PCB Condo Market 2013 v 2012
If economists and government agencies are to be believed, the real estate market as a whole has been slowly but steadily improving to the point where, in 2013, it is expected to be one of the strongest sectors. As far as Bay County goes, in terms of condominiums, the numbers for January seem to support this assertion when compared to statistics from this same time last year. Though the number of units on the market has increased slightly, the average list price of those units has risen by over fifteen thousand dollars and, more importantly, the average under contract price is up by more than twenty thousand. In fact, the total value of properties under contract is up by roughly ten million dollars. The actual sale price hasn’t risen in the same way, though it is expected to catch up due to the increasing average value of new listings. That being said, properties are selling much faster and the average days on market has fallen by nearly seven weeks. The ratio of supply to demand is looking much better, too, with the current rate of sale giving us around ten months of remaining supply. An ideal market would hover around six months worth but we have been as high as two and half years at some points during the recession. We can only hope these trends continue and that, come 2014, the disasterous conditions of recent years are just an unpleasant memory.