2021
annual market report
B
MARKET REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
unprecedented | a year in review If one word can characterize the 2021 real estate market along the Northwest Florida Gulf Coast, we choose unprecedented. In a year still filled with much uncertainty and struggle, an unprecedented number of people are finding sanctuary along the Emerald Coast. A nationwide shift in the way we view work and lifestyle has resulted in a surge of interest in finding a place to live, whether part or full time, that feels welcoming and prosperous. Northwest Florida has become just that to many new homeowners. The past year has been an unprecedented year for real estate sales in our area. We experienced the highest priced single-family home to sell on our shores, a gulf front estate in Alys Beach at $16.9 million. Average sales prices soared in the majority of the communities we serve, up by as much as 38%. Average days on market decreased as demand rose higher than supply in many desirable areas. Our brokerage reached a once unimaginable goal, surpassing over $2.1 billion in annual sales volume. As we look ahead for 2022, we believe this unprecedented trend of high demand will continue as indicated in every community along our coast by historically low days on the market. We have not experienced this low of a length of time on the market since we began tracking it in 1993. Adding support to this prediction are the robust sales that the market has already experienced in the first weeks of 2022. Our agents are busy with strong buyer demand, and we continue to find off market opportunities for customers to purchase. With interest rates still favorable for buyers wishing to finance, it is a key time to make educated investment decisions. While we expect some potential headwinds if we do enter a rate-increasing environment, rates are still currently at historical lows and there may never have been a better time to acquire property in our market, provided you plan to hold it for the medium to long term. For those that may be considering selling, to leave the market or to reposition, we always recommend selling into strength. Therefore, due to what we are seeing in the current market conditions, our market has never been more favorable for sellers. As seasoned experts, our agents can help maximize the sale of your property. Now more than ever, having a trusted and knowledgeable real estate agent representing your best interests whether you are buying or selling property is essential. Established in 2007 to be a premier real estate company dedicated to extraordinary customer service, our agency became an affiliate of the 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. We look forward to another strong year for real estate sales along our coast and feel so blessed to have worked with all the incredible people that we encountered in 2021. We welcome the opportunity to serve you in 2022 and beyond.
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
1
office locations 1 Ft. Walton Beach
Choctawhatchee Bay 331
98
23
Destin Sandestin 4 Blue Mountain Beach WaterColor Seaside Seagrove WaterSound Beach Rosemary Beach
Northwest Florida Beaches Internationa Airport
79
Panama City Beach
2
1. destin
5. pier park
151 Regions Way, Suite 4A Destin, FL 32541 850.502.2120
15750 Panama City Beach Pkwy, #140 Panama City Beach, FL 32413 850.252.4160
2. watercolor main
6. port st. joe
28B WaterColor Way Santa Rosa Beach, FL 32459 850.534.3006
200 A Reid Ave Port St. Joe, FL 32456 850.227.3300
3. watercolor crossings
7. windmark beach
49A WaterColor Way Santa Rosa Beach, FL 32459 850.213.5450
101 Goodmorning Street Port St. Joe, FL 32456 850.296.3716
4. watersound beach
8. st. george island
6652 E Co Hwy 30A, Ste 110 WaterSound, FL 32461 850.213.5150
140 West 1st Street, Ste B St. George Island, FL 32328 850.927.6000
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
5
West Bay
al
20
20
231
Tallahassee
Lynn Haven Panama City Tyndall AFB
Mexico Beach
98
71
Apalachicola National Forest
6
Windmark Beach
7 Port St. Joe
Carrabelle
Apalachicola
Eastpoint
8 Cape San Blas
Gulf of Mexico
Apalachicola Bay
St. George Island
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
3
2021 ACCOLADES
$2,131,251,941 2 0 2 1 C O M PA N Y S A L E S V O LU M E
#
1
B R O K E R AG E O N 3 0 A * T r a nsa c tio ns
TOP 6
B R O K E R AG E I N PA N A M A C I T Y B E AC H * T r a nsa c tio ns + Vo l um e
#
1
B R O K E R AG E O N S T. G E O R G E I S L A N D * T r a nsa c tio ns + Vo l um e
TOP 3
B R O K E R AG E O N T H E F O R G OT T E N C OA S T * T r a nsa c tio ns + Vo l um 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 2 0 1 6 , 2 0 1 7, 2 0 1 8 , 2 0 1 9, 2 0 2 0, 2 0 2 1 * Gr o ss Co mm i ssi o n I n co m e
4
ANNUAL REPORT 2021 | 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 C O N D O S 8 PA N A M A C I T Y B E AC H 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
PANAMA CITY BEACH
AVERAGE SOLD PRICE
% GROWTH 2012 - 2021
125%
$550,000 $500,000 $450,000 $400,000 $350,000
$235K
$232K
$249K
$272,069
$294,692
$312,780
$357,241
$374,667
$441,294
$529,645
$300,000
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
$250,000
$200,000 $150,000
AVERAGE DAYS ON MARKET
71%
% GROWTH 2012 - 2021
200
150
100
6
104
114
107
97
100
79
66
68
44
0
150
50
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY BEACH
PRICE PER SQUARE FOOT
119%
% GROWTH 2012 - 2021
$300
$250
$200
$150
$127
$136
$147
$161
$170
$186
$194
$218
$261
$50
$119
$100
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
NUMBER OF SALES
% GROWTH 2012 - 2021
150%
1,500
1,250
1,000
742
872
931
940
918
1,027
1,139
1,287
2012
747
500
606
750
2013
2014
2015
2016
2017
2018
2019
2020
2021
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
7
PANAMA CITY BEACH CONDOS
11807 FRONT BEACH ROAD | UNIT 2204 8
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY BEACH CONDOS SINGLE FAMILY HOMES
YEAR
NUMBER OF SALES
SOLD VOLUME
AVERAGE SOLD PRICE
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE DAYS ON MARKET
% OF LIST PRICE SOLD
2020
1,764
$538,936,643
$305,520
$266
87
97%
2021
2,547
$957,053,747
$376,053
$337
71
98%
PERCENT CHANGE
27%
23%
78%
44%
1%
18%
44%
2021
27%
97% 2020
98% 2021
1%
AVERAGE DAYS ON MARKET
2020
PERCENTAGE OF LIST PRICE SOLD
337 $
266
2021
$
2,547
2020
AVERAGE SOLD PRICE PER SQUARE FOOT
1,764
NUMBER OF SALES
Condo sales tend to trail behind homes sales in terms of appreciation which could be observed in past years. However, the 2021 numbers indicate quite a massive jump especially in overall sold volume and number of sales!
