2021 | Bay County Annual Market Report | Berkshire Hathaway HomeServices

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

15

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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.