Daytona Beach, FL – Condo and condotel sales in the Daytona Beach area took a big dive in February when compared to the same month last year.
According to the Daytona Beach Multiple Listing Service, condo sales in February dropped by 13.8% from 101 in 2015 to 87 in 2016. Median sales rose by 4% from $162,500 in February 2015 to $169,000 in February 2016.
“Low inventory levels in the market right now likely caused the sales slowdown in February,” said Ron Wysocarski, CEO of the Wyse Home Team at Keller-Williams Realty in Port Orange. “Buyer demand is high, but there aren’t enough available properties to meet their needs. Honesty, for someone who plans to sell their home or condo this year, now would be a really great time to get it listed.”
72 condos sold in February for a median price of $186,250 while 15 condotels sold for a median price of $41,000.
“Executive condo sales in the $300,000 to $500,000 price range were up, though,” Wysocarski added. “And that helped to boost median sales prices.”
The biggest seller in February was at the St. Maarten in Daytona Beach Shores for $685,000. Another condo at the Island Crowne in Daytona Beach sold for $525,000.