Bay County Real Estate Market Update: April 2024

Bay County Real Estate Market: April 2024 Update

The real estate market in Bay County has shown a mix of trends through April 2024, with various shifts in key metrics for detached single-family homes, townhouses/condos, and mobile/manufactured homes. Here's a detailed look at the latest statistics and what they mean for buyers, sellers, and real estate professionals.

Detached Single-Family Homes

New Listings and Sales Activity

• New Listings: Increased by 9.0% from April 2023 to April 2024, totaling 388 new listings.
• Pending Sales: Rose by 15.5%, indicating stronger buyer interest compared to the previous year.
• Closed Sales: Decreased by 17.1%, suggesting potential delays or challenges in finalizing sales.

Market Dynamics

• Days on Market: Slightly improved, with homes selling in 68 days on average, a 5.6% reduction.
• Inventory: Increased by 9.9%, providing more options for buyers.
• Median Sales Price: Experienced a modest rise of 2.2%, reaching $357,630.

Price Trends

• Percent of List Price Received: Slightly declined by 0.3%, with sellers receiving 97.3% of the list price on average.

Townhouses/Condos

New Listings and Sales Activity

• New Listings: Dropped significantly by 18.4%, reflecting a tightening supply.
• Pending Sales: Decreased by 25.5%, and closed sales fell by 14.3%.

Market Dynamics

• Days on Market: Increased notably by 42.6%, indicating a slower market.
• Inventory: Surged by 71.1%, suggesting an oversupply or reduced demand.
• Median Sales Price: Fell by 8.1%, down to $374,500.

Price Trends

• Percent of List Price Received: Decreased by 2.0%, with sellers receiving 95.4% of the list price on average.

Mobile/Manufactured Homes

New Listings and Sales Activity

• New Listings: Remained stable, showing no change.
• Pending Sales: Slightly increased by 6.3%.
• Closed Sales: Rose by 14.3%, indicating robust activity in this segment.

Market Dynamics

• Days on Market: Increased dramatically by 127.1%, indicating a much slower market.
• Inventory: Increased by 16.0%, providing more options for buyers.
• Median Sales Price: Declined by 8.3%, down to $160,000.

Price Trends

• Percent of List Price Received: Fell by 1.9%, with sellers receiving 93.2% of the list price on average.

Historical Context and Year-to-Date Analysis

The historical median sales price shows a varied trend across different property types, reflecting market fluctuations over the years. Year-to-date figures through April 2024 indicate:

• Detached Single-Family Homes: Modest price stability with a 0.0% change, maintaining a median sales price of $350,000.
• Townhouses/Condos: Continued price decrease, with a median sales price drop of 6.8%.
• Mobile/Manufactured Homes: Slight price appreciation by 2.9%, showing resilience in this segment.

Conclusion

Bay County's real estate market is navigating through a period of mixed trends. Detached single-family homes show a healthy increase in new listings and pending sales, though closed sales are down. Townhouses and condos are experiencing significant challenges with reduced new listings and sales, coupled with increased inventory and days on market. Meanwhile, mobile/manufactured homes display a mix of stability and volatility, with increased days on market but rising closed sales.

For prospective buyers, the increase in inventory across most segments provides more choices, although market conditions vary by property type. Sellers may need to adjust expectations, particularly in the townhouse/condo market, where increased competition and longer selling times are evident. Overall, careful market analysis and strategic planning are crucial for navigating Bay County's real estate landscape in 2024.