Single Family Homes in the month of August were up 30.68% over August of 2010. For the year, real estate sales of single family homes are up 21.58% for the year over last year.
Condos and Townhomes are significantly up. They were 59.38% up over August of 2010 and for the year are up 35.80%. In fact, inventory is dropping so significantly right now in Panama City Beach that really great buys on condos are slowing disappearing. This is great news.
The only category that dropped in sales were Residential Lots. They fell off by 4.05% for the month over same period last year.
What is more significant is the number of Foreclosures. Down by nearly 37%, we are seeing less and less of them in the market place.
What does all of this mean? Well, it is Economics 101. As inventory falls, prices will surely go up.
Interest rates are incredibly low right now, so if you were thinking of buying, NOW IS THE TIME.
Kelly Klein, Lifeguard Real Estate, Inc.