Real estate market improving ten months after Hurricane Michael

BAY COUNTY, Fla. (WJHG/WECP) - It's no secret that the last year has been a crazy time for real estate in Bay County.

Home prices are beginning to plateau, according to one local broker. (WJHG/WECP)

B. Cody Shields, Owner & Broker of Think Real Estate, said, "When the hurricane hit, all of the inventory, the houses that were available, that were first sale or maybe coming up for sale, they probably had some sort of damage or was at least such a pause in people's life that there was no homes being sold, so October of last year, not many homes were being sold, the ones that were salvageable that didn't get terrible damage, November, December, January, there was kind of a rush, really a feeding frenzy that kind of started this rise of home prices."

Houses and rent prices have been extremely high in the last ten months.

"After March, it kind of, the home prices leveled out a tad, but even though they weren't rising, they were still a good 15% higher than 2018," said Shields.

As the first anniversary of Hurricane Michael looms in the distance, there could be hope for buyers.

"It seems to look like it's planing out, but when you look at the numbers, even though they're not rising necessarily, they are significantly higher than they were last year," said Shields.

Shields said he thinks the rest of 2019 will be better in terms of real estate.

"I personally believe that we're in a good spot in this town when it comes to real estate, I think the inventory's still going to be low, but I don't see it continuing to just rise astronomically to where a $200,000 house this time last year is gonna go up to $300,000," said Shields.

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