Finally; the first good news for the Panama City Beach condo market since the meltdown in 2006.
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It's been a long slog, but indications are that the bottom may be near. The number of sales from the 75 buildings in our data base during November, December, and January has been higher than any other similar months over the past three years. December and January sales were significantly higher. While short sales and foreclosures still represent a large portion of the sales, sale prices have appeared to stabilize over the past two months. No new sale price lows were established during the past two months.
It appears that buyers are sensing the bottom and that prices can't go much lower. The next several months will be very important in determining if the bottom is really here or if the last two months were just an anomaly.
The data indicates that the overall market has tended to stabilize over the past two months with no new lows reported during that time frame. This is the first time that has happened during the past several years. However, let's not get too euphoric and herald that the bottom is really here quite yet. Several negative factors are still in play. We don't know how deep the buyer market is. We don't know how many short sales and foreclosures are still waiting to come on the market. Financing units in certain buildings remains difficult.
Let's just enjoy the first good news for the Panama City Beach condo market since 2005.