Market conditions continued to correct in Bay County, FL during 2011. The median sales price in the detached single family housing sector declined some -9.9% during 2011 compared to the prior 12 month look back period.
On the brighter side, the overall sales volume in the detached single family sector was up 12% and the standing inventory was reduced by -24%. Some of the areas that comprise this market include Callaway, Panama City, and Panama City Beach. The Callaway area experienced an increase in the overall market decline in 2011 contrasted to prior years. On Panama City Beach, the overall depreciation slowed considerably in contrast to the past two years.
What will 2012 bring? While our market is showing some positive signs, the market continues to correct due to unemployment trends, foreclosures, and short sales.
The charts below reflect correction in this market segment.
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