1613 Hickory Ave · Panama City, FL 32405

$214,499

3 bd · 2.0 ba · 1,816 sqft · SingleFamily public records · 76 Days on market

Built 1955 10,062 sqft lot $118/sqft · 21% below area Est $273k · 21% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• 1% rule +4.3/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfectly located in the historic and highly sought-after St. Andrews area of Panama City, this home puts you just minutes from local restaurants, shops, parks, schools, and the waterfront--making everyday living both convenient and enjoyable. Originally built in 1955 and thoughtfully remodeled in 2016, this property blends timeless character with modern upgrades, all set on a durable concrete block foundation. Inside, you'll find a spacious living room that creates the perfect setting for relaxing or entertaining, along with updated bathrooms featuring tile finishes as well as brand new double-pane windows that improve both comfort and energy efficiency. Major systems have already been taken care of, including an HVAC system and all-metal roof replaced in 2019, as well as a brand new water heater installed at the end of 2025, giving you peace of mind for years to come. Enjoy the separate utility room space, as well as a backyard designed for both privacy and possibility. Concrete block walls provide a secluded feel, while the custom-built back porch offers the perfect spot to unwind and even the potential to be enclosed for additional living space. The property also includes a storage shed/doghouse, adding flexibility for pets, storage, or hobbies. This home is a great opportunity to own a move-in-ready property in one of Panama City's most charming and established neighborhoods, with the upgrades, space, and location that you are looking for.

Key facts

• All-metal roof
• Remodeled in 2016
• Updated bathrooms

Tags

• REMODELED IN 2016
• UPDATED BATHROOMS
• DOUBLE-PANE WINDOWS
• HVAC SYSTEM
• ALL-METAL ROOF
• SEPARATE UTILITY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $214k.

Deal economics

• At list price, monthly cash flow is $49 ($583/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (7.2% below list).
• Recommended offer: $199k (7.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.7% in Panama City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#350 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.2%/yr); 382 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 33% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $175k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,137 (7.2% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• GRM: 9.0

CMA / ARV

• ARV (median comp): $272,529
• List price: $214,499
• Delta: -21.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 Foster Ave	0.18mi	3/2.0	1,814 (-0%)	7mo	$328,000	$181	86
1522 Fountain Ave	0.48mi	3/2.0	1,855 (+2%)	5mo	$120,000	$65	70
1711 Calhoun Ave	0.21mi	3/2.0	1,597 (-12%)	9mo	$308,500	$193	62
2606 W 20th St	0.43mi	4/2.5 (+1)	1,893 (+4%)	8mo	$282,000	$149	59
1411 Chestnut Ave	0.36mi	3/3.5	1,680 (-8%)	12mo	$372,000	$221	55
1613 Friendship Ave	0.62mi	4/3.0 (+1)	1,816 (0%)	10mo	$285,000	$157	54
2205 W 14th St	0.43mi	3/2.5	2,082 (+15%)	2mo	$340,000	$163	52
1301 Oakland Dr	0.58mi	4/2.0 (+1)	1,674 (-8%)	7mo	$200,000	$119	49
3108 W 20th Ct	0.62mi	3/2.0	1,600 (-12%)	4mo	$127,400	$80	48
2502 W 20th St	0.45mi	3/2.0	1,552 (-14%)	9mo	$230,000	$148	47
1114 Foster Ave	0.63mi	3/2.0	1,572 (-13%)	2mo	$391,750	$249	46
1819 Molitor Ave	0.66mi	3/3.0	2,043 (+12%)	3mo	$215,000	$105	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.42×
• Total profit: $-35,076
• Equity at exit: $31,982

10-year hold

• IRR: -12.2%
• Equity multiple: 0.33×
• Total profit: $-40,061
• Equity at exit: $18,546

Cash invested: $60,060 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32405

• Rents YoY: 1.2%
• Active inventory: 382
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,991 high
• Mortgage (P&I): −$1,125
• Tax from tax record: −$310 /mo · $3,725/yr
• Insurance: −$89
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $49

Break-even live

Break-even rent $1,930

Max offer price $214,499

Occupancy floor 93%

Sensitivity live

Price	-10% $170	-5% $109	+0% $49	+5% $-12	+10% $-73
Rent	-10% $-109	-5% $-30	+0% $49	+5% $127	+10% $206
Rate	-1.0pp $157	-0.5pp $103	base $49	+0.5pp $-7	+1.0pp $-64

