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Panama City Beach Condo Market Overview - January 2025

Sales volume plummeted beginning in February 2024, leading to the onset of significant price drops by July. From the second to the fourth quarter, prices fell by 15%. The average yearly drop of 5% from 2023 to 2024 doesn't fully capture the depth of these price falls. Rental income decreased, while many associations saw a notable rise in condominium budget costs in 2024. In 2025 many associations are once again budgeted for higher overall expenses. Many buildings costs were partially offset in 2024 by a considerable reduction in insurance rates. Although insurance costs remain much higher than they were five years ago, they were lower than many associations had anticipated in their 2024 budgets.

Sterling Beach Condominium, Ocean Reef, Panama City Beach real estate, Panama City Beach condos for sale, Ocean Villa Condos for Sale, Real Estate Market Updates, Calypso Condominium

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Ocean Villa sales history

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.

Ocean Villa Condos for Sale, Individual condo sales histories

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Panama City Beach Florida Condo Association Dues 2024

The topic of association dues is often a contentious aspect of living in a Florida condo association. Owners frequently express their dislike for these dues, yet they are a crucial part of condo living. In Panama City Beach, Florida, condos are currently facing financial challenges. These include rising insurance costs, new structural mandates, and the effects of inflation. The financial management of these buildings varies; some have a better grasp on their financials than others.

Panama City Beach Florida Condo Association Dues, Panama City Beach condos for sale

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Panama City Beach Condo Market Overview - August 2024

Market Crash, Correction, or Stability?

Some buildings and floor plans have remained stable, showing no signs of pricing stress or reduction. Other buildings are experiencing a significant price drop, with values falling back to 2021 levels.  The average price per square foot tries to balance a very segmented market, but it can be misleading.  Here are a few examples:

Shores of Panama, Panama City Beach real estate, Panama City Beach condos for sale, Ocean Villa Condos for Sale, Real Estate Market Updates

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Panama City Beach Condo Market Overview - February 2024

Market Crash, Correction, or Stability?

A Few Buildings Have Crashed

Market downturns are characterized by a significant decline in property values, often exceeding a 20% drop from peak prices within a year. In Panama City Beach, a handful of condominium buildings have experienced such downturns, primarily because of a series of questionable decisions made by their associations in previous years that are now impacting those particular properties.  The Shores of Panama stands out as a notable example, with several articles highlighting ongoing issues for over five years.

Shores of Panama, Panama City Beach real estate, Panama City Beach condos for sale, Ocean Villa Condos for Sale, Real Estate Market Updates

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

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