Is Panama, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Panama has remained a Seller's Market.
Key Takeaway
Panama is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Panama, NY
How much do homes in Panama, NY cost?
Median Sold Price
$113,500
$89/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Panama have sold for 57.2% less than they did a month ago.
Summary: The median home sold price in Panama was $113,500 in March 2024, down 57.2% from last month, and the median price per square foot was $89.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $45K | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $265K | $182K | -31.3% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Panama housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 31.3%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Harmony | $250.9K | $113.5K | -54.8% |
| Panama | $265K | $113.5K | -57.2% |
Housing Supply in Panama, NY
How many homes are available in Panama, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Summary: The Panama real estate market had 2 homes for sale in March 2024, a 33.3% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 2 | 1 | -50.0% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Panama housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 50%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Panama, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Panama in March 2024, up by 100.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Panama, NY
How long does it take to sell a home in Panama, NY?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 132 Days | 82 Days | -37.5% |
Summary: Homes in Panama had an average of 82 days on market in Mar 2024, down by 37.5% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Panama are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 2 homes were sold in Panama; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
