Looking at the entire sales history of Ocean Villa, I compared the two bedrooms there with four other buildings that were constructed by the same developer and had identical floor plans. The graphs show a comparison of recent sales, the entire history, sales volume, and annual percentage change. Condos on the west side of the beach tend to demand a slight premium to those located in central Panama City Beach.
Unsurprisingly, 2015 has been off to a slow start for selling condominiums. Today, sellers are demanding for higher sale prices on their condo listings. This in turn is resulting in few buyers who are willing to spend those prices. With no supply of distressed sales, this is the new real estate market in Panama City Beach. Foreclosures and short sales rarely happen anymore and when they do reach the market, these properties are sold at the retail price.
The trend of dropping sales volumes that we were focused on in June 2014 took a pause in July. We have noticed that our sales volume has decreased by 19% over what it was in 2013 as well as a 19% decrease for the same time period in 2012. From January through July of 2014, we have sold 397 gulf front condominiums. That is compared to the sale of 475 condominiums during the same time period in 2013 as well as 476 condominiums in 2012. We are entering a new market where we see the volume of sales for 2014 has declined. Inventory has become scarce as pricing increases over that of a year ago. Are condos selling? Yes they are, just at a slower pace.
A Look Back At 2017 Condo Sales In Panama City Beach
2017 was a very healthy year for the Panama City Beach condo market. Sales volume was the biggest surprise with an increase of 40% year over year. An interesting phenomenon this year was a buyer finding their perfect condo, struggling to agree with the seller on a contract price, and watching it sell shortly after. Many buyers who did find their ideal condominium were pleasantly surprised later in the year. Several preferred floor plans had significant price increases this year, or have no available inventory. Strict financing requirements are still keeping speculators and flippers from entering this market.
There have been many recent news stories about preconstruction condos in Panama City Beach. While the condo market has made a nice recovery, it is a little premature to forecast another preconstruction boom.