Home prices up in Bay County, lumber prices coming down
PANAMA CITY, Fla. (WJHG/WECP) -Supply chain issues are something we have heard about constantly over the past few months. It’s not only impacting prices at the grocery store but housing prices too.
“It has just been a difficult thing with supply chain issues and getting houses built in a timely manner,” Central Panhandle Association of Realtors President Susan West, said.
On the flip side, the cost of lumber has gone down, that’s according to Southern Lumber Supply officials.
But will that bring down the price of building your home?
West said that only 30% of the overall cost of the home comes from lumber. But because most builders have already purchased the lumber for the homes that are currently being built in Bay County it will be a while before we can see the effects of the price change.
“We have seen a 20% to 30% increase in the value of homes over the past couple of years,” West said. “Which is really unsustainable and I think that it should kind of level off but I do not see prices coming down.”
So if you are moving or looking to buy a home what would that cost you right now? West said that prices of homes have increased in the area since 2017.
The median sale price then was around $209,000. In May 2022, it’s around $350,000. However, that hasn’t stopped the housing market from being busy.
The normal supply of homes for a market should be around six months but in Bay County, that is not the case.
“Our current inventory is probably at about a month. So that means if we sold nothing today if nothing new came on the market today we would run out in about a month,” West said.
CPAR has over 800 listings right now for their five-county association.
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