- April 26, 2024
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by: Heather Scofield
Chief Operating Officer, Wyse Home Team Realty
Desperately low levels pushed down home sales for the first three months of 2022, driving median sales price up by more than 22%.
An analysis of Daytona Beach Multiple Listing Service data by Wyse Home Team Realty showed that 1,231 existing single-family homes (detached) were sold in the Daytona Beach area during the first quarter of 2022, with a median home sales price of $355,000. That’s 5.5% lower than the number of homes sold in during the first three months of 2021. The median sales price for that period was 22% higher, year over year. Sales volume was 14 percent higher than the first quarter of 2021, when home values were lower.
The median sales price of single family homes has climbed consistently each month since the year began, according to MLS data, as was total sales volume.
“The inventory shortage of recent months and years has persisted for far longer than anyone anticipated,” said Daytona Beach Area Realtor Ron Wysocarski, Broker and CEO of Wyse Home Team Realty in Port Orange. “As we begin to move into the spring and summer seasons when families are more likely to plan their next move, we expect to see these low inventory levels produce more frustration among home buyers.”
The number of homes listed on the MLS during the first quarter fell 13 percent year over year, MLS reports show.
Wyse Home Team Realty also analyzed data for key areas where home buyers shop. The reports show sales were strongest in the Ormond Beach area. New Smyrna Beach and Daytona’s beachside area were home to the highest median sales prices.
Low inventory levels slowed condo sales across the Daytona Beach area during the first three months of 2022.
An analysis of Daytona Beach Multiple Listing Service (MLS) data by Wyse Home Team Realty showed there were 494 condo sales across the area from January 1 to March 31. The units sold had a median sales price of $303,000. That’s an 11 percent reduction in the area’s condo sales total, year over year. Not surprisingly, with competition high and available inventory limited, the median condo sales price rose 16.5 percent over the first quarter last year.
“Demand for condo units in the Daytona Beach area continues to be strong, but the dearth of available units is making it hard for buyers to stake their claim on a piece of our local paradise,” said Ron Wysocarski, CEO and Broker of Wyse Home Team Realty in Port Orange.
Daytona Beach MLS data for Condo and Condotel Sales:
“Florida and the Daytona Beach area continues to be a sought-after vacation destination for people from around the country,” Wysocarski said. “So much so, it’s driving up the price of vacation condotel units in the area.”
According to the MLS reports, there were 70 condotels sold in the first quarter of 2022, which nearly 24 percent below the number of vacation condo units sold during the same period of 2021. Residential condo sales in the first quarter also were down, by 9 percent, compared to the first three months of 2021. The median sales price of residential condo units climbed 13.5 percent and the median sales price of vacation condotel units was up 58 percent.
An important driver of the changing condo market conditions continues to be a shortage of available condo units for sale.
The year started with already-low inventory levels, and the situation continues to worsen. According to MLS reports, 953 new condo listings were added to the MLS in the months of January, February and March 2022. Comparatively, 1,072 condo units were made available in the first three months of 2021. That’s an 11 percent decline in available condominiums around the Daytona Beach area, year over year.
“It’s not clear when we can expect a recovery in the low inventory levels of available condo units around Daytona Beach,” Wysocarski said.
