July 2013 Market Update

This past May, 120 condominium units were sold in Panama City Beach. Interestingly, the numbers for May 2013 were identical to April 2011. This number is an increase from the 94 units sold in May 2012. Similar numbers were shown for June with 106 units being sold in 2013 compared to 95 the year before.

Long Beach has been one of the most popular two-bedroom floor plans in Panama City Beach. These units have two master bedrooms with views of the water and a comfortable living space in between. However, despite these obvious perks, the Long Beach condominium association has had a history of litigation and higher than average association dues. More information regarding these issues will be covered in a future blog post.

Click on image below to see the full size graph

Fortunately, these issues at Long Beach appear to be coming to an end. Although prices peaked in 2005, they bottomed out in 2009 through 2012. The most recent sale was for $269,000. The next sale, which is already under contract, should be for about $15,000 more. These numbers are already 35% over the market bottom and are expected to rise consistently throughout 2013. Please refer to the graph above for the history two bedroom sales at Long Beach condominium.

This pattern is not unique to Long Beach. Almost every building and all floor plans have shown a similar trend over the last two years, which provides a brighter outlook for the future. I also included a graph of the condo sales volumes for the past three years below.

Click on image below to see the full size graph