August 2020 Market Update

Condo pricing is 1.9% lower for the year. Even with Covid, the condo market is holding its own. A decade of strict lending requirements created a market of financially sound owners. Panama City Beach will navigate 2020 with ease, but don’t expect average values to be significantly higher this year.

 

Panama City Beach Condo Sales

On average we are down 1.9%. Some buildings you can purchase a condo for less than the same floor plan in 2019, but there is a reason for it. The pricing often reflects what is going on in the building, or the unit condition. The one thing we are not seeing is signs of distressed sellers.

Condo Sales Volume

Sales Volumes are down 6% this year compared to the same period last year. April and May clearly demonstrate the impact Covid has had on our market this year.

Selected Condominiums

Sales Prices


Calypso has been flat since 2019. The $560,000 sale came with a dedicated parking space (35-40k), had nice tile floors, and was nicely decorated. The ones selling close to 500k tend to be tiled and decorated nicely. The ones closer to 450k tend to need some upgrades and decorating.

While the average price of all 2-bedroom condos gives a good overview of the market annually, this graph can give you a better feel for what pricing is doing.

Price Per Square Foot

Calypso Is Up 2.4%

Splash Is Up 3%

Sterling Reef Is Up 0.6%

Emerald Beach Is Up 6.5%

Shores of Panama is down 9.4%

 

Factors Driving The Pricing of Panama City Beach Condos for Sale

Strict Condo Lending Requirements

Most condos require portfolio loans with 20% down. Interest rates are currently around 4 ¾ percent.  There are a few condos that qualify for a Freddie Mac 10% down program. The interest rate has been hanging around 3 1/8. 

Panama City Beach Condos that currently qualify for 10% down Freddie Mac Financing

  • Celadon
  • En Soleil
  • Grand Panama
  • Sterling Beach
  • Sunrise Beach
  • Tidewater
  • Trade Winds
  • Watercrest
  • Ocean Villa

Some condos are jumping in and out of this list. For details on what the Freddie Mac requirements are supposed to be, please refer back to my  November 2019 Panama City Beach condo sales update.

Preconstruction isn’t adding gulf front condo supply anytime soon

St Joe has been executing on a sound vision for Panama City Beach over the past 20 years.

Calypso Condominium, Real Estate Market Updates, Panama City Beach condos for sale, Panama City Beach real estate

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  • 7940 Front Beach Rd #108
  • Panama City Beach, FL 32407
  • 850.249.0307