Bay County May Housing Market Report-Courtesy of the Bay County Association of REALTORS®
In Hibiscus By The Bay, condo unit 703 in Tower 2 just closed for $212,000.00. It was unfurnished and it had a garage included in the sale. If you back out the value of the garage at $25,000.00, that brings the selling price of the unit to $187,000.00. Not too bad of a price considering those units have sold for as low as $153,000.00 in 2011. That price is consistent with what the recent solds are and may even reflect a slight increase in price given the comparable solds.
As of this writing there is only one Hibiscus By The Bay 2 bedroom condo unit listed for sale. It is unit 305 in Tower 1 and is priced at $215,000.00. It is being offered unfurnished and does not have a boat slip or a garage included in the sale.
There is one 2 bedroom unit that is a foreclosure and is currently under contract or pending. Unit 1103 in Tower 2 and it is scheduled to close on July 12, 2013. It was being offered at $199,000.00. Having such a low inventory of the 2 bedroom units on the market bodes well for the prospect of seeing future price increases in the two bedroom Hibiscus By The Bay condo units. I am sure will make some owners and prospective sellers happy. 🙂
With regard to condo lending and financing, portfolio loans offered by some lenders are what is getting the job done in the condo lending market. Portfolio loans do not have to go to the secondary market or meet Fannie Mae Guidelines. If Buyers did not have access to these types of loans, that are offered by our local lenders, few condos transactions that required financing would be taking place because, many condo owners do not own their condo units free and clear. Therefore, they can not offer Owner Financing to prospective buyers.
Bay County May Housing Market Report
For the month of May the percentage year over year median sales price for condos and townhomes in Bay County was up 6.7%. The average year over year sales price was up 1.7%.
Bay County’s inventory of condos and townhomes shrinks some more in May, with a year over year May inventory reduction of 21%. With just 787 units listed for sale, at the current sales rate there is just 7.9 months of inventory on the market.
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