The median price for condominiums sold in Panama City Beach so far in 2009 is down 22% from last years numbers. It appears that bank foreclosures are driving prices down at an alarming rate. A Boardwalk Beach Resort, 2 bedroom, 2 bath with 1152 S.F. was going for $375,000 12 months ago and now the same floorplan is on market for $277,000. (Countrywide foreclosure) I have created a median price history that can be viewed at www.northwest-FL.com. The numbers are directly from the Bay County MLS. For more information on Panama City Beach Real Estate visit my website at www.chadmiller.com.
Regions Mortgage - Panama City Beach, FL
Interesting statistics Chad. At least the lower prices seem to be bringing more buyers into the market. Condos are about all I'm closing right now. Ultimately, this increased demand should help stabilize condo prices.
Apr 07, 2009 04:30 AM
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