37% of the sales since the beginning of 2016 have been cash transactions. Sales are steady in Q3 but down significantly YTD.
It takes about the same amount of time to sell a condo in Sunrise Beach now as it did last year. There are only a few units for sale and a whopping 2.5 months of inventory which is a strong sign of a seller's market.
Prices have moved up since the beginning of 2016 although the ticked down a little in Q3. I expect that this may just be a brief pause in an otherwise appreciating market.
When you compare Sunrise Beach to other popular condo projects you start to get a sense of the overall Panama City Beach market. Except for Majestic Beach and Palazzo, condos are selling in under 5 months and are selling anywhere from 96% to 98% of asking price.
* 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. *