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $53,625
• Closing costs: $6,435
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2602 W 12th St Panama City, FL	3.0	2.0	1400	$2,095	$1.50	22d	1	0.61mi
1113 Arthur Ave Panama City, FL	3.0	2.5	2000	$2,295	$1.15	22d	1	0.68mi
1913 Laurel Ave Unit A Panama City, FL	2.0	2.5	1238	$1,725	$1.39	14d	1	1.02mi
4324 W 20th St Panama City, FL	1.0–3.0	1.0–2.5	1000	$1,630	$1.63	14d	12	1.33mi
1827 Balboa Ave Panama City, FL	3.0	2.5	1440	$1,800	$1.25	14d	1	1.38mi

Listing history 20 events

1. 2026-06-13
   statusdays on market $214,499 Pending 76 DOM
2. 2026-06-10
   days on market $214,499 Active 75 DOM
3. 2026-06-09
   days on market $214,499 Active 74 DOM
4. 2026-06-08
   days on market $214,499 Active 73 DOM
5. 2026-06-07
   days on market $214,499 Active 72 DOM
6. 2026-06-05
   days on market $214,499 Active 69 DOM
7. 2026-06-03
   days on market $214,499 Active 68 DOM
8. 2026-06-02
   days on market $214,499 Active 67 DOM
9. 2026-06-01
   days on market $214,499 Active 66 DOM
10. 2026-05-31
    days on market $214,499 Active 65 DOM
11. 2026-05-30
    days on market $214,499 Active 64 DOM
12. 2026-05-05
    status Active 1468-char remark

    Show marketing remark (1468 chars)

    Perfectly located in the historic and highly sought-after St. Andrews area of Panama City, this home puts you just minutes from local restaurants, shops, parks, schools, and the waterfront--making everyday living both convenient and enjoyable. Originally built in 1955 and thoughtfully remodeled in 2016, this property blends timeless character with modern upgrades, all set on a durable concrete block foundation. Inside, you'll find a spacious living room that creates the perfect setting for relaxing or entertaining, along with updated bathrooms featuring tile finishes as well as brand new double-pane windows that improve both comfort and energy efficiency. Major systems have already been taken care of, including an HVAC system and all-metal roof replaced in 2019, as well as a brand new water heater installed at the end of 2025, giving you peace of mind for years to come. Enjoy the separate utility room space, as well as a backyard designed for both privacy and possibility. Concrete block walls provide a secluded feel, while the custom-built back porch offers the perfect spot to unwind and even the potential to be enclosed for additional living space. The property also includes a storage shed/doghouse, adding flexibility for pets, storage, or hobbies. This home is a great opportunity to own a move-in-ready property in one of Panama City's most charming and established neighborhoods, with the upgrades, space, and location that you are looking for.

13. 2026-05-05
    price $212,499 1468-char remark

    Show marketing remark (1468 chars)

    Perfectly located in the historic and highly sought-after St. Andrews area of Panama City, this home puts you just minutes from local restaurants, shops, parks, schools, and the waterfront--making everyday living both convenient and enjoyable. Originally built in 1955 and thoughtfully remodeled in 2016, this property blends timeless character with modern upgrades, all set on a durable concrete block foundation. Inside, you'll find a spacious living room that creates the perfect setting for relaxing or entertaining, along with updated bathrooms featuring tile finishes as well as brand new double-pane windows that improve both comfort and energy efficiency. Major systems have already been taken care of, including an HVAC system and all-metal roof replaced in 2019, as well as a brand new water heater installed at the end of 2025, giving you peace of mind for years to come. Enjoy the separate utility room space, as well as a backyard designed for both privacy and possibility. Concrete block walls provide a secluded feel, while the custom-built back porch offers the perfect spot to unwind and even the potential to be enclosed for additional living space. The property also includes a storage shed/doghouse, adding flexibility for pets, storage, or hobbies. This home is a great opportunity to own a move-in-ready property in one of Panama City's most charming and established neighborhoods, with the upgrades, space, and location that you are looking for.

