We're seeing an overall theme of gradually increasing prices with sales volume falling back from the past three years' sales levels. This happens in waves (different floor plans in different buildings). There have been steady price increases over the last three years, and a large part of our sales volume occurred in floor plans located in the newer and most popular buildings.

Many Panama City Beach condo owners who purchased their property from 2004 to 2009 want to refinance their condominiums. Since most banks do not provide loans for the area's condos, consumers do not know where to seek refinancing. Often, lenders, who are usually inadequately versed in condominium financing, give property owners incorrect information. Then, lenders encourage credit worthy condo owners to apply for a refinance, which is later turned down by the underwriters. As a Panama City Beach condominium owner, you need accurate information and knowledgeable lending contacts, so you can get your property refinanced.

This article specifically covers refinancing.  If your considering purchasing a condominium, you may want to read our article on Condominium loans in Panama City Beach.

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.

Breaking down the data

During the first five months of 2014 our sales volume was 17% lower than in 2013 and 14% lower than the same time period in 2012. We sold 277 gulf-front condominiums between January and May of this year. In 2013, during the same time period, we sold 336 and 322 in 2012. We can now see a clear trend for 2014 with absorption falling off as prices increase. This was bound to happen. With no remaining preconstruction buildings to convey and distressed sales winding down, sales volumes were destined to drop.