Bay County April Housing Market Report-Courtesy of the Bay County Association of REALTORS®
The following Bay County home, condo sales statistics, data and trends are compiled and published by the Bay County Association of Realtors®.
The inventory of condos continues to shrink and prices in newer, desirable gulf front buildings with popular floor plans are going up. We continue to see a MUCH better landscape when it comes to lending on condos, with reasonable interest rates and 15 year fixed rate loans.
Some local lenders are using portfolio loans that they keep in house. Portfolio loans do not have to go to the secondary market and meet Fannie Mae Guidelines. One of the stumbling blocks is Fannie Mae’s requirement that the complex have 51% or greater owner occupancy, ie. owner’s living full time as their primary residence in the complex. Most gulf front condo complexes are likely to have owner occupancy rates around 10% because most of the gulf front condos were purchased as investments or second homes.
Bay County April Housing Market Report
For the month of April the median sales price for condos and townhomes in Bay County was up 16.6%. The average price is up 11.9%.
For condos in Panama City Beach in the month of April the average sale was up 6.5% compared to April of 2012.
We know the data sheets may be a little difficult to read as presented so we have provided a link just below the display so you can download and read them on your local pc.
Please review, enjoy and comment if you have questions or concerns.
Thanks and have a GREAT day!
Mike and Vivian Foate