Daytona Condo Sales Rise While Median Price Drops

By on July 16, 2018 in WNDB News

Daytona Beach, FL – It appears like May’s condominium sales numbers in the Daytona Beach area were a glitch in the overall pattern of a rising market.

That’s what experts are saying after the latest Multiple Listing Service report shows 151 condos sold in June, 17 more than during the same month last year. That adds up to a roughly 12% increase.

June’s sales numbers are also higher than the 128 posted this past May, but even with that, overall condo sales in Daytona Beach are down 3% at this point in the year compared to the same time frame last year.

Ron Wysocarski, owner of Wyse Home Team Realty in Port Orange, took those numbers as a positive sign while also expressing little worry over the fact that the median condo sales price fell dramatically last month.

“June brought the sales turnaround we were hoping for,” Wysocarski added. “The drop in median condo sales prices can, in part, be attributed to a spike in sales of low-priced condotels.”

20 condotels sold for a median price of $65,000 in June, per MLS, while 131 condos sold for a median price of $219,900 that same month.

When you add both together, the median is $182,000, nearly 15% less than the $215,000 reported in June 2017 by the Daytona Beach MLS. It’s also less than the $185,500 posted for last May.

Condo listing numbers also fell somewhat in June (1,045) versus May (1,084), but last month’s number was higher than the 977 put up in June 2017. Even so, Wysocarski feels the condo market is weakening a bit.

“If you’ve been thinking of selling your Daytona area condo, now is the time to list while buyer demand is strong and inventory levels are still a bit low,” Wysocarski noted.

At this point in 2018, 755 condos and condotels have sold for a median sales price of $197,500, per the Daytona Beach MLS. The same time period in 2017 shows 776 condos and condotels sold with a median sales price of $180,250.

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