2023
Annual Report
BAY COUNTY
B
MARKET REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
Resilience | a year in review Resilience can be defined as the power or ability of a material to return to its original form or position after being bent or stretched. After the extreme highs of the postpandemic market to the inevitable slowdown during 2023, the Northwest Florida real estate market has certainly proved its ability to withstand unpredictable market conditions such as climbing interest rates while still maintaining value for buyers with average sales prices remaining consistent or even rising in many market sectors. Similarly, our real estate professionals at Berkshire Hathaway HomeServices Beach Properties of Florida have shown an unflappable resilience for navigating changing market conditions while still successfully servicing the needs of both buyers and sellers. Over 900 families were served by our agency in 2023, allowing us to remain at the forefront of real estate sales along the entire stretch of the Northwest Florida coastline from St. George Island to Navarre Beach. In the same vein, the resilience of this unique slice of Florida is proven again and again. While adjusting to ever-increasing full time populations along with the continued steady stream of visitors to our beachside communities, the Northwest Florida coast has continued to thrive, steadily adding new infrastructure, businesses, and services to make life along the Gulf of Mexico better than ever. Anticipating the trajectory of the 2024 real estate market, we foresee a landscape shaped by continued resilience and adaptation. As we delve into the new year, the market is expected to further shift, reflecting an equilibrium between buyers and sellers. With the lessons learned from the challenges of 2023, we anticipate a more stabilized environment, offering opportunities for both buyers and sellers to make informed decisions. The influx of inventory is likely to persist, creating a dynamic market with diverse options for prospective homeowners. While certain areas may exhibit pockets of strength, others may experience increased flexibility, fostering a balanced and sustainable market. Established in 2007 and affiliated with Berkshire Hathaway HomeServices since 2016, our agency became wholly owned by HomeServices of America in 2022. Our brand is built on trust, integrity, stability, and innovation. As an international leader in property sales and promotion, we are well positioned to guide you through any market conditions. Our experienced sales executives are ready to help you achieve the best possible outcome. As we look forward to brokering real estate sales along our coast in the new year, we feel blessed to have served so many extraordinary people in 2023. We eagerly welcome the opportunity to serve you in 2023 and beyond, navigating this resilient real estate landscape together.
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
1
OFFICE LOCATIONS
1 Ft. Walton Beach
Choctawhatchee Bay 331
98
23
5 Destin Sandestin 4 Blue Mountain Beach WaterColor Seaside Seagrove WaterSound Beach Rosemary Beach
Northwest Florida Beaches Internationa Airport
79
6
West Bay
Panama City Beach
Gulf of Mexico 1. destin 151 Regions Way, Suite 4A Destin, FL 32541 850.502.2120
2. watercolor main 28B WaterColor Way Santa Rosa Beach, FL 32459 850.534.3006
3. watercolor crossings 49A WaterColor Way Santa Rosa Beach, FL 32459 850.213.5450
4. watersound beach 6652 E Co Hwy 30A, Ste 110 Watersound, FL 32461 850.213.5150
5. watersound community discovery center 34 Origins Main Street, Suite 101 Watersound, FL 32461 850.213.5170
6. pier park 15750 Panama City Beach Pkwy, #140 Panama City Beach, FL 32413 850.252.4160
7. windmark beach 101 Goodmorning Street Port St. Joe, FL 32456 850.296.3716
8. st. george island 140 West 1st Street, Ste B St. George Island, FL 32328 850.990.0020
al
20
20
231
Tallahassee
Lynn Haven Panama City Tyndall AFB
Mexico Beach
98
71
Apalachicola National Forest
7
WindMark Beach
Port St. Joe
Carrabelle
Apalachicola
Eastpoint
8 Cape San Blas
Apalachicola Bay
St. George Island
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
2023 ACCOLADES
#
1
B R O K E R AG E O N 3 0 A *Tran s ac t i o n s
#1
B R O K E R AG E I N S O U T H WA LTO N *Tran s ac t i o n s
#2
B R O K E R AG E O N S T. G E O R G E I S L A N D + A PA L AC H I C O L A *Tran s ac t i o n s + Vo lu m e
TOP 4
