Today let’s take a look at the Panama City Beach condo market and see how values are doing. Has the oil spill from Deepwater Horizon affected this market segment ? The information below will help you make an informed decision whether you currently own or if you are just considering this area as an investment.
To date, Panama City Beach has been fortunate and our beaches are still the “World’s Most Beautiful” beaches. With the exception of some isolated tar balls washing ashore, the area has certainly been fortunate much more so than our westerly neighbors. While BP oil has made progress on capping the Deepwater well, I certainly don’t think we are out of woods at this point.
With the volume of oil that has been escaping, our area will likely see some type of oil landfall. We can only hope for the best and focus on quick clean-up efforts if that time should come. For now, the real estate market is active and Summertime is in full swing.
The condo sector continues to correct however some small price gains were noted in the 2nd quarter contrasting the prior 12 month period. Overall, marketing times increased 32% and the total sales volume declined 15%.
Let’s hope that our beaches remain clear !
{ 2 comments… read them below or add one }
Interesting graph. Do you think the small price gain in Q2 was a result of the home buyer tax credit? I will be looking forward to the see what the Q3 number is. Are there a large number of condos vacant in your market?
Glad to hear you only have isolated tar balls washing ashore so far.
Bryan-
As far as the condo sector is concerned, I don’t think the tax credit played any significant role as this segment is primarily second home type properties. It will be interesting to see how the 3rd quarter numbers play out, especially with the oil situation. The total number of vacant units has been rising due to the increase of REO and foreclosures. We can only hope that the isolated tar bars will be the only impact.