Panama City Beach – February 09 Real Estate Update

PANAMA CITY BEACH — Some good news and bad news in the PCB real estate market in February according to numbers released Monday by the Florida Association of Realtors.

Area home sales increased 29 percent in the month, with 84 sales, compared to 65 in February 2008. Panama City-area condo sales rose 11 percent, with 39 sales, compared to 35 in February 2008.

Across Florida existing home sales rose 20 percent in February, with condo sales jumping 15 percent.

The median sales price for existing area homes and condos dropped in February, with home prices falling 6 percent ($185,000 to $174,300) from February 2008. For existing area condos, the median sales price fell from $255,000 in February 2008 to $245,800 a drop of 3.6%.

Maybe the market is starting to turn around


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