Daytona Beach, FL - Median sale prices of homes here soared in the Daytona Beach area in March while sales kept a steady pace despite low inventory levels.
According to the Daytona Beach Multiple Listing Service (MLS), 458 single-family homes were sold in the Daytona Beach area with a median sales price of $175,000 for the month ending on March 31, 2016. That's a 13% increase in median sales price compared to the same month last year when the median price was $155,000. Total sales were up by 44% compared to February, when 318 homes were sold.
"If you're a seller, this is a great time, probably the best time, to be in the market," said Ron Wysocarski, The Wyse Home Team CEO. One of the reasons this is such a good time for sellers is that the school year is coming to an end and parents want to move to desirable school districts for their kids. "For those that are downsizing or moving out, this is a great time to capitalize on the money you've put into those homes over the years."
"Low inventory continues to create hurdles for buyers in the market and we can see that in both the sales numbers and median sales prices," said Wysocarski. "During the first quarter of last year, buyers had 2926 active listings for detached single family homes to choose from. This year, buyers had only 2050 listings active in that time range to consider." This time last year, 1,153 single-family homes were sold at a median sales price of $152,000. So far this year, 1,092 homes have been sold at a median price of $179,450.
Below are the numbers for previous months as stated in the most recent Wyse Report:
Wysocarski anticipates strong a spring and summer home sales season and is encouraging anyone who wants to buy or sell this year to start the process as soon as possible. According to Wysocarski, "the future looks really good."
Copyright Southern Stone Communications 2016.