Skip to main content

Ocean Villa Condominium

2015 Year in Review

January 2016 Panama City Beach condo sales update

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.

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.

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.