Daytona Condo Sales Plummet In January

By on February 18, 2019 in WNDB News

Daytona Beach, FL – 2018 was a pretty good year to be a realtor in Volusia County.

If the first month is any indicator, 2019 may not be, especially for those who specialize in condominium sales.

79 condos sold in January, according to the Daytona Beach Multiple Listing Service. That’s a 21% drop from the January prior, which saw 100 units change hands.

Overall condo sale volume also fell nearly 14% in year-over-year comparisons, while the amount sold last month dropped by nearly $3 million compared to January 2018, according to MLS.

Ron Wysocarski, the owner of Wyse Home Team Realty in Port Orange, says it’s a concerning trend that bears monitoring, especially with inventory still at a low point.

“The real pain point was the drop in residential condo sales,” Wysocarski added. “The sales were down substantially and the median price of the units sold was low.”

The latter category dropped 17% in the first month of the year to $176,000, over $36,000 lower than the median posted for January 2018 ($212,500).

The gap was even more substantial at the monthly level, with sales falling nearly 32% and prices going down by almost 23% compared to December 2018. That month saw 116 condos sold for a median of $228,450.

A small silver lining, according to Wysocarski, is condotel sales.

“Condotel sales stayed fairly flat in January,” Wysocarski noted. “The median price for those sales was actually up compared to last year.”

12 condotels sold with a median price of $81,000, per MLS data. The remaining 67 units were actual condos which went for a median of $215,000.

Three luxury condo units did sell in January for over $500,000, all in the Daytona Beach Shores area.

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