Irma Causes Daytona Condo Sales To Plummet While Prices Remain High

Daytona Beach, FL – Due to Hurricane Irma, condo sales in Daytona Beach plummeted, but median prices held their ground.

According to the Daytona Beach Multiple Listing Service (MLS), sales fell 17.7% and median prices increased 10.5% when compared to numbers from September 2016. Month over month, both sales and prices were down.

“As expected, Hurricane Irma had an impact on the local real estate market. Business comes to a halt for several days for the preparation and duration of any storm. Then after the storm passes, it’s common to see some pending home and condo sales fall apart, while many other listings simply come off the market so the owners can tend to hurricane-related cleanup and repairs,” said the CEO of The Wyse Home Team at Keller Williams Realty, Ron Wysocarski. “I am happy to see prices held strong despite the situation.”

Condo inventory was also low in September with 18.5% fewer listings than in September 2016. Regardless of the depleted inventory, year-to-date condo sales remain strong with a 6.7% increase. Median sales prices are also up over 9%.

The following are comparisons of condo and condotel sales and prices combined over months and years:

• September 2017: 116 condo/condotels were sold at a median sales price of $210,000.
• September 2016: 141 condo/condotels were sold at a median sales price of $190,000
• August 2017: 152 condo/condotels were sold at a median sales price of $221,250.
• August 2016: 140 condo/condotels were sold at a median sales price of $207,500
• 2017 year-to-date: 1171 condo/condotels were sold at a median sales price of $189,000.
• 2016 year-to-date: 1097 condo/condotels sold with a median sales price of $173,000.

September 2017 separated condo and condotel sales:

• 102 condos sold at a median price of $220,000.
• 14 condotels sold at a median price of $51,500.

September 2017 luxury Daytona Beach condo sales included:

• $1,670,000 condo sale at The Fountains Condos in New Smyrna Beach on September 13.
• $965,000 condo sale at Aliki Tower Condos in Daytona Beach on September 25.
• $950,000 condo sale at Aliki Atrium Condos in Ormond Beach on September 27.
• $595,000 condo sale at Palma Bella Condos in Daytona Beach Shores on September 12.

Copyright Southern Stone Communications 2017.