Economists’ note: Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market.
There were 424 sales in August of 2018. This was a 7.1% increase from the following year. It will be interesting to see what happens post Hurricane Michael. Many homes that were for sale are no longer even standing. Today there are 1,920 properties for sale in Bay County.
108 of the 424 sales were cash sales. That represents a decrease of cash buyers over the past year. This number is down 11.1%.
The Median Sales price in Bay County (Panama City Beach and Panama City) was $212,250 overall. The Average price was $252,987.
It will be interesting to note what the October sales report will look like post Hurricane Michael. I will let you know by December, because it takes a while for the statistical reports to come out.
My feeling is that we will see a sharp downturn of sales due to properties no longer being available for sale and the fear of future buyers of future hurricanes. We are all still trying to get back to some type of normal and this may take years.
Total deaths due to Hurricane Michael now stands at 45. We are Panhandle Strong! If you are looking to buy, make sure you are buying a property built in 2005 or newer. Most all of these survived due to the building codes being strengthened since then.
There are some beautiful condos Gulf Front that are still very attractive. One of the best complexes with the least amount of damage was the Grand Panama Beach Resort. I would be happy to take you there and show you around. Just call me for an appointment at 850-420-2480 or email me at KellyKleinSoldMine@Gmail.com
Thank you! Kelly