Since the beginning of 2016, 43% of the sales in Majestic Beach Resort have been cash transactions.
Buyers bought 2BR and 3BR units a little more than 1BR units but sales have been off just slightly YTD.
It is taking a little longer to sell a unit in Majestic Beach and an important number, "months of inventory," is up to 8. The signifies a change from a neutral market to a bit of a BUYER'S market.
Prices have trended up since the beginning of last year but moved down slightly year over year in Q3. The buyer's market might continue to put pressure on pricing which could move things down further.
When compared to some of the other popular condos in Panama City Beach, Majestic Beach is the only project that is in a bit of a buyer's market while every other one on this report is either in a neutral or very strong seller's market.
* Data Analysis by The Duran Group at Pelican Real Estate uses data from Bay County Association of Realtors MLS service. Information is deemed correct, but not guaranteed. The Duran Group analysis, summaries, and conclusions are based on our professional opinions. *