B R O K E R AG E I N PA N A M A C I T Y B E AC H *Tran s ac t i o n s & Vo lu m e
#23
G LO B A L LY
B R O K E R AG E W I T H I N B E R K S H I R E H AT H AWAY H O M E S E R V I C E S N E T W O R K *2 022 G ro s s Co m m is s io n I n co m e
TOP 50
B R O K E R AG E W I T H I N B E R K S H I R E H AT H AWAY H O M E S E R V I C E S *A n n u al l y Si n c e 2 0 1 6
4
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
TABLE OF CONTENTS
bay county PA N A M A C I T Y B E AC H 8 PA N A M A C I T Y B E AC H C O N D O S 1 0 PA N A M A C I T Y 1 2 N E W C O N S T R U C T I O N | B AY C O U N T Y 1 4
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY BEACH
AVERAGE SOLD PRICE
% GROWTH 2013 - 2023
194%
$300,000 $200,000
2014
2015
2016
2017
2018
AVERAGE DAYS ON MARKET
2019
$441,294
$357,241
$312,780
$294,692
$400,000
$249,000
$500,000
$272,069
$600,000
$374,667
$700,000
2020
$529,645
$800,000
2021
$633,559
$900,000
2022
$733,207
$1,000,000
2023
39%
% GROWTH 2014 - 2023
200
150
100
6
107
97
100
79
66
68
44
36
69
0
114
50
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PRICE PER SQUARE FOOT
447%
% GROWTH 2014 - 2023
$800
$744
PANAMA CITY BEACH
$700
$600
$327
$500
2016
2018
NUMBER OF SALES
2019
2020
$261
2017
$218
2015
$186
2014
$170
$161
$100
$147
$200
$136
$300
$194
$400
2021
% GROWTH 2014 - 2023
2022
2023
39%
1,500
1,250
1,000
872
931
940
918
1,027
1,139
1,287
1,103
1,028
500
742
750
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
7
PANAMA CITY BEACH
422 BAY POINT ROAD 8
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY BEACH SINGLE FAMILY HOMES
1,103
$698,815,030
$633,559
$327
36
98%
2023
1,028
$753,737,126
$733,207
$744
69
97%
PERCENT CHANGE
7%
8%
16%
127%
92%
1%
7%
$
2023
$
2022
2022
2023
127%
98% 2022
97% 2023
1%
AVERAGE DAYS ON MARKET
2022
PERCENTAGE OF LIST PRICE SOLD
% OF LIST PRICE SOLD
744
AVERAGE DAYS ON MARKET
327
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE SOLD PRICE PER SQUARE FOOT
AVERAGE SOLD PRICE
1,028
SOLD VOLUME
1,103
NUMBER OF SALES
NUMBER OF SALES
YEAR
36 2022
69 2023
92%
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
9
PANAMA CITY BEACH CONDOS
10
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY BEACH CONDOS
1,644
$771,633,856
$469,364
$429
39
98%
2023
1,157
$555,950,107
$480,510
$440
70
96%
PERCENT CHANGE
30%
28%
2%
3%
79%
2%
30%
$
2023
$
2022
2022
2023
3%
98% 2022
96% 2023
2%
AVERAGE DAYS ON MARKET
2022
PERCENTAGE OF LIST PRICE SOLD
% OF LIST PRICE SOLD
440
AVERAGE DAYS ON MARKET
429
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE SOLD PRICE PER SQUARE FOOT
AVERAGE SOLD PRICE
1,157
SOLD VOLUME
1,644
NUMBER OF SALES
NUMBER OF SALES
YEAR
39 2022
70 2023
79%
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
11
PANAMA CITY
526 BUNKERS COVE 12
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY SINGLE FAMILY HOMES
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE DAYS ON MARKET
% OF LIST PRICE SOLD
2022
2,129
$702,666,865
$330,045
$175
39
98%
2023
1,724
$579,032,427
$335,866
$183
59
98%
18%
2%
4%
51%
0%
19%
$
2023
$
2022
AVERAGE SOLD PRICE PER SQUARE FOOT
1,724
19%
2,129
NUMBER OF SALES
PERCENT CHANGE
2022
2023
4%
98% 2022
98% 2023
0%
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE
PERCENTAGE OF LIST PRICE SOLD
SOLD VOLUME
183
NUMBER OF SALES
175
YEAR
39 2022
59 2023
51%
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
13
NEW CONSTRUCTION | BAY COUNTY
BREAKFAST POINT EAST 14
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
NEW CONSTRUCTION | BAY COUNTY SINGLE FAMILY HOMES
501
$231,319,022
$461,715
$224
39
100%
2023
598
$354,064,910
$592,082
$955
51
100%
PERCENT CHANGE
19%
53%
28%
326%
31%
0%
19%
$
2023
$
2022
2022
2023
326%
100% 2022
100% 2023
0%
AVERAGE DAYS ON MARKET
2022
PERCENTAGE OF LIST PRICE SOLD
% OF LIST PRICE SOLD
955
AVERAGE DAYS ON MARKET
224
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE SOLD PRICE PER SQUARE FOOT
AVERAGE SOLD PRICE
598
SOLD VOLUME
501
NUMBER OF SALES
NUMBER OF SALES
YEAR
39 2022
51 2023
31%
ANNUAL REPORT 2023 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
15
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For Life
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Get to know us at BeachPropertiesFLA.com EMERALD COAST | SOUTH WALTON | BAY COUNTY | FORGOTTEN COAST Market data for 2023 as of 1/8/24. Infromation reported is deemed reliable but is not guaranteeed. ©2024 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.