During April, 90 condominium units were sold in Panama City Beach. In April 2011, 107 units sold. This year's reduction was probably caused by a lack of inventory at attractive prices. For the first time in years, relatively few attractively priced condominium units remain available. This proves especially true for units with popular floor plans.

In recent months, sale prices for units in many buildings across the Panama City Beach area have actually risen. This suggests that the local condominium market is beginning to stabilize, although it's probably not the inception of a new real estate boom. Most condominium buyers remain cautious.

People are paying more for desirable floor plans than they did in 2011, but they show little interest in exorbitantly priced condos. Overpriced foreclosures also sit empty, attracting few potential buyers. The Panama City Beach condominium market is slowly finding a reasonable price balance.

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In a virtual repeat of 2011, the first quarter of 2012 has seen strong sales in the Panama City Beach condominium market. Sales for February 2012 were an improvement over those for the previous year with 77 units sold as compared to 69 in February 2011. Despite this increase, it seems likely that overall sales for 2012 will approximate those for 2011 as condo prices and sales seek their natural level in the current Panama City Beach real estate market.

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Condo sales in Panama City Beach in 2011 started out strong with steady increases in sales through May, culminating in a high of 118 units sold that month, making this the start of a solid year for condo sales in the area. This has not carried forward into the traditionally strong month of June, which may well prove to be a good thing. Normally, sales in June and September surpass the previous month but this has not materialized in 2011. While overall sales volume exceeds 2010 figures, June and July sales exhibited a downward trend with 94 units sold in June and only 67 selling in July.

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In comparison to the two previous years, condominium sales are clearly up. The graph below compares sales volumes for the past three years, and in 2011 we see significant improvement. This improvement in sales volume does not mean that market recovery is occurring. That being said, we are seeing signs of price stabilization in some areas. The sales volumes for March, April and May of 2011 are much higher than they were in 2010. In March 2010, 71 condos sold but in March 2011, 93 sold. April is even better, with 107 condos sold this year compared to 77 the year before. The 118

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Each month we hear stories about how the real estate market in Panama City Beach is bottoming. We are continually told that it is ready to bounce back at any time. How much longer are we going to listen to this while watching prices drop quarter after quarter? Potential buyers should not be focusing on the overall market. They should instead be looking at the specific condominiums they are interested in. On the whole, the real estate condominium market in Panama City Beach continues to fall. The average price per square foot of a 700 square foot

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Initially, the 2010 Panama City Beach real estate market was stronger than in 2009. However, potential buyers became worried about the possibility of the Deep Horizon Oil spill, so sales declined in April and remained depressed until September. When purchasers realized that the spill would not affect the area, September 2010 sales volume increased. This still was not enough to return to 2009 levels.

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When you look at the Panama City Beach condominium sales for the past two months, results are mixed, but encouraging. Although the year-over-year numbers for August were down, they were up for the month of September, 2010. Most analysts agree that this trend could be attributed to the resolution of the Deep Water Horizon oil spill disaster and the lessening of fears

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Condominium sales in Panama City Beach were down this year in May when compared to May of 2009.  Sixty-four condos sold in 2010, compared to the Seventy-two sales the prior year.  June seamed to pick up the slack with a year over year increase.  Seventy-two condos sold in 2010, compared to the Fifty-nine sales the prior year.

Sales fell off a cliff in July when compared to July of 2009.  Fifty-six condos sold in 2010 compared to the  Seventy-eight (non preconstruction) condo sales the prior year.

This summer can be summed up in one word . . . OIL.  Everyone was waiting to see what happened.  Everyone was waiting for the

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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

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The February Market update explained how the market is showing strong signs of a bottom on several specific floor plans.  This is not the case for the entire market.  A number of buildings built at the tail end of the preconstruction boom are still seeing prices decline with little or no absorption rate.  Several of these buildings had remaining units after developers tried to close out preconstruction contracts.  Many had auctions or reduced price offerings.  We are now starting to see the short sales and foreclosures of the units that conveyed at the original preconstruction pricing. 

The short sales in this market are a very mixed bag.  Less than half of all short sales actually make it to a closing table.  There are several reasons for this.  Some of the individuals processing the short sale do not have the experience or expertise necessary to complete the transactions.  Other

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