Panama City, FL – This week the National Association of Realtors reported that existing home sales in May fell 9.7% and they are expecting a strong rebound in the coming months. Real Estate in Bay County is already experiencing this rebound, with our sales for the week of June 15^th to June 21^st up 15% over the same period last year.

Overall, the month of May did see about a 33% drop in sales in Bay County, reflecting reduced contract activity during the months of March and April. Condo sales were the hardest hit showing a 51% drop, with Detached Single Family showing only a 23% drop.

However, contract activity was positive in the month of May, with an overall increase of 15% more listings under contract over the same period last year. For May, Condos were only down 1%, while Detached Single Family was up 24%. This should translate into continued positive sales throughout the months of June and July, typically busy months for Real Estate in our area.

Listing and Sold prices have remained relatively steady throughout the pandemic. Median Listing Price for May 2020 was $278,900, returning to roughly the same as October 2019 numbers. It had dipped as low as $265,000 in February 2020. Median Sold Price experienced a sharper change, starting at $220,500 in January 2020, jumping up to $248,250 in February 2020, then gradually coming back down to $225,000 in May 2020.

Overall, listing inventory remains strong, running 7% higher than the same period last year, and all signs point to a continued strong rebound as Florida follows the Governor’s reopening plans.