Quarter 2 Sales Comparison 2002 to 2008

by August 9, 2008 • 3 comments

The real estate market is in the toilet, right? Not so much. I mean, compared to 2005 and 2006, prices are low, but compare today’s numbers with numbers from 2002, 2003, or even 2004, and we’re not doing so bad. Sure, the average days on market is way up, but the prices today compared to prices of yester-years are not too bad.

I could do the standard “journalistic” thing and give you all the numbers in a paragraph with fancy words and leave you to pick them out and make your own table, or I could just save you the trouble and post the table I made.

This will make it easier for you to see and make sense of it all.

These are numbers as according to the Panama City MLS.

Q2 2002
Condos Sold Avg $$ Avg $$ SF Avg DOM Homes Sold Avg $$ Avg $$ SF Avg DOM
PCB 199 $162k $155 129 194 $172k $97 120
Bay County 207 $162k $154 127 508 $142k $81 103
Q2 2003
Condos Sold Avg $$ Avg $$ SF Avg DOM Homes Sold Avg $$ Avg $$ SF Avg DOM
PCB 268 $210k $187 90 205 $198k $111 103
Bay County 286 $204k $182 89 615
Q2 2004
Condos Sold Avg $$ Avg $$ SF Avg DOM Homes Sold Avg $$ Avg $$ SF Avg DOM
PCB 536 $294k $266 41 267 $268k $152 52
Bay County 545 289k $263 41 776
Q2 2005
Condos Sold Avg $$ Avg $$ SF Avg DOM Homes Sold Avg $$ Avg $$ SF Avg DOM
PCB 302 $432k $382 78 214 $405k $235 67
Bay County 317 $425k $376 80 706
Q2 2006
Condos Sold Avg $$ Avg $$ SF Avg DOM Homes Sold Avg $$ Avg $$ SF Avg DOM
PCB 497 $432k $301 226 * 127 $390k $202 106
Bay County 509 $321k $296 223 * 514 $270k $156 86
Q2 2007
Condos Sold Avg $$ Avg $$ SF Avg DOM Homes Sold Avg $$ Avg $$ SF Avg DOM
PCB 237 $299k $269 165 126 $338k $196 154
Bay County 245 $301k $270 163 486 $248k $147 119
Q2 2008
Condos Sold Avg $$ Avg $$ SF Avg DOM Homes Sold Avg $$ Avg $$ SF Avg DOM
PCB 216 $296k $258 94 107 $326k $169 137
Bay County 217 $296k $257 94 348 $239k $133 131

The cells that are filled in gray with no numbers are where I could not get accurate info. I’m not an mls wiz, so there may be a way around this, but I got all my numbers from using the built in CMA feature and I could only calculate 500 listings at a time, so the categories where I had less than 525, I just did the average calculations on the 500 assuming the numbers wouldn’t be too different. The ones that had 115, 276, and 206 respectively, I assumed the swing would be too great and decided not to give the calculation.

Key:

  • Q2 = quarter two
  • Condos Sold = total number of condos sold for that category
  • Avg $$ = average sold price
  • Avg $$ SF = average sold price per square foot
  • Avg DOM = average days on market
  • Homes Sold = total number of homes sold for that category
  • PCB = Panama City Beach
  • Bay County = Bay County, including east, west, central, AND the beach
  • k = thousand, e.g. $296k would equal $296,000

All numbers were rounded to the nearest. I do not guarantee any of this information as I’m not only human, but far from perfect, and I make mistakes – a lot.

* I noticed these numbers looked high, and upon looking further into it, discovered that during this particular period of closings, Calypso condominiums closed 147 condos that had a marked “days on market” of 1400 days of greater. Yea, it skewed the numbers.

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1 James August 10, 2008 at 12:39 pm

Looks like to me the average selling price per square foot on condos is a little less than the 2nd quarter of 2004 with half the number of sales and double the DOM. I have no idea, but I bet the total number of condos on the market is at least double what it was in 2004. I predict that the selling prices will continue to decline closer to the 2003 numbers unless sellers either drop their asking prices closer to the 2004 prices or decide to take their units off of the market. I hope realtors are giving the right advice to their clients.

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2 Scott Seidler August 12, 2008 at 10:17 pm

If you factor in the Palazzo sales price per square foot it certainly looks like condos are somewhere between 03 and 04 pricing, pre-boom. James, your correct, we need to list them right. Too many of us have inventory we ought to get off the market, simply becasue it’s over priced and thus bloated. Let the shorts, the REO’s and the highly motivated sellers sell and then restock the shelves. Oh, if we only lived in a perfect world.

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3 Mark Tanney August 13, 2008 at 12:01 am

Jason-
I think this was a good exercise, but the Beach condo sales as shown only add up to fewer than 2,300 units when there were over 7,000 units given COs by the City of PCB alone since 2001 as of 2/08(http://www.pcbgov.com/uploads/meetings/295/file/UNITTOTALS.pdf). I am aware of a few projects that sold out in a day or two where the Developer sales (and most assignments) never made it into the MLS. It would be nice to see stats with those included…anyone?

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