PANAMA CITY — The Bay County real estate market has continued to climb this year, with the number of closed sales showing a steady uptick over 2013.
Closed sales for the first quarter of 2014 showed a 16.4 percent increase, along with a 6.8 percent increase for the second quarter, according to market statistics compiled by the Bay County Association of Realtors (BCAR).
“It’s been a strong year,” said BCAR President Keith Hodges. “It’s not showing a tremendously strong increase but a good, healthy one.”
Between January and August of this year, 1,680 single-family home sales closed, compared with 1,497 the year before. Closed sales for condominiums and townhomes remained roughly flat when compared for the same time period, with 1,037 and 1,033 closed sales, respectively.
Closed sales over the summer months were up 11.7 percent in June, 25.5 percent in July and 0.4 percent in August.
Hodges said the rising number of closed sales along with other indicators in the area show a strong upward trend in the Bay County real estate market.
“All of the significant categories are good,” Hodges said. “The listings are up, the closed sales are up, the pending business is up, the length of time on the market is down. ... After the recession, it was very lengthy, and it has certainly been shortening every quarter.”
Also up this year is the number of sales paid in cash — up 7 percent in the first quarter and 11 percent in the second quarter. Year-over-year, Hodges cited a roughly 7 percent increase in overall cash sales, a direct reflection of the number of investor purchases in the market.
“The number of cash sales is an indicator of investor sales,” Hodges said. “A lot of people are getting nervous about the stock market and are investing in real estate again, which is good for us.”
As the country recovers from the recession, Hodges said condominium purchases also are making more financial sense for investors.
“Condominiums are making sense again from an investor’s standpoint,” he said.
2014 closed sales
Month Closed Sales Percent change year-over-year
January 121 -6.2 percent
February 153 14.2 percent
March 205 28.9 percent
April 191 13 percent
May 234 -2.9 percent
June 229 11.7 percent
July 236 25.5 percent
August 235 0.4 percent