14. 2026-04-27
    status Pending 1468-char remark

    Show marketing remark (1468 chars)

    Perfectly located in the historic and highly sought-after St. Andrews area of Panama City, this home puts you just minutes from local restaurants, shops, parks, schools, and the waterfront--making everyday living both convenient and enjoyable. Originally built in 1955 and thoughtfully remodeled in 2016, this property blends timeless character with modern upgrades, all set on a durable concrete block foundation. Inside, you'll find a spacious living room that creates the perfect setting for relaxing or entertaining, along with updated bathrooms featuring tile finishes as well as brand new double-pane windows that improve both comfort and energy efficiency. Major systems have already been taken care of, including an HVAC system and all-metal roof replaced in 2019, as well as a brand new water heater installed at the end of 2025, giving you peace of mind for years to come. Enjoy the separate utility room space, as well as a backyard designed for both privacy and possibility. Concrete block walls provide a secluded feel, while the custom-built back porch offers the perfect spot to unwind and even the potential to be enclosed for additional living space. The property also includes a storage shed/doghouse, adding flexibility for pets, storage, or hobbies. This home is a great opportunity to own a move-in-ready property in one of Panama City's most charming and established neighborhoods, with the upgrades, space, and location that you are looking for.

15. 2026-04-15
    price $214,900 1468-char remark

    Show marketing remark (1468 chars)

    Perfectly located in the historic and highly sought-after St. Andrews area of Panama City, this home puts you just minutes from local restaurants, shops, parks, schools, and the waterfront--making everyday living both convenient and enjoyable. Originally built in 1955 and thoughtfully remodeled in 2016, this property blends timeless character with modern upgrades, all set on a durable concrete block foundation. Inside, you'll find a spacious living room that creates the perfect setting for relaxing or entertaining, along with updated bathrooms featuring tile finishes as well as brand new double-pane windows that improve both comfort and energy efficiency. Major systems have already been taken care of, including an HVAC system and all-metal roof replaced in 2019, as well as a brand new water heater installed at the end of 2025, giving you peace of mind for years to come. Enjoy the separate utility room space, as well as a backyard designed for both privacy and possibility. Concrete block walls provide a secluded feel, while the custom-built back porch offers the perfect spot to unwind and even the potential to be enclosed for additional living space. The property also includes a storage shed/doghouse, adding flexibility for pets, storage, or hobbies. This home is a great opportunity to own a move-in-ready property in one of Panama City's most charming and established neighborhoods, with the upgrades, space, and location that you are looking for.

16. 2026-04-09
    price $219,900 1468-char remark

    Show marketing remark (1468 chars)

    Perfectly located in the historic and highly sought-after St. Andrews area of Panama City, this home puts you just minutes from local restaurants, shops, parks, schools, and the waterfront--making everyday living both convenient and enjoyable. Originally built in 1955 and thoughtfully remodeled in 2016, this property blends timeless character with modern upgrades, all set on a durable concrete block foundation. Inside, you'll find a spacious living room that creates the perfect setting for relaxing or entertaining, along with updated bathrooms featuring tile finishes as well as brand new double-pane windows that improve both comfort and energy efficiency. Major systems have already been taken care of, including an HVAC system and all-metal roof replaced in 2019, as well as a brand new water heater installed at the end of 2025, giving you peace of mind for years to come. Enjoy the separate utility room space, as well as a backyard designed for both privacy and possibility. Concrete block walls provide a secluded feel, while the custom-built back porch offers the perfect spot to unwind and even the potential to be enclosed for additional living space. The property also includes a storage shed/doghouse, adding flexibility for pets, storage, or hobbies. This home is a great opportunity to own a move-in-ready property in one of Panama City's most charming and established neighborhoods, with the upgrades, space, and location that you are looking for.

17. 2026-03-19
    listed $224,900 Active 1468-char remark

    Show marketing remark (1468 chars)

    Perfectly located in the historic and highly sought-after St. Andrews area of Panama City, this home puts you just minutes from local restaurants, shops, parks, schools, and the waterfront--making everyday living both convenient and enjoyable. Originally built in 1955 and thoughtfully remodeled in 2016, this property blends timeless character with modern upgrades, all set on a durable concrete block foundation. Inside, you'll find a spacious living room that creates the perfect setting for relaxing or entertaining, along with updated bathrooms featuring tile finishes as well as brand new double-pane windows that improve both comfort and energy efficiency. Major systems have already been taken care of, including an HVAC system and all-metal roof replaced in 2019, as well as a brand new water heater installed at the end of 2025, giving you peace of mind for years to come. Enjoy the separate utility room space, as well as a backyard designed for both privacy and possibility. Concrete block walls provide a secluded feel, while the custom-built back porch offers the perfect spot to unwind and even the potential to be enclosed for additional living space. The property also includes a storage shed/doghouse, adding flexibility for pets, storage, or hobbies. This home is a great opportunity to own a move-in-ready property in one of Panama City's most charming and established neighborhoods, with the upgrades, space, and location that you are looking for.

