Panama City Beach Real Estate Market Conditions
Panama City Beach Real Estate Information | Market Conditions | Boating and Fishing

Hi folks,

There is some encouraging news with regard to the real esate market in Panama City Beach. Condos sales nearly doubled for the month of February as compared to January. There were 47 condos sold in February compared to 27 in January. The brisk sales contributed to improving the absorption ratio. January’s sales rate and inventory numbers showed 61+ months of inventory on the market. In February however, the months of inventory was cut in half to 33 months. That could be a positive sign for the market as a whole.

Condos were however, still selling at significant discounts from asking prices. With the average discount from asking price to selling price for the month of February being 10%.

This means it is definitely still a buyers market here and many sellers are still willing to sell at significant discounts from their asking price. Good for buyers. Bad for sellers.

Cash buyers are in an especially powerful position right now because it is getting more difficult for buyers who need a loan to buy a condo to get financing. Also we have seen more condo complexes being declared as condohotels. When this happens the interest rate can be significantly higher and the loan is likely to be an adjustable rate loan. Lenders guidelines for loan approval seem to be changing weekly.

More and more sellers are learning about how difficult the lending climate is. Those sellers know cash is KING if they want to get a deal done.

Is lending on condos still a possiblity today? Absolutely, we are closing a condo Friday March 6 that they buyer is getting a loan on.

Ok what is going on in the single family homes and the vacant land markets?

There were 90 home sales in February compared to 69 sales in January. Homes sold at steep discounts. A 10% average discount from asking price to selling price for the month. So yes it is still VERY much a buyers market and prices are continuing to decline. 

Vacant land is still just horrible for sellers. Average discount from asking price to selling price is 20%! That is AVERGE so you can imagine….

For buyers of vacant land the scenario goes pretty much goes like this:

1. find a target property
2. name your price and make an offer
3. offer is not accepted, accepted, negotiated
4. offer goes no where move on to the next lot.

You will eventually get a lot purchased at a very good price.

You can see all the Panam aCity Beach Market Data here.

Please let us know your thoughts and if you have any questions.

Thanks and have a GREAT day!

Kind regards, Mike and Vivian Foate

SEARCH THE MLS!
http://www.VivianFoate.com

SEE WATERFRONT CONDOS FOR SALE!
http://www.vivianfoate.com/condos/condo-search/
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MIKE’S CELL: 850-596-4236
VIVIAN’S CELL: 850-814-2372
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Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
7923 Panama City Beach Parkway
Panama City Beach, FL 32413

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