January 2018 Market Update
A Look Back At 2017 Condo Sales In Panama City Beach
2017 was a very healthy year for the Panama City Beach condo market. Sales volume was the biggest surprise with an increase of 40% year over year. An interesting phenomenon this year was a buyer finding their perfect condo, struggling to agree with the seller on a contract price, and watching it sell shortly after. Many buyers who did find their ideal condominium were pleasantly surprised later in the year. Several preferred floor plans had significant price increases this year, or have no available inventory. Strict financing requirements are still keeping speculators and flippers from entering this market.
Panama City Beach Condo Sales
The average price per square foot for condos built after 2001 increased 2.7%. Twenty-six resort condominiums were built after 2001. Ten had annual price increases from 4.7%-9.8%.
Condo Sales Volume
Panama City Beach condo sales volumes were up an unexpected 40% in 2017. This may be attributed to price points reaching levels where many preconstruction owners are comfortable selling.
Individual 2-Bedroom Condominium Sales
Selected Condominium Sales Prices
Selected Condominiums Price Per Square Foot
This graph provides a snapshot of individual per square foot prices different two-bedroom condominiums are currently selling at. Calypso is leading the market, commanding up to $352 per square foot. Splash Condominium has a recent sale at $306, Sterling Reef $256, and Emerald Beach $221. This helps to break down the average two-bedroom per square foot price of $261.
Calypso Is Up 4.7%
Splash Is Up 3.9%
Sterling Reef Is Up 9.8%
Emerald Beach Is Up 5.9%
3-Bedroom Average Sale Price In 2017
What To Expect In 2018
We are not seeing any condo flipping or speculators. Lending Standards continue to follow strict guidelines. Every year we see improvements to the Panama City Beach area. The TDC (Tourist Development Council) has been successful in extending our peak season and the number of annual events. Panama City Beach is continuing to mature, and prices are likely to reflect that.
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