In 2016, the condominium market in Panama City Beach experienced quite a few ups and downs. Per square foot, the average sales price of
Panama City Beach condos built after 2001 fell one percent. Some types of condo floor plans maintained or fell in price while others increased. However, the demand for condos is rather robust thanks to continual area improvements. Flippers and property speculators are edged out due to a clamp down on financing requirements, which has created a healthy market.
Panama City Beach Condominium Sales
Condo Sales by Volume
Year over year, records of condo sales volumes in Panama City Beach show an 8.3 percent decrease. Buyers paid 20 to 30 percent higher prices than the sales prices in the current condo market. These buyers were financially solvent enough to withstand the financial crisis. The large volume of distressed property sales has come to a close. After sales prices in Panama City Beach climbed four years in a row, fewer buyers wanted to pay a higher asking price. This year, only 12 out of 622 condominium sales were foreclosed properties, and lower sales volumes are expected to continue. The current year's number of condo sales shows that the market's supply and demand is balanced.
Sales Prices by Individual Condominium Building
To get the full picture, it is necessary to look at not only all condominium sales in Panama City Beach but also individual condo sales in the area. Some condos have maintained or decreased in pricing this year while others have had healthy increases. Of course, each condo building commands a different price range. This graph displays historical and current price by square foot for different Panama City Beach condo sales. For instance, a recent condo at the
Emerald Beach Resort went for $200 per square foot while the
Calypso condominiums range from $278 to $328 per square foot.
The price range for every condo has remained the same for three years except for the Celadon and Ocean Villa.
You can find graphs showing the annual price changes for each of these condos in the original article
January 2017 Panama City Beach condo sales update on the Waterview Property Group blog.
All signs point to a healthy condo market in
Panama City Beach. There is no influx of speculators or condo flippers, and the guidelines are strict for buyers who want to qualify for credit. These factors mean that the balanced Panama City Beach condominium market will not change anytime soon.
