Several of the areas that I work in are entering a market cycle of being under supplied in respect to the available inventory. The stats in today’s article will give a broad overall on the Bay County attached and detached single family segment as a whole. The condominium sector is not considered in this analysis.

On a macro level, the attached/detached single family market has stabilized over the last few years with a gradual increase in value starting in 2014. The chart below reflects the value trend on a price per square foot basis as shown by the red line. The days on market (exposure) has dropped over the last four years and is running around 100 days at the present time.

The graph above reflects MLS data from the period of 2007 through 2015. The data and analysis below is based on 12 month trend for the period ending February 29, 2016. During this period, total unit sales were 2,865 compared to 2,620 for the prior 12 month look back period.

During this period, the average sale comprised a gross living area of 1,788 sq. feet with a median gross living area of 1,653 sq. feet.

The chart below breaks down the existing inventory by a specific list price range and also reflects the average size of the property within this range. Note:There is a slight variance in the total active listing count (less than 10 units) based on the lag time between data downloads.

If you are a Seller

Hover over this chart and see how your property compares with the existing inventory. This will give you some insight as to the potential competition you might face.

Are you considering a purchase ?

If you are a potential buyer, then check out the chart to see where the glut of listings are and if that’s in your price range, you’ll likely be able to have some bargaining power based on competitive inventory.

Conclusion

As a whole, inventory levels are at a good balance, 6 months +/-. However this is based on the total market on a macro level and thus some specific areas are undersupplied. The market will likely heat up as Bay County enters the prime sales season and hopefully some fresh inventory will also appear. I hope you’ve enjoyed reading this article and if our office can be of assistance to you with your residential appraisals needs, please visit our website.

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The post The Bay County Inventory Status ending February 2016 appeared first on Panama City Trends.

Bay County has experienced unemployment issues over the last 8+ years like many areas. The unemployment rate peaked in January of 2011 reaching some 12.5%. Over the last five years, the unemployment rate has gradually decreased and held steady during the last six months of 2015. Bay County closed out 2015 with a 5.1% unemployment rate.

One of the things that I noticed in looking at the local stats I maintain, is while the area has experienced a decline in the unemployment rate, the work force has also decreased. Yes, our area is subject to a seasonal influx and thus the swing in numbers in the labor force can vary, but still, some of the numbers I see suggest a diminishing labor force which is not good for the housing market. (As you view the charts below, you can adjust the slider on either side to zoom in or out.)

To further analyze this, I’ve looked at the data over the last five years from a Quarterly basis perspective and the numbers support the same – decline in the labor force. The data indicates a consistent jump in the labor force in Quarters 2 and 3 on an annual basis. This is to be expected given the seasonal trends of Panama City Beach and the additional jobs created during the peak tourism season.

In summation, while the Bay County residential market continues to regain ground from prior losses experienced after the housing crash, this ingredient will be a key part of the housing recipe in the next few years moving forward.

The post Unemployment and The Bay County Real Estate Market appeared first on Panama City Trends.

The detached single family market segment on Panama City Beach cooled down in January after experiencing a heavy sales volume closing out 2015. Overall sales volume during 2015 increased 18% as compared to 2014 with a modest appreciation of some 4% contrasting the prior 12 month period.

The annual sales volume has increased year over year for the last several years and has increased an astounding 80+% since 2010. This is certainly good news for our market as it continues to recover.

With this post, I am incorporating some new charts to my toolbox that will be dynamic and interactive. As you view the charts, you can 1) hover and move your mouse over the chart to see the specific data, 2) left mouse click and zoom in to a specific time period and you can 3) left click on the legend to eliminate a specific data series. So, for example, if you would like to view only the price per square foot on the chart, click the #sales in the legend and then you can view this series alone.

I hope you enjoy the new charting features. They are of course a work in progress, so stay tuned for more to come. If you like the charts or have any comments, drop me a note in the comments section.

As always, Thanks for reading and for all of your professional appraisal needs, visit our website.

The post Panama City Beach – Detached Single Family Market – January 2016 appeared first on Panama City Trends.

Today’s post will review the current condominium market on Panama City Beach and will also take a peak of historical market trends experienced by this market segment since 2003. As I’ve written in the past, it’s important to recognize how your investment is performing long term vs the expectations of a large instant equity position of years past.

Current Market Trends

Overall sales volume for the Beaches condo segment was up in each Quarter of 2015 with the exception of the 3^rd Quarter period which experienced a drop in overall sales as compared to the prior 12 month lookback period. The Beaches condo market closed out the year strong having a 24% increase in total sales volume as compared to the prior 12 month Quarter period. This market segment closed out 2015 experiencing a +3% increase in the median sales price. In reviewing MLS data for the Beaches condo market, this segment is oversupplied reflecting some 11 months of inventory based on absorption rates through January of 2016.

Panama City Beach Condo Market Trends -Then vs Now

As reflected from the chart above, values in the Condo sector tumbled from the market peak in 2005. Depending on when you may have purchased your Beach condo unit, your equity position may be positive or even negative.

Looking at the market over the last five year period, this market segment has been recovering nicely. Some of this market momentum has brought some high expectations of owners in regards to current listing prices of existing units.

As the temperature heats up on Panama City Beach, so will the condo market. As Panama City Beach gears up for the peak season in the condo market, the current oversupply of inventory will most likely continue to be gradually absorbed.

If you are in need of appraisal services, please visit us at our main website.

