2023 Bay County Annual Market Report | Berkshire Hathaway HomeServices Beach Properties of Florida

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

For You

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.