Since the beginning of 2016, 45% of the closings in Seychelles have been cash purchases. Most of the sales were 1BR units...the 2BR units listed are mislabeled 3BR units in the MLS system.
Sales were up an impressive 450% in Q3 and are up 92% YTD...both HUGE numbers.
Units are selling 50 days faster than this time last year IF you can find one to buy. There are only 5 units for sale at the time I ran this report.
Believe it or not, 5 months of inventory is representative of a somewhat neutral market although I would contend it is hotter than that with all of the recent activity.
Prices are still trending up in Seychelles up an impressive 11% year over year in Q3 alone.
I pulled numbers in a few of the more popular condo projects in Panama City Beach and as you can see, for the most part, the overall market is in a strong seller's market.
Units are selling pretty quickly and for 96%-98% of the 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. *