The post The Panama City Beach Condominium Market appeared first on Panama City Trends.

Derby Woods is a single family residential development in Lynn Haven, Fl. offering homes that were built in the late 70’s and early 1980’s. The predominant age of homes in the subdivision were built in mid 1980’s. The project features a mixture of homes ranging from approximately 1,500 square feet to 3,000 square feet and above.

The development is fairly homogeneous in terms of Bay County real estate with the main differences in properties being size and/or swimming pools.

Market Peak

The subdivision experienced increasing values from 2000 to 2006 with the development peaking in 2006. From mid 2006 through 2012 the subdivision experienced a cycle of decline. This is typical of many single family projects comprising the Bay County market.

The first chart below depicts the overall sales volume on an annual basis indicated by the horizontal bars. The red line running on the right axis reflects overall values on a per square foot basis.

Derby Woods Price Change from the Market Peak

The next chart reflects market change using 2006 as a base year as this period reflects the peak for this specific development. As of the end of 2015, overall values were down nearly 24% from the peak of the market. On a positive note, the decline terminated in 2012 and the area has been slowing recovering over the last 3 years.

Final Thoughts

The take away from this is that if you are an owner who purchased several years ago, you might have negative equity in the residence. On a positive note, values in the area have been recovering since 2013.  If our firm can be of assistance to you in determining your equity position, feel free to visit our  main website –OurAppraiser or contact our office at 850-785-0062.

The post Derby Woods Subdivision -A 15 year view appeared first on Panama City Trends.

The Callaway market locale has experienced correction and decline after peaking in early 2005. The area experienced continual market decline from 2006 through 2013. Since 2013, the median sales price and overall price per sq. foot has fluctuated, however during 2015, 3 of the 4 Quarter periods returned positive results.

Overall sales activity was strong in 2015 with each Quarter period reflecting an increase in sales volume as compared to the prior 12 month lookback period. As of December, 2015, the standing inventory in the area is at 5 1/2 months considering current absorption rates.

If our office can fulfill your professional appraisal needs, please visit us at www.OurAppraiser.com

The post The State of the Market–Callaway appeared first on Panama City Trends.

Today let’s take a walk thru time and see how the Lynn Haven, FL single family market is performing. This analysis is based on MLS data from 2002 through 2015. The single family segment of Lynn Haven experienced a significant increase in values from the period of 2002-2006.  This market area peaked in mid 2005 after reaching 30%+ annual appreciation rates.

The area began to experience a period of declining property values starting in late 2006 and continued to experience declining values through 2011. Lynn Haven entered a recovery period in 2012 and has continued to appreciate through 2015. At the end of 2015, Lynn Haven witnessed a 3.25% increase in the single family segment over the prior 12 month period. The standing inventory increased approximately 10% during 2015 with inventory levels measuring at slightly over 6 months based on current absorption rates.

If our office can be of assistance with your professional appraisal needs, visit us at www.OurAppraiser.com

The post A Historical Overview of the Market–Lynn Haven, FL appeared first on Panama City Trends.

Good Morning Everyone and Welcome to the New Year !

I’m excited about 2016 and what it will bring for the Bay County, FL marketplace. For 2015, positive gains were measured in many of the areas that comprise our residential marketplace.

The second graph reflects market correction as measured since the 3rd Quarter of 2006 contrasting the median sales price in this market segment compared to the average sales price per sq. foot. As you will note, our market has been in recovery mode since mid 2012 to early 2013 and continues to gain momentum.

All the best to you in the New Year. If you are in need of appraisal services, trend line analysis, or any appraisal needs, please visit our main website.

The post Welcome to 2016 appeared first on Panama City Trends.

Have you been wondering about that condo investment you made on Panama City Beach?

One thing that is important to recognize is how that investment is performing over the long haul, i.e. 7-10 years down the road as opposed to buying a property with the expectation of making a fortune 6-12 months later. The chart below is based on a 10 year holding period using 2003 as the base year.

Panama City Beach experienced an unprecedented boom in the condominium market generating the development of many new high rise projects. When this market segment peaked in late 2005/early 2006, the large market gains and profits made by folks began to slowly evaporate.

So, given the data shown above on a macro level, you may still have negative equity in your investment at this point in time. On a positive note, market gains have been made in the condo market on Panama City Beach over the last several Quarter periods and the standing inventory is continually being absorbed. During the 3rd Quarter of 2013, the available supply of units was reduced by 14% and overall sales volume increased nearly 14% for the period as compared to the same period 12 months ago.

If you are in need of appraisal services, trend line analyses, or any appraisal needs, please visit our main website.

The post A Historical View of Panama City Beach Condos appeared first on Panama City Trends.

Have the winds of change swept through Lynn Haven, Fl and ended the decline of single family property values ?

The chart below reflects single family homes on a per sq. ft. basis on a macro level since 2002. The vertical bars running from the left axis reflect the sq.ft. indicator for each Quarter period. The green bar would reflect an increase for the Quarter period in comparison to the previous 12 month Quarter period. I have highlighted the Quarter periods in red that would reflect a decline for that Quarter period.

It’s easy to recognize that Lynn Haven experienced a run-up that peaked in early 2006 and steadily declined through 2011. In 2012, three of the four Quarters experienced a positive return and thus far in 2013, the same results are indicated. This is a good sign for the area and with the continual absorption of the standing inventory; this area is on the right track to recovery.

The post The Winds of Change – Lynn Haven, FL appeared first on Panama City Trends.