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: 228.88
- Average price per square foot: $214.17
Emerald Beach Resort
- 5 condos sold during period
- Average list price: $182,279.80
- Average sold price: $170,100.00
- Average number of bedrooms: 1.40
- Average square footage: 1,051.60
- Average days on market: 174.20
- Average price per square foot: $158.86
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.
Observations, opinions and summary.
Being the proponent of Panama City Beach that I am, the huge increase in sales numbers is very exciting. The volume of sales is very promising coming out of an economic downturn. People are becoming more confident in their purchasing, they’re taking action in buying up inventory and they’re telling their friends about the great deals they are getting.
The days of buying a condo and generating revenue from rental are back. Condo pricing is getting back to a point where it makes sense to purchase and then rent out. I get calls all the time from people asking me if it makes sense to buy this or that, looking at rental revenues. Most of the properties I manage are booked solid all summer long, with decent rates. More people are wanting to come to the beach this year then any other year before. Just look around you, Panama City Beach has been buzzing like crazy the last couple weeks since summer started.
Good luck, happy buying and ask if you have questions!