According to the Panama City MLS 209 condos sold Quarter 2 on Panama City Beach, that is 42% of 2006’s numbers from the same period. Of course, one has to note that in 2006, most of the sales were from pre-construction closings and most of the numbers from 2008, if not all, are from Realtors beating the streets without quarter million dollar marketing campaigns behind them- not too shabby, not too shabby at all.
In Q2 2008, there were 107 single family homes sold on the beach with exactly 350 single family homes sold in all of Bay County. In Q2 2006, there were 497 condos and 127 homes sold on the beach with 514 homes sold in all of Bay County. The first two months of Q2 2006 condo sales held 403 of the 497 total sales during that period. During the same period in 2007, there were 237 condos sold on the beach, 245 condos sold in all of Bay County, 126 homes sold on the beach and 486 homes sold in all of Bay County.
In 2006 from June 22 to July 22, there were 55 condos and 45 single family homes sold on the beach. In all of Bay County there were 187 single family homes sold
From that same period in 2008, condo sales were up 18% with 65 condos sold and 41 single family homes sold on the beach. Home sales in all of Bay County, however, were down 39% for a total of 115 homes sold according to the Panama City MLS.
So what does all this mean? Well, I’ll tell you:
If you are a Realtor, keep working your butt off and you’ll make some money. I have one Realtor buddy that is doing better this year than I think she has ever done, but she’s working hard and doing a great job at hooking her buyers up. If you are a realtor and you are working your butt off and nothing is happening, try something different, something isn’t working.
If you are a real estate investor, be looking real hard at making a purchase. In three years you’ll be looking back and wishing you had. We’ll be looking back on these years wishing we had stretched ourselves as thin as we could because buying now will make us rich in the years to come. This is the market all the buyers have been waiting for. It’s here, buy now.
If you are an owner loosing your shirt, hold on tight. Hold on to what you can, it won’t be like this forever. If you have to dump some property or give it back to the bank, do what you have to do and get over it. I know this is easy for me to say, because I’m not in the hot seat near as much as some of you are, but do what you have to and move on, time heals everything.
Remember, in all things good and bad, “This too shall pass.”