Panama City Beach Condos Market Analysis for 2009
January 11, 2010 by Craig Baranowski
Filed under From My Blog, Local Real Estate News
2009 was a tenuous year for real estate along the Emerald Coast. One key area that everyone has been watch and analyzing is the Panama City Beach condominium market. How the first full summer of Pier Park dining and shopping would influence the condo market in 2009 and how the opening of the new Northwest Florida Beaches International Airport in May of 2010 with Southwest Airlines will increase world wide exposure of Panama City Beach.
Consistent with our 2009 Market Analysis of South Walton Beach, Panama City Beach condos saw a 23% decrease in new inventory from 2008 and healthy increase in pending sales of 31% and sales transactions of 3%. Although the increase of sales from 2008 to 2009 was only 3%, it still was an increase that we are all excited about. Consistent with the real estate market downturn we saw Average list and selling prices of condos drop 37% and 32% respectively from 2008.
2010 is going to be another stressful year for condo sales as condo financing continues to be a significant roadblock for sales. Cash buyers for condos represented less than 30% of all transactions for condos in 2009. Foreclosures and short sales will continue to be a major driving force for condos sales and condo prices and we expect an even great number of foreclosures and short sales in 2010.
There is still excess developer inventory that must be worked through to keep condo prices in check and expect to see rental rates continue to stabalize and demand for Panama City Beach as a top vacation destination increases with the opening of the new Northwest Florida Beaches International Airport in May of 2010.
Gulf Front Condos Near Pier Park PCB Gulf Front Condos up to $200,000
PCB Gulf Front Condos $201,000 to $300,000 PCB Gulf Front Condos $301,000 to $400,000
PCB Gulf Front Condos $401,000 to $500,000 PCB Gulf Front Condos $501,000 and up
Download the pdf version of the Panama City Beach Condo Market Analysis for 2009.
I am curious how the gulf oil spill is affecting condo sales along 30A. Is the spill having a measurable effect on owners or just from a condo rental standpoint?
Hi Grant,
The oil spill is creating substantial amount of FUD…fear, uncertainty and doubt. Although our beaches have not been physically impacted the media and the fact that the oil spill is still flowing has created a tremendous amount of FUD.
It is having a measurable impact on sales and rentals…not significant…but measurable. I will be publishing May 2010 market analysis as well as June 2010 and we can see what impact the oil spill is doing on our market.
Craig B.