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Panama City Florida Real Estate - panama city fl real estate

market median price sales

While the median sales price for homes has fallen dramatically in markets across the country, certain real estate markets have been more affected than others.  The most affected markets are those located in Southern California, Nevada, Arizona, and Florida.  Like other markets in Florida, the Panama City, Florida real estate market has been negatively affected by the housing bubble and burst.
 
The Panama City, Florida real estate market saw modest growth between 2004 and 2007 as the median sales price swelled from around $150,000 to well over $200,000 in that market.  While many homeowners experienced significant gains, others who own real estate in Panama City, Florida, saw their prices decrease substantially after the bubble burst in early 2007.  Since early 2007, the median sales price in the Panama City, Florida real estate market has fallen to around $140,000.  While the market did experience significant declines in recent years, it appears the market has finally leveled out.  Housing prices have remained consistent in the Panama City market for the past three quarters.
 
One reason why the median sales price in the Panama City, Florida real estate market has declined so rapidly is because of the high rate of foreclosure.  In Panama City, one in every 175 household received a foreclosure notice in February 2010.  The foreclosure rate is worst in zip code 32407, where one in every 144 households received a foreclosure notice in that month. 

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