Daytona Beach, FL - Condominium sales in the Daytona Beach area took a stumble in June as sales prices for those condos skyrocketed, but sales for the year are still up year-to-date from 2016.
According to The Wyse Home Team at Keller Williams Realty, as inventory levels for condos continue to drop and demand for the condos continue to climb, condo buyers had a market with nearly 15% fewer condo listings this June than there were for June of 2016. This drop in inventory was expected, according to The Wyse Team. Still, despite June's drop in sales and inventory, the year-to-date condo sales are up more than 11% for 2017 compared to the same period in 2016. Median sales prices are up by more than 10% for year-to-date totals.
"It's great to see prices holding strong. Some buyers are struggling with the reduced inventory level though, and that's evident in the reduced condo totals we saw in June," says Ron Wysocarski, CEO of the Wyse Home Team at Keller Williams Realty.
Below is a breakdown of condo and "condotel" sales and median prices from the Multiple Listing Service (MLS) data for Daytona Beach. "Condotels" are legally condominiums, but they are operated as hotels, offering short-term rentals:
Year-to-date, sales for condos/condotels in the Daytona area has been at 764, with a median sales price of $181,650. By this same time last year, there were only 687 condos/condotels sold with a median sales price of $165,000.
When separated, the sales and prices of condos and condotels for June 2017 are 115 condos sold with a median price of $225,000 and 13 condotels sold with a median price of $47,300.
Some notable condo sales in our area are a $685,000 condo sale at Palm Bella in Daytona Beach Shores, a $600,000 sale at Mediterranean Condos in New Smyrna Beach, and a $549,000 condo at Aliki Forum Condos.
Copyright Southern Stone Communications 2017.
