Panama City Beach Condo Market
During the past 20 months we have been reducing our inventory at a pace of about 111 units per month. We have 1,267 units still on the market, which would be almost a 12-month inventory if we continued at the same pace. A lot of this is perception and once the buyers are convinced we have reached the bottom the inventory could evaporate in a hurry. The event that could trigger a large number of sales will be the opening of the new airport in mid May. The FAA has just completed their testing of the Instrument Landing System and it looks like the terminal is ahead of schedule.
We follow Polynomial Trend Lines on all the complexes and have actually seen some of the sales figures turn positive. It is two early to know if those trends will continue for the next few months but I believe they will. We keep hearing about a “shadow inventory” which some say is the Lenders holding foreclosures and other owners wanting to sell but are waiting for the market to turn.
My advice to buyers is to buy now while there are still several distressed properties available at great prices. MY advice to sellers that don’t have to sell is to hold for a few months.
Crooks that are offering to get the owner out of a jam if they will just pay them a few thousand dollars upfront have scammed a lot of owners that have found themselves in a distressed situation. If you need help contact a real estate agent that is a member of the National Association of Realtors and holds the SFR Certification.
Jim Free Realty
02/01/2010