(Source: The News Herald)
By Chris Segal, The News Herald, Panama City, Fla.
April 21--PANAMA CITY -- Existing home and condo sales numbers continued to improve in March, numbers released Wednesday show.
In Bay County, March saw 132 home sales, an increase of 42 percent over March 2010; 83 condos were sold, an increase of 46 percent from March 2010. Home and condo sales were up for the entire state for the month.
Spring and summer months typically are the best selling seasons for local real estate, said John Harrell, president of the Bay County Association of Realtors.
"As the prices continue to come down and the economy improves, people that probably didn't quality for loans and programs before probably qualify now," Harrell said.
Harrell predicts that if the local and state economies continue to improve, then this summer could see "the market bust wide open." He still is concerned about high gas prices, but there is inventory and the affordable properties should sell.
Seventeen of Florida's metropolitan statistical areas reported higher sales in March, the fourth consecutive month that Florida has reported higher year-over-year sales statewide.
"A variety of housing opportunities (are) available at attractive prices across the state, while mortgage interest rates remain historically low," Florida Realtors president Patricia Fitzgerald said in a news release. "Favorable conditions like these spark the interest of buyers -- who should consult a local Realtor to find out more about their local markets."
Although the number of sales locally are increasing year-over-year, the median sales price took a 10 percent dip for condos and 17 percent for homes.
According to the National Association of Realtors industry outlook, a strengthening economy will continue to bolster the housing market's slow recovery.
"Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by unnecessarily tight credit," National Association of Realtors chief economist Lawrence Yun said in a news release.
The interest rate for a 30-year fixed mortgage averaged 4.84 percent in March, down slightly from the 4.97 percent average during the same month a year prior, according to Freddie Mac.
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