Yes, definitely. In May, the water temperature in Panama City Beach typically starts to warm up, making it comfortable for swimming, especially later in the month. While the water may still be a bit cooler earlier in May, many visitors still enjoy taking a dip in the Gulf of Mexico during this time. With average highs in the low to mid 80's and a comfortable water temperature in the 70's, it's a great time to take a swim in Panama City Beach. 

It's always a good idea to check current water conditions and local forecasts before planning any water activities (and always check the PCB flag status!), but generally speaking, May can be a pleasant time for swimming in Panama City Beach.