Number of Homes Sold and Sales Prices are Up

PANAMA CITY- Florida's housing market did well in February, according to the Florida realtors.

The statewide median sales price for single-family existing homes was $165,000 in February, up 10 percent from February 2013.

The median price for existing townhouses and condos was $132,500, up 15.2 percent from the same month a year ago.

"It’s a good time and the demand is coming back. Average prices have come up to 491,000 for an average sale price for a condo and the supply is diminishing so as we get into that season in April, may and June, when it really starts booming, we're going to see an increase in prices," said Keith Hodges, Bay County Association of Realtors.

Bay County’s numbers are also growing.

Local realtors say the single family home market for February was up about 14 percent from February 2013.

Condos sales growth is a bit slower.

Local realtors sold 116 existing condos in February, up a little less than 1 percentage point from the year before.

Local residents that are trying to sell their houses say they believe it's now a sellers market.

"When I first purchased the home, is when the economy was taking a large down turn. The economy is coming back although slowly, so I’m expecting to do far better than when it was at its low," said Scott Baldwin, Panama City Beach resident.

"Extremely optimistic, we're over the moon about it. With the expansion we're seeing at Pier Park. Builders are out scampering around trying to find lots again, which is a sign we haven't seen for four, five years and those kinds of things tell us that we're back on the rise," said Hodges.

Realtors sold 15,826 single family homes statewide in February, a 1-and-a-half percent increase over February 2013.