In 2015, we saw the prices of condominiums increase for the fourth consecutive year. Even as prices rose, sales volumes remained strong. The vast number of sales were condos built since 2000, but there was a continued increase in annual sales volumes for older units because of the price increases on newer condos.
We noticed over the year that most of the condos that sold have floor plans that bring a lower price per square foot. For instance, a two-bedroom floor plan in which the bedrooms are not located on the water will sell for considerably less than a two-bedroom floor plan in which the master bedroom is positioned on the water. Below are several graphs that demonstrate the trend that we are seeing.
Here is a sales history of Splash Condominium in Panama City Beach, Florida. The graphs included are: The first outlines the complete history, and the second depicts Splash sales from 2009 to the present. The third shows the percentage difference from the prior year. Together, these graphs provide a clear picture of the price differentials over time.