The condo market in Panama City Beach is ever changing!  In 2004, 2005 and 2006, the condo market was on FIRE and developers were building them as fast as they could.  Prices were skyrocketing and buyers were buying at alarming rates.

Take a look at the market from 2004 on...

2004 average sales price $322,000, number of sales 1319

2005 average sales price $416,000, number of sales 1322

2006 average sales price $332,000, number of sales 1239

2007 average sales price $317,000, number of sales 968

2008 average sales price $299,000, number of sales 886

2009 average sales price $223,000, number of sales 749

2010 average sales price $211,000, number of sales 798

2011 averages through end of February, average sales price $187,000, number of sales first 2 months 163.

What does this mean for a buyer?  It means that the market has continued to decline however the number of sales for 2011 have gone up to just over 80 per month for a projection of 978 in 2011.  Buyers who are savvy and watch the market will see that prices have come down to a point that a condo can once again be a wise investment. 

Condo financing continues to be more difficult and typically requires 20 to 25% down for most condos with variable interest rates.  The bright side of this is that it does not foster irresponsible borrowers and irresponsible lenders like we saw in 2004 , 5 and 6.  It forces everyone to be smart and not over finance or overspend, making it a wise investment for everyone.

The condo market inventory is still very high, the absorption rate (the amount of time it would take to sell everything on the market today) is almost 2 years.  This means that many of the condos are overpriced or not priced for the condition of the condo and the condition of the market.  Smart buyers are finding the great deals and buying quickly.

If you are in the market for a condo in Panama City Beach, call The Payne Group right away at 850-890-0132 or visit The Payne Group online to start your Panama City Beach condo search today.