The condominium sector of Panama City Beach continued to correct throughout 2010. Contrasting the 4th Quarter of 2010 to the previous 12 month Quarter period reflects a -8.9% decline in median sale prices.
Enarge
Contrasting the entire 12 month period of 2010 to 2009 indicates a -7.6% decline in median sale prices for the year.
Foreclosed properties continue to soften this market segment based on economic conditions. On a positive note, total units sales were up 4.5% compared to the prior 12 month period. The standing inventory in the condo sector was reduced approximately 12% during 2010.
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This is great info. I have passed it along to a few people that are interested in condos in the area.
What a difference between 2007 and 2010 median prices! It is also interesting how the median prices in Q1 of 2010 were higher than Q1 of 2009. With standing inventory declining, will prices level off or are still too many foreclosures?
Thank you Bryan.
Prices continue to correct due to huge price declines from the boom which peaked in mid 2006. Foreclosures continue to soften the market and we still have a significant oversupply in this segment.