Panama City Beach Condo Market Analysis for March 2010

If you have not ventured to Panama City Beach this Spring I can tell you that the place is buzzing! Pier Park is packed with visitors, the white sand beaches and emerald green waters are being enjoyed by many…and condo rentals are up. With the imminent launch of the new Northwest Florida Beaches International Airport, many are very optimistic of Panama City Beaches future. 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. The positive news is rental income and rental rates continue to improve for Panama City Beach condos and will continue to have a significant role with increasing condo sales.

The Good
Pending sales are up 24% year to date compared to 2009
Condo sales are up 37% year to date compared to 2009
Average listing and sales prices are holding strong with 2009 figures
Grand Panama Beach Resort is the top selling condo year to date with 23 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 62% from the same period a year ago
Foreclosures and short sales will continue to enter the Panama City Beach Condo Market

Panama City Beach Condo Market Summary and Analysis for March 2010 pdf Version

Scenic 30-A & Emerald Coast Market Summary and Analysis for March 2010

Comments

  1. UWUM15 says

    We are now moving forward with Equator with an accepted offer and a closing date.  The home inspection came back with a lot of neglect and expensive repairs.  This is a short-sale, do you think we can get some consideration for the inspection remedies?  Thanks.

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