Number of Listings Sold:

  • In 2022, there were 1,249 condominiums sold.
  • In 2023, this number decreased to 847, indicating a substantial 32.20% decrease in the number of condominium listings sold.

2. Condominiums – Average Sold Price:

  • The average sold price for condominiums in 2022 was $464,119.
  • In 2023, the average sold price increased to $480,685, reflecting a 3.57% increase in the average sold price.

3. Condominiums – List to Sales Price:

  • The list to sales price ratio for condominiums in 2022 was 98%.
  • In 2023, this ratio decreased slightly to 97%, suggesting a 1% decrease in the percentage of the listing price that condominium properties are selling for on average.

4. Condominiums – Cumulative Days on Market (DOM):

  • The cumulative DOM for condominiums in 2022 was 31 days.
  • In 2023, the cumulative DOM increased to 68 days, marking a 119.35% increase in the time it takes for condominium properties to sell.

MARKET INSIGHTS

Berkshire Hathaway HomeServices Beach Properties of Florida has $89,187,898 in sales volume and 153 transaction sides in Panama City Beach YTD through 8/31/23.
  • Panama City Beach has experienced varying trends in its real estate market for both detached single-family homes and condominiums.
  • For detached single-family homes, there has been a decrease in the number of listings sold, but the market has seen a significant increase in the average sold price and price per square foot. However, properties are taking longer to sell in 2023, indicating a shift in market dynamics.
  • In the condominium market, there has been a substantial decrease in the number of listings sold, but the average sold price has increased modestly. Price per square foot has also seen a slight increase. The time on market has increased, suggesting a more cautious approach from buyers.
  • Overall, Panama City Beach has seen shifts in its real estate market dynamics, with detached single-family homes experiencing price appreciation, while condominiums have faced a slowdown in sales activity.

Please note that these trends are based on data up to August 31, 2023, and the market may continue to evolve in the coming months.