87 2020
71 2021
18%
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
9
PANAMA CITY BEACH
20319 FRONT BEACH ROAD 10
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY BEACH SINGLE FAMILY HOMES
YEAR
NUMBER OF SALES
SOLD VOLUME
AVERAGE SOLD PRICE
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE DAYS ON MARKET
% OF LIST PRICE SOLD
2020
1,139
$502,622,490
$441,294
$218
68
97%
2021
1,287
$681,652,674
$529,645
$261
44
98%
PERCENT CHANGE
20%
20%
36%
13%
1%
35%
13%
2021
20%
97% 2020
98% 2021
1%
AVERAGE DAYS ON MARKET
2020
PERCENTAGE OF LIST PRICE SOLD
261 $
218
2021
$
1,287
2020
AVERAGE SOLD PRICE PER SQUARE FOOT
1,139
NUMBER OF SALES
Home prices in Panama City Beach have shown very steady growth, consistent with the market, and we expect to see even more growth with new developments and more people discovering this iconic beach community.
68 2020
44 2021
35%
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
11
PANAMA CITY
3630 CEDAR PARK LANE 12
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
PANAMA CITY SINGLE FAMILY HOMES
YEAR
NUMBER OF SALES
SOLD VOLUME
AVERAGE SOLD PRICE
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE DAYS ON MARKET
% OF LIST PRICE SOLD
2020
1,998
$455,530,295
$227,993
$125
62
97%
2021
2,189
$616,263,999
$281,528
$147
42
98%
PERCENT CHANGE
18%
24%
35%
10%
1%
32%
10%
2021
18%
97% 2020
98% 2021
1%
AVERAGE DAYS ON MARKET
2020
PERCENTAGE OF LIST PRICE SOLD
147 $
125
2021
$
2,189
2020
AVERAGE SOLD PRICE PER SQUARE FOOT
1,998
NUMBER OF SALES
Panama City home prices are on the rise, but still remain a very attractive price point that is unique to surrounding areas.
62 2020
42 2021
32%
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
13
NEW CONSTRUCTION | BAY COUNTY
2205 RUSHES AVENUE 14
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
NEW CONSTRUCTION | BAY COUNTY SINGLE FAMILY HOMES
YEAR
NUMBER OF SALES
SOLD VOLUME
AVERAGE SOLD PRICE
AVERAGE SOLD PRICE PER SQ. FT.
AVERAGE DAYS ON MARKET
% OF LIST PRICE SOLD
2020
444
$140,140,184
$315,631
$266
53
99%
2021
525
$189,297,912
$361,946
$179
34
98%
PERCENT CHANGE
10%
15%
35%
81%
1%
36%
81%
2021
10%
99% 2020
98% 2021
1%
AVERAGE DAYS ON MARKET
2020
PERCENTAGE OF LIST PRICE SOLD
179 $
266
2021
$
525
2020
AVERAGE SOLD PRICE PER SQUARE FOOT
444
NUMBER OF SALES
New developments in Bay County have kept prices down a bit lower than the market average. The number of sales may increase substantially in 2022 with the 2021 pending homes completing construction. Decreasing days on market may signal further increase in new home demand.
53 2020
34 2021
36%
ANNUAL REPORT 2021 | BERKSHIRE HATHAWAY HOMESERVICES BEACH PROPERTIES OF FLORIDA
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Get to know us at BeachPropertiesFLA.com EMERALD COAST | SOUTH WALTON | BAY COUNTY | FORGOTTEN COAST Market data for 2022 as of 1/6/22. Information reported is deemed reliable but is not guaranteed. ©2022 MLS and FBS. ©2022 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a 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.
