Panama City Number 1 in Florida Existing Condo Sales

Panama City Number One in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases quarterly home/condo resales data

Panama City, Florida, November 21, 2007
Panama City Real Estate Market continues to show positive trend

Florida Association of REALTORS® (FAR) today releases quarterly sales data for existing condos and homes, and Panama City stays upbeat.

Statewide, sales of existing condos declined 26 percent (9,622 units closed for Q3 2007 compared to 13,028 for the same quarter last year). In contrast Panama City shows a net increase of 38 percent (127 existing condo units closed in Q3 2007 compared to 92 closings in Q3 2006) for the best showing in the entire state. Panama City is followed by Fort Walton Beach with a 26 percent increase and Sarasota with a 15 percent increase.

In sales of existing single-family homes, Q3 2007 shows a statewide decline of 29 percent (31,910 units closed in Q3 2007 compared to 44,776 in Q3 2006) while Panama City once again shows a more positive trend with a net decrease of only 8 percent (369 units closed in Q3 2007 versus 401 units closed in Q3 2006). This places Panama City in third best position statewide only to Sarasota with a 5 percent decrease and Marco Island with a 7 percent decrease.

Existing single-family home and condominium process continue to see a market correction, with sellers becoming more realistic and buyers recognizing the potential for long-term sustainable growth in Panama City and Northwest Florida.

See more statewide sales figures at: http://www.gottabuypanamacity.com/index-news%20you%20can%20use.html

What does this mean to Panama City? National Association of REALTORS® Senior Economist Lawrence Yun says “Buyers in most areas who do their homework will recognize that housing remains a good long-term investment.”

Bay County Association of REALTORS® President Scott Bowman in Panama City points to public awareness and educational campaigns executed in Panama City, Sarasota and Marco Island as partially responsible for the positive sales data in these respective areas.

CNN and other news sources observe that Panama City will possibly see as much as a seventy two percent increase in home prices, as large as a twelve percent growth in population and as much as a thirty percent rise in per capita income over the next five years.

Mortgage Applications Climb

Mortgage applications climb
Overall growth increases 5.5% despite a slight increase in interest rates, MBA's weekly survey reveals.

WASHINGTON (AP) -- Mortgage application volume increased 5.5 percent during the week ending Nov. 9, according to trade group Mortgage Bankers Association's weekly application survey.
The MBA's mortgage application index rose to 707.3, from 670.6 the previous week.
Refinance volume increased 6.4 percent during the week, while purchase volume jumped 4.8 percent. Refinance volume accounted for 50.2 percent of total applications.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 707.3 means mortgage application activity is 7.073 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume rose during the week ending Nov. 9, despite small increases in interest rates. The average rate for traditional, 30-year fixed-rate mortgages rose to 6.19 percent from 6.16 percent the previous week.
The average interest rate for one-year adjustable-rate mortgages increased to 5.98 percent from 5.94 percent the prior week.
Foreclosure filings: No slowdown yet Vacant homes send crime rocketing
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Launching of Panama City Beach and Panama City Florida Real Estate Websites

Yet another beautiful day for the Real Estate Market with incredible trends in Panama City and Panama City Beach Florida. Our previous blogs can be read at http://www.panama-city-beach-florida-condominiums.com/Blog/. We are proud to announce a lauching of new websites dedicated to people looking to buy, invest, or live in Panama City and Panama City Beach, Florida.

The following sites give you links to property broken out by many different search functions that are prepopulated. What makes this site different from most is we don't require any information from you! That's right...search away and don't get harrassing phone calls or emails! If you find a piece of property you would like to see or know more about, email us! We'll get the information sent to you right away and assist you when YOU ARE READY!

Please take some time to visit the following sites to know more about what is going on in this area:
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

If Destin or 30-A Florida is more your style or flavor please visit the following sites specific to those regions:
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
www.30a-Florida-MLS.com

We look forward to providing you with great up to date information about what is going on in Panama City, Panama City Beach, Destin, and 30A over our time together!

Have a great day and as always, if you have any recommendations to our sites please let us know. We are constantly updating the information to allow better access to all!