Daytona Beach, FL - The condo market in the greater Daytona area rounded out December 2017 with a rise in condo sales and sales prices from the previous month and an increase in condo sales for the year, according to The Wyse Report from the Wyse Home Team Realty.
According to data from the Multiple Listing Service (MLS) provided by The Wyse Report, there was a more than 19% increase in condo sales and a 28% increase in median condo sales prices in December 2017 compared to December 2016. 117 condos sold in the Daytona area in December 2017 with a median sales price of $222,000. 16 of those were condotels.
“It was a great way to end the year,” Ron Wysocarski, Broker and CEO of Wyse Home Team Realty in Port Orange explains. “Despite the persistent inventory issues and yet another hurricane hit, the local condo market was strong around the Daytona area in 2017, with overall growth in sales and prices.”
According to the Wyse Report, Daytona condo sales rose 7.8% in 2017, and median sales prices were up by more than 8.5% compared to 2016. The growth occurred despite inventory levels being low. Inventory levels fell in 8 out of 12 months in 2017.
"The good news is that we're coming out of the hurricane times. The market is starting to bounce back. Prices were up, and sales were up. So things are looking up," says Wysocarski.
Below is a list of condo and condotel sales and median sales prices, provided by The Wyse Report:
- Dec. 2017: 117 condo/condotels sold with a median sales price of $222,000.
- Dec. 2016: 98 condo/condotels sold with a median sales price of $173,500.
- Nov. 2017: 98 condo/condotels sold with a median sales price of $181,250.
- Nov. 2016: 96 condo/condotels sold with a median sales price of $209,000.
- 2017 Condo Sales YTD: 1494 condo/condotels sold with a median sales price of $190,000.
- 2016 Condo Sales YTD: 1385 condo/condotels sold with a median sales price of $175,000.
- Dec. 2017: 101 condos sold with a median price of $232,450.
- Dec. 2017: 16 condotels sold with a median price of $59,000.
Wysocarski explains that the Daytona Beach area has gotten very attractive to buyers. "For a while there, things cooled off on people moving to Florida mainly because of the fact that the markets had such a big downturn, it was a big hit on prices. Well, that's really all gone away," he says.
With talk surrounding the opening of Daytona's new Margaritaville 55+ community and the slated opening of the new Hard Rock Hotel in Daytona, Wysocarski adds, "We're getting kind of sexy over here."
Below are some notable luxury condo sales in the Daytona area from 2017, courtesy of The Wyse Report:
- A $1,431,250 condo sale at LeJardin Condos in Palm Coast on December 8
- A $1,300,000 condo sale at LeJardin Condos in Palm Coast on December 12
- A $799,000 condo sale at Kingston Tower Condos in Daytona Beach Shores on December 23
- A $650,000 condo sale at Bella Vista Condos in Daytona Beach Shores on December 4
Copyright Southern Stone Communications 2018.
