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Panama City Houses - The Market for Panama City Houses

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Panama City is the county seat of Bay County, Florida. It is located on the Gulf Coast of the panhandle between Pensacola and Tallahassee. With a population of only 36,417, it is not a large city, but this is one of the attractions for prospective buyers of Panama City houses. The area where Panama City is located was first discovered by pirates who would use the bay as ambushing point. Later, the area was settled by salt miners and was officially incorporated as a city in 1907. The quiet city grew significantly after 1941 with the construction of Tyndall Field, now known as Tyndall Air Force Base. St. Andrews Harbor is still considered one of the best and most ship-friendly in Florida. The St. Andrews Marina is widely known and the bay is home to a large U.S. Navy support center.

There are 14,819 households in Panama City occupying 16,548 total housing units. The market supports anywhere from 1,200 to 1,300 Panama City homes for sale. The city’s market is currently in a slump, so it is the perfect time for buying. The housing crises of 2006 did not hit the area like it did most cities. The market stayed relatively stable until late 2007, when it slowly began to fall. The decline continues, but is expected to rise again before too much longer. The median price of Panama City homes is just under $150,000, although the initial asking price is over $50,000 higher than the final median selling price. There are also over 900 foreclosure homes in Panama City with median selling price of $122,000. Taking into consideration all Panama City homes for sale, the median price per square foot is a very reasonable $74.

Panama City is both racially and socially diverse. Many communities similar to Panama City have a reputation for being retirement centers, such as Naples, but in this city only 38 percent of the population is aged 45 or over. There are 92 males for every 100 females over the age of 18, and 42 percent of all households are married couples. The median household income is $31,572 per year.

Even though the market for Panama City homes is in a downturn, the city has been undergoing several redevelopment projects that promise to bring the market back up. The most sought-after homes are beach condominiums, but town homes and tracts of land for custom building are also popular. While there are a number of Panama City houses on the market, single-family homes are one of the least-sought types of housing. Many homes in Panama City are being bought by absentee investors who rent their properties as they wait for the market to rise. At the very least, making a rental unit out of the home is an easy way to make the mortgage payments.

Although the nearest Interstate Highway is over 45 miles outside the city, owners and residents in Panama City homes benefit from two major U.S. highways: US 231 and US 98. State routes 30, 75, and 77 are also major roadways. The city also benefits from a brand new airport – the Northwest Florida Beaches International Airport. It opened for business in May 2010 and it is the first major airport to be built after the attacks on September 11, 2001.

Education in the city is served by the Bay County School District and higher learning is provided by Gulf Coast Community College and a Florida State University – Panama City Campus.

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