Daytona Beach, FL - The Daytona Beach housing market seems to be picking up steam thanks in large part to a surge of available houses for sale.
409 single-family homes changed hands in October for a median price of $236,900, according to the Daytona Beach Multiple Listing Service. That's a 4% sales jump and a 10% rise in median prices when compared to the October prior.
October's sales number was up by nearly 5% over September (390), while median sales price went up by $4,400 ($232,500).
The real story, according to broker Ron Wysocarski with Wyse Home Team Realty in Port Orange, is the over 15% inventory growth between last month and October 2017, which he says mirrors a nationwide trend.
"The inventory levels have been the story through most of 2018," Wysocarski added. "As the number of available homes continues to shift higher in the months ahead, we will begin to see home sellers lose some of the advantages they’ve enjoyed in the area’s real estate transactions for the last two years."
Wysocarski expects potential buyers who stopped looking over the past year because they couldn't find what they wanted to give the market a harder look now that there are more properties for sale.
In October, 2,463 local homes were listed, 335 more than the October prior (2,128). Daytona MLS numbers also show 8% more homes (8,068) have hit the market during the first 10 months of 2018 than during the same period last year (7,471).
393 homes sold in the Daytona Beach area during October 2017 for a median sales price of $215,000, which is $21,900 less than last month's median sales price.
So far this year, overall sales are up 4% when measured against the first 10 months of last year, while median sales prices are 7% higher during that same stretch.
4,349 local homes have new owners so far in 2018, with a median sales price of $229,000. At the same point in 2017, there were 4,167 homes sold for a $214,000 median sales price.
