In 2024, the real estate market was ‘normal’ – not ‘bad’ as some might say. The only two problems in 2024 were:
- 2024 came after two exceptionally good years from 6/2020 until 6/2022. These two ‘easy’ years led many realtors to complacency.
- 2024 was also the year when realtors (and the public) had to pay the price for the lawsuits causing the National Association of Realtors (NAR) to lose much credibility. This loss led to a settlement that made it extremely complicated for the public and agents to perform tasks hitherto rather simple, such as representing a buyer or a seller in a real estate transaction.
In short, more work and the return to a market where expertise, not sheer volume, was the deciding factor, impaired many real estate practitioners and penalized the public.
The data contained in the newsletter will highlight the following trends:
- The calendar year 2021 saw the highest sales volume.
- The 2022 and 2023 calendar years delivered the historic highest sales prices per condominium category over the 8-year period of our study.
- Prices went down in 2024, with an average value decrease of approximately 20% from peak times to 2024.
- Certain types of condominium units were built in higher numbers, such as the 907-square-foot units or “C stack” with seven units per floor, while only one of the 1279-square-foot units or “S stack” can be found on each floor. This availability impacts sales numbers.
In these early days of 2025, the market situation for Shores of Panama is encouraging and opportunities abound for well-informed sellers.
The graphs shown in this document are mostly self-explanatory. Please review them carefully – after all, they represent your investment and your asset. Feel free to call Dale Gumm if you have any questions concerning the market, specific to Shores of Panama.
In our current market, the professional you hire can make all the difference. Anchor Realty Florida and Dale Gumm bring a level of market expertise and drive that are bound to sell your unit for the highest price possible and in a short time. Over a 6-year career, Dale has sold in thirty-nine (39) different complexes in Panama City Beach, with Shores of Panama being one of the staples. If you want to sell, call Dale!
