07-02-2025
Central Panhandle Association of Realtors provides real estate market projections
BAY COUNTY, Fla. (WMBB) – Friday morning, the Central Panhandle Association of Realtors (CPAR) presented its real estate market findings from 2024 and its outlook for 2025.
CPAR covers six counties in the Panhandle and is celebrating its 100th year in business.
Officials say Bay County is in a buyers' market, meaning buyers have more say in pricing and demand. They say it's because the election had many buyers on standby, mortgage rates and insurance premiums remained high, and inflation affected many households.
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In addition, the condo market is struggling. The 2021 collapse of the Surfside condos has lasting repercussions today.
'Condos have really been affected by the legislation for Florida put in place. It's definitely good that it was put into place for the safety of our residents. But there are side effects that have come. The assessments and the fees for condos are increasing, and buyers just aren't necessarily willing to take on that additional cost right now,' CPAR 2025 President Ariane Johnson said.
Bay County's continuing development is creating conflicting outcomes for sellers. CPAR officials say resale homes are struggling to compete.
'We've seen a big influx of new development, a lot of new builds, which is great for buyers because new builders can offer concessions and discounted points that the regular seller may not be able to offer,' Johnson said.
But with the growth of Tyndall Air Force Base and Naval Support Activity Panama City, officials are confident the market can remain steady.
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'The panhandle is absolutely the hottest market in terms of growth in the state real estate attracting businesses. So, we have to manage that. And to have great partners like CPAR around the table is really important,' Bay County Chamber of Commerce President/CEO Patrick Chapin said.
CPAR officials say interest rates are expected to decrease slightly. But prices are expected to slightly increase nationally.
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