2022 Annual Market Report | Bay County | Berkshire Hathaway HomeServices Beach Properties of Florida

2022 annual market report

Transition | a year in review

As we reflect on the 2022 real estate market along the Northwest Florida Gulf Coast, transition is the word that best describes the changes experienced in both the market and in the gulf side communities that compose this spectacular coastline. This year can best be described as “a tale of two halves” with the intense momentum of the past two years continuing through July and then sales activity beginning to transition during late summer in correlation with rising interest rates and inflation concerns.

2022 has brought a wealth of new homeowners as well as new full-time residents to our communities with the strong demand of the first two quarters met by increasing prices. We continued to have record low days on the market from January through July. Starting in late summer, the number of sales began to fall when compared to the year prior.

Prices have remained strong; however, we’ve seen indications that this may soften in conjunction with the number of sales over time. As we moved toward the end of the year, we saw a steady increase in the number of homes available for sale, yet sales remained at levels within historical norms.

With the growth of our local populations, there has been a transition in our communities to support new residents. More infrastructure is being put in place to better serve larger full-time populations including new businesses, additional housing options, and roadway improvements. The draw of the emerald green waters, sugar white sands, and welcoming Southern charm of this section of the Gulf Coast continues to have an undeniable appeal to homeowners.

Looking ahead to 2023, we expect that the market will continue to transition from what was a very robust seller’s market into one that is more in favor of the buyer. An increased amount of inventory coupled with a softening of sales should result in this with some pockets of strength and pockets of increased weakness remaining due to the exuberance of last year’s market. Depending on your overall goals, this could be a prime time to find your place along our shores.

Established in 2007 to be a premier real estate company dedicated to extraordinary customer service, our agency became an affiliate of Berkshire Hathaway HomeServices network in 2016 and wholly owned by HomeServices of America in 2022. Our brand is built on trust, integrity, stability, and innovation, and our customers benefit by being part of a firm that is an international leader in the sales and promotion of its properties. Our sales executives are experts in the market, and ready to guide you through any market conditions to the best possible outcome.

We look forward to a new year of brokering real estate sales along our coast and feel so blessed to have served all the extraordinary people that we encountered in 2022. We welcome the opportunity to serve you in 2023 and beyond.

$200,000

$350,000 $400,000 100 $450,000 $500,000 150 $550,000 200 2015 2015 2019 2019 2013 2016 2016 2020 2020 2014 2014 2018 2018 2017 2017 2021 2022 2021 2022 65% 173% % GROWTH 2013 - 2022 % GROWTH 2013 - 2022 PANAMA CITY BEACH $294,692 $232K $312,780 $249K $357,241 $441,294 $272,069 $374,667 $529,645 $633,559