18. 2019-05-29
    soldstatus $175,000 424-char remark

    Show marketing remark (424 chars)

    Owner has cleaned roof checked for problems, painted interior, deck is being repaired. This home is in the St. Andrews area. When you walk in the front door you can see through galley kitchen to the family room. Very open and welcoming. Nice bathrooms, split bedroom plan. From the carport you can go to utility area or into master bedroom. There is a shed in the back yard. You will need to measure for exact measurements.

19. 2019-05-29
    soldstatus $175,000

    Show marketing remark (424 chars)

    Owner has cleaned roof checked for problems, painted interior, deck is being repaired. This home is in the St. Andrews area. When you walk in the front door you can see through galley kitchen to the family room. Very open and welcoming. Nice bathrooms, split bedroom plan. From the carport you can go to utility area or into master bedroom. There is a shed in the back yard. You will need to measure for exact measurements.

20. 2019-02-07
    listed $189,000 424-char remark

    Show marketing remark (424 chars)

    Owner has cleaned roof checked for problems, painted interior, deck is being repaired. This home is in the St. Andrews area. When you walk in the front door you can see through galley kitchen to the family room. Very open and welcoming. Nice bathrooms, split bedroom plan. From the carport you can go to utility area or into master bedroom. There is a shed in the back yard. You will need to measure for exact measurements.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $3,725 · $310/mo
• Projected year-2 tax: $3,725 · $310/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,896
• − Mortgage interest: −$12,015
• − Property taxes: −$3,725
• − Insurance: −$1,072
• − Repairs & maintenance: −$1,912
• − Management: −$1,912
• − Depreciation: −$6,240
• Taxable loss: −$2,980
• Est. tax savings @ 24.0%: +$715
• After-tax cash flow: $1,298/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Bay
• NCES district ID: 1200090
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $47,740
• Composite: 43.41/100
• National rank: #3014
• State rank: #29 of 73 in FL

Livability — Panama City

• Score: 72/100
• State rank: #350
• US rank: #5823

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Panama City, FL
• County: Bay County · 163,593 people
• City population: 91,445
• Metro: Panama City, FL
• Population (ZIP): 29,984
• Household income: $73,373
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1008.0

Population outlook (Bay County) Hauer SSP2

• Today (2025): 206,264 people
• By 2030: 217,740 · +5.6%
• By 2040: 238,738 · +15.7%
• By 2050: 255,545 · +23.9%
• By 2075: 288,295 · +39.8%
• By 2100: 288,638 · +39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 17% Two or more races 8% Hispanic / Latino 7% Native American 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 4% Lithuanian 2% Romanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Bay

• 2024 margin: Solid R (+47.4) · D 25.8% · R 73.1% · Other 1.1%
• 2008→2024 swing: -6.6pp toward R · 2008: -40.7pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.5 2016: R+46.3 2012: R+43.6 2008: R+40.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -217.88%
• Current HPI: 262.7854
• Rent YoY: ▲ 1.24%
• Metro: Panama City, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+12.4% since first listed

9 events — show timeline

• 2026-05-05 Relisted — CPARMLS
• 2026-05-05 Price Changed $212,499 CPARMLS
• 2026-04-27 Pending — CPARMLS
• 2026-04-15 Price Changed $214,900 CPARMLS
• 2026-04-09 Price Changed $219,900 CPARMLS
• 2026-03-19 Listed $224,900 CPARMLS
• 2019-05-29 Sold (Public Records) $175,000 Public Records
• 2019-05-29 Sold (MLS) $175,000 CPARMLS
• 2019-02-07 Listed $189,000 CPARMLS

Property tax history

+13.1%/yr

Latest (2025): $3,725 · +7.0% YoY. Source: county tax records.