Daytona Beach, FL - An almost 20% decline shows it's another rough month for condo sales around the World's Most Famous Beach.
The latest analysis of the Daytona Beach Multiple Listing Service (MLS) by Wyse Home Team Realty in Port Orange shows another notable drop in sales in August, making it the third month of declining sales.
Throughout the month, only 138 units were sold around the area, a 19% drop in sales, year-over-year. Sales volume was down 14% in annual comparisons.
Sales wasn't the only factor that took a hit, the median sales price was also down in annual comparisons. According to Wyse Home Team Realty, the median price of condo sales in Daytona Beach was $225,000. That's a 14% decline, compared to the same month last year.
“Three months of lackluster condo sales during what is typically a busy time in real estate confirms for me that we are seeing the condo market plateau,” said Ron Wysocarski, Broker and CEO of Wyse Home Team Realty. “We will be watching the conditions closely for signs of further weakening in the market.”
Year-to-date, sales are down by 4% while the median condo sales price is up nominally, compared to the first eight months of 2018.
Even with the decline, some good news did come out of the new MLS report. The median price in August was 13% higher than the one seen in July.