Daytona Beach, FL - Condo sales in the Daytona Beach area for August were roughly the same as they were a year ago, but median sales prices were up by more than 30%.
According to the Daytona Beach Multiple Listing Service (MLS), 132 condos were sold last month at a median sales price of $212,500. In August of 2015, 133 condos were sold at a median sales price of $163,000.
Sales and prices also jumped significantly when compared to July, when 124 condos were sold at a median sales price of $177,250.
“It’s great to see the condo market picking up as we move toward the winter months, with market conditions good right now for both buyers and sellers alike,” said Ron Wysocarski, CEO of The Wyse Home Team at Keller Williams Realty in Port Orange. “With single family home inventories tight lately, condos can be a great alternative for home buyers. Particularly since more condos around Daytona Beach will soon qualify for FHA financing thanks to the new H.R. 3700 legislation that recently passed.”
So far this year, 944 condos have been sold at a median sales price of $170,000. At this time last year, 938 condos had been sold at a median sales price of $165,000.
Wysocarski also noted that there may be a dip in prices as we approach the presidential election, but he was quick to say "the President has very little to do with real estate prices... no disrespect to any President, but real estate is a different animal." Any changes to sales and prices come election time, or shortly after a new candidate takes office, are the result of buyers and sellers hesitating and waiting to see what happens - not a result of anything being done by the candidates. "I think the uncertainty causes people to hesitate and get a little bit nervous," said Wysocarski. But "if somebody was hesitating to make a purchase, I think they might be making a mistake, and the same thing with sellers."
Copyright Southern Stone Communications 2016.