Real estate condominium re-sales in Panama City Beach were up year over year in March when compared to March of 2009.  Seventy-one condos sold in 2010, compared to the Fifty-two sales the prior year.  April also saw a year over year increase with seventy-four condos selling in 2010, compared to the Fifty-nine sales the prior year. 

We are seeing strong sales in developer owned units.  Tropic Winds sold eight units in the past two months while Grand Panama Beach Resort sold fourteen.  The interesting thing about these sales is the prices that these units are selling at.  Tropic Winds is selling at prices 20% higher than identical floor plans across the beach.  Grand Panama Beach Resort is selling at prices 20% higher than Short Sale asking prices in the same building.  Buyers clearly see value in purchasing an new condo.

The Panama City Beach real estate market is clearly trying to recover.  Monthly sales volumes

continue to outpace prior year.  Many foreclosures go above asking price, yet pricing still struggles to jump off its bottoms.  A good example is the last two foreclosures at Emerald Isle.   In February, unit 1605 came on the market at $199,999 and instantly went under contract at $210,000.   In April, unit 1603 came on the market at $234,900.  It wasn't until that unit dropped its price to $219,900 several weeks later that it found an acceptable offer.  We are selling condominiums and moving thru our excess inventory, but this recovery will take time.