The condo sector of Panama City Beach gained positive ground in April contrasting the prior 12 month peri
od in 2009. Overall, the total number of unit sales increased, sales volume increased, and the median sales price also was up compared to the prior 12 month period.
This is a refreshing change that hasn’t been seen for several quarters. The condo market is oversupplied with a surplus of inventory with short sales and foreclosures continually impacting values.
Now, Let’s take a stroll back in time for a moment.
Remember back in the day when the 3-D depth perception posters were the going thing and as you stared into the image, your eyes would eventually focus and the brain would say, AHH…. there’s the image. Basically, an autostereogram.
Look at the chart below and tell me what you see. I’ll tell you what I see. I see 6,842 pieces of data; in this case, condo sales on Panama City Beach over the last several years. Does anything pop out of the chart as you stare at it ?
The blue dots are the individual sales as mentioned earlier with the red outline being the data based on a 6 month moving average. Notice how the market starting appreciating in 2003 and then starting cooling off in 2006. As you peer closer at the chart, notice how the data started moving downward in mid 2007.
Zooming in for a closer look from 2008 forward, you can see the movement of the data from the t
rend line shown on the chart below.
I hope you enjoyed the ride through time !
{ 2 comments… read them below or add one }
I am sure a lot of people are glad to see this! Maybe this is the start of an upswing in the market.
Tom,
Yes, some positive for a change. We still have significant inventory levels to wade through in addition to the REO/foreclosures; but for now it’s a refreshing breath of air.