Panama City Beach Properties for Sale

August Real Estate Market Update

Posted on by Southern

house11Every month, RE/MAX gathers data from 52 metropolitan markets so that buyers, sellers and Northwest Florida real estate agents can better gauge where the US Housing Market stands and how the recovery process is going. 

Overall, it appears that home sales have remained below the pace that was set in 2013. The good news is that transactions have increased 10.2 percent compared to 2013 and 17.8 percent compared to 2008. Even with this minor dip in home sales, values continue to rise. The median sales price has increased from $188,355 in 2013 to $202,500. 

Another positive insight gained from the RE/MAX National Housing Report denoted that this is the 27th consecutive month where the average number of days a home is active has remained below 90. In August, the average number of days for all homes sold was 62, in part due to a lower than average inventory of homes listed for sale. Inventory on a national level is still down at about 4.4 percent where a supply of 6 is considered a “balanced” market. 

Altogether, it is important to take away that even though home sales may not have reached the levels seen in 2013, the market has performed stronger than was predicted at the beginning of year. 

For more information on the state of your local market, contact a Gulf Coast real estate agent today.

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