Today we will look at the Detached Single Family market of Bay County, Florida on a macro level. The 1st Quarter of 2013 returned another positive result for the Quarter period contrasting the prior 12 month Quarter period.
This marks the fourth consecutive positive gain in a Quarter over Quarter period; an occurrence that hasn’t taken place since the pre 2006 market cycle. Of course, some of our market areas are doing better than others, but again this analysis is from a macro perspective.
As you will note from the trend graph above, the 1st Quarter returned a positive gain of nearly +15% , although the median sales price has been generally stable over the last four quarter periods. Overall sales volume increased by 27% for the Quarter resulting in a -10% reduction in the standing inventory. While the residential market is oversupplied, there is a slow and continual absorption of the existing inventory at this time.
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