Daytona Beach, FL – Home sales in the Daytona Beach area took a significant hit last month compared to October of 2015, but selling prices were impressive.
As inventory levels continued to decline, the number of homes sold last month fell by almost 17% when compared to the same month last year. For the month ending on October 31, 2016, the Daytona Beach Multiple Listing Service (MLS) reported that 318 existing single-family homes (detached) were sold at a median sales price of $214,250. In October of 2015 383 homes were sold at a median sales price of $175,325. The low inventory levels led to those high prices, which were up by more than 22% over last year and up by nearly 8% over September, when 380 homes were sold at a median sales price of $198,450. 1,802 detached single family home listings were active at some point during October 2016, compared to 2,019 in October of 2015.
Year-to-date comparisons show sales are down about 6.1%, but median sales prices are up by 17%. So far this year 4,034 homes have been sold at a median sales price of $192,000. By this time last year 4,296 homes had been sold at a median sales price of $163,995.
“Low inventory levels have continued to affect sales numbers in October. And Hurricane Matthew exacerbated the situation as some home sellers were forced to take their homes off the market temporarily to handle necessary home repairs and storm debris cleanup around their properties,” said Ron Wysocarski, leader of The Wyse Home Team at Keller-Williams Realty in Port Orange, FL. “The result was a spike in median sales prices as more buyers found themselves competing for the same homes.”
Copyright Southern Stone Communications 2016.