Panama City Beach real estate, Panama City Beach condos for sale

• Created on 04 May 2015.
• Last updated on 04 May 2015.
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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.

Condos see third year of price increases

In 2012 condos showed promising signs of prices beginning to bounce back. In 2013 condo sales prices clearly showed the market had rebounded. What was interesting about 2013 was that even after two years of price increases, the sales volumes didn't fall off. The reason for this was that inventory was running low on some of the floor plans at their current pricing levels.  Meanwhile other floorplans that had not seen absorption for years were beginning to pick up the slack. The lack of inventory really became apparent in 2014. Even though we had price increases of 10% in both 2013 and 2014, our sales volumes were off by 21% when compared to the previous two years. I expect this trend to continue in 2015.

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.