Venturing into Panama City Beach this summer you will notice two things: First the beaches are spectacular and oil free and second Pier Park is HOT! I am convince Pier Park will be the top destination along the Emerald Coast for shopping and dining. The new airport is rocking and almost all of the flights into Northwest Florida Beaches International Airport are FULL! So how do the Real Estate number look for Panama City Beach condos?
Panama City Beach condos are continuing to struggle in the Real Estate rebound in Northwest Florida. A volatile combination of limited availability of loans to purchase condos, struggling HOAs and an excess of new condo inventory…Panama City Beach Condos are struggling to get back on track. Although the oil spill made little physical impact on our beaches it did negatively impact condo rental income and rental rates as vacationers looked for "oil spill specials". I also believe the oil spill impacted sales transactions as sales volume and pending contracts are off 2009 numbers.
The GoodAverage listing and sales prices are up for 2010 Grand Panama Beach Resort is the top selling condo year to date with 39 sales Grand Panama Beach Resort Market Analysis and Snapshot
The Bad
Short Sales and foreclosures continue to represent a large portion of available inventory Bank Owned and Short sale transactions are up 81% from the same period a year ago Foreclosures and short sales will continue to enter the Panama City Beach Condo Market Year to date sales and pending listings are down compared to 2009
Panama City Beach Condo Market Summary and Analysis for July 2010 pdf Version
Scenic 30-A & Emerald Coast Market Summary and Analysis for July 2010 pdf Version
