Panama City Beach Condo Sales SOAR 44% This Spring and Summer

[Kurt]

http://pcbdaily.com/2011-condo-sales-up

by Jason Koertge June 20, 2011

http://pcbdaily.com/2011-condo-sales-up#comments

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We’ve all been wondering how condo sales were going to do this year after last year’s oil spill mess. Well, so far, quarter 2 condo sales are pacing to have an astounding 44% increase over last year. Yes, that’s a 4, paired with an 4 and a percentage sign. Condo sales are up 44% this year over last.
How many condos were sold.

Looking from April 1 through today, there have been 262 condos sold on Panama City Beach according to the Panama City MLS. During the same period in 2010, there were a total of 182 condos sold. Many expected and speculated that sales this year over last would be higher because of the negative effects from the oil spill, but 44% is staggering.


If we take the total number of condos sold, and divide it by the number of days in the period, and multiply it by the number of days left in Q2 2011, then add that number to 262, then at this point, we’re pacing to sell 294 condos for the second quarter period 2011. During Q2 2010 there were 215 condos sold – this would still put us at a 37% increase over last year.
Average price, size and square foot.

Looking closely at the numbers, it’s always fascinating to me to see what people are buying. Here are some averages to soak up.
Average list price: $192,488.95
Average sold price: $179,729.42
Average number of bedrooms: 1.78
Average square footage: 1,122
Average price per square foot: $157.15
Break down of some of the more popular rentals.

Aqua

• 4 condos sold during period
• Average list price: $338,475.00
• Average sold price: $303,750.00
• Average number of bedrooms: 2
• Average square footage: 1,349.00
• Average days on market: 426
• Average price per square foot: $225.13

Calypso

• 8 condos sold during period
• Average list price: $259,787.38
• Average sold price: $244,062.50
• Average number of bedrooms: 1.75
• Average square footage: 1,138.63
• Average days on market: 227
• Average price per square foot: $226.88

Emerald Beach Resort

• 5 condos sold during period
• Average list price: $259,787.38
• Average sold price: $244,062.50
• Average number of bedrooms: 1.75
• Average square footage: 1,138.63
• Average days on market: 142
• Average price per square foot: $226.88

Tidewater Beach Resort

• 16 condos sold during period
• Average list price: $194,125.06
• Average sold price: $185,031.25
• Average number of bedrooms: 1.44
• Average square footage: 1,028.44
• Average days on market: 82.50
• Average price per square foot: $178.26

Pricing this year over last year.

The number of condos sold has sky-rocketed, but the price has fallen 13%. I say fallen, but many would choose to use the word “corrected”.


The average price for the period last year was $302,311, and the average price for the period this year is $179,729.

 

[chanster]

wow the avg condo price fell almost 40% in 1 yr. the drop in panhandle prices matches anywere in the country i bet.No wonder the whole world seems to be letting there homes go as there's no hope of seeing 2005-2007 prices for 10-20 yrs

 

[Kurt]

wow the avg condo price fell almost 40% in 1 yr. the drop in panhandle prices matches anywere in the country i bet.

Yes - they were throwing up high rises pretty fast in PCB and have a lot of inventory. Not representative of panhandle I think - more like Miami. See Murray's reports for SoWal pricing.

 

[scooterbug44]

More units are selling, but they are selling for less than 60% of the price that they did last year.

Based on number of units and average price:

Last year they sold $55,020,602 worth of condos.

This year they sold $47,088,998 worth of condos despite this amazing 44% increase.

 

[Em]

Looking at condos only in South Walton, we see a slightly different picture. Looking solely at May sales, we have enough samples to give us good statistical information. Also, I think median prices give a more accurate picture of trends than average sales prices. I'll add the average sold price variance too, but just for comparison sake.


Median sold price is down 9% in May 2011 compared to May 2010.
Average sold price is down 20.1%
Quantity of sales is up 37%
Total sold volume is up $1.6 million
Inventory decreased 19%

Many banks won't give loans on condos. This has forced people who have to sell to lower their prices. Unknown issues with HOA has also scared many buyers away from condos. What we have seen in the last couple of months in South Walton are cash buyers becoming interested in condos and lots. I believe we will continue to see that trend for a little while longer, while prices are down. Redfish Village recent sales are just beginning to show up, some at double the price of a couple of the recent short sales. Also, expect this summer's condo sales to be up this summer compared to last summer, when buyers put on the brakes due to the unknowns of the oil spill in the Gulf.

 

[chanster]

scooterbugs 100% correct. If i own a car dealership and the car cost me 20k and i put them for sale at 8k i can sell 10 mil cars easy but i'm losing huge on them. the banks have taken billions of dollars of loses on sowal real estate. actually selling all this real estate for 30-40 cents on the dollar is going to cause price rises to be very slow in the future as tons of people who bought for investment purposes will be clogging the pipe as prices rise with tons of inventory. the problem is prices have stayed low for so long everyone has had a chance to buy cheap. my brother bought alot recently in a good area in sowal that sold for 650k in 2006 for less than 10 cents on the $. he's looking to flip it 5 -10 yrs out. its incredible the devastation thats occured.