Q2 Condo and Home Sales Numbers for the Beach and Bay County

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.

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Have Panama City Beach Condos Hit Bottom Yet? Probably Not.

From www.condosaletrends.com

Jason’s April 12, 2008 article titled “Have We Hit Bottom Yet?” implies that because there are no negative newspaper stories concerning the current real estate market, that we must be nearing the bottom. Jason quotes NAR chief economist, Lawrence Yum predicting “Notable Improvement” in 2008. I have been following Yum’s analyses and predictions from the months leading up to the top of the real estate bubble (mid to late 2005) up to his latest prediction. The thing that stands out about Yum’s analyses is that he has been 100% wrong on every prediction. We all want to believe that the bottom of this market cycle is near.

Continue reading “Have Panama City Beach Condos Hit Bottom Yet? Probably Not.”