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Ormond Beach Observer Saturday, May 15, 2021 4 weeks ago

Daytona Beach condo prices soar as inventory falls further

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The inventory of available condos crashed to a new low with only 508 condo units active at one point during the month of April.
by: Guest Writer

by: Heather Scofield 

Marketing Director, Wyse Home Team Realty

It remained unclear when the inventory level of available condos in the Daytona Beach area might hit bottom as the number of available units dropped to another record low in April.

An analysis of Daytona Beach Multiple Listing Service data by Wyse Home Team Realty showed that 245 condo units were sold around the Daytona Beach area in April with a median sales price of $275,250. It’s a stunning 178% higher than condo sales in April 2020, when the state of Florida shut down all but the state’s most essential services to slow the spread of COVID-19. Sales volume in April was up by more than $50 million from last year. And MLS reports show the median condo sales price soared 65% higher than the median price in April 2020. 

Meanwhile, the inventory of available condos crashed to a new low with only 508 condo units active at some point during the month of April. That’s down 7% from 549 units active in March and it’s 49% lower than the 1,006 available condo units in the Daytona Beach MLS during April 2020.

Year to date, condo sales are up 78% and the median condo sales price rose nearly 30% over the first four months of 2020.

“Condo buyers are finding it increasingly challenging to navigate market as inventory levels continue to plummet,” said Ron Wysocarski, broker and CEO of Wyse Home Team Realty in Port Orange.  “Overall though, condo sales totals remain strong and buyers are finding ways to close deals in these highly competitive conditions.”

Daytona Beach MLS data for Condo and Condotel Sales combined:

  • April 2021: 245 condo/condotels sold with a median sales price of $275,250.
  • April 2020: 88 condo/condotels sold with a median sales price of $166,500.
  • March 2021: 236 condo/condotels sold with a median sales price of $250,000.
  • March 2020: 114 condo/condotels sold with a median sales price of $246,500.
  • Total Volume Sold in April 2021: $77,136,197.           
  • Total Volume Sold in April 2020: $18,561,420.           
  • Total Volume Sold in March 2021: $66,664,383.        
  • Year To Date 2021: 801 condo/condotels sold with a median sales price of $266,000.
  • Year To Date 2020: 450 condo/condotels sold with a median sales price of $205,000.

“Vacation condo sales continued to be in strong demand among buyers, driving up the median sales price of condotel units another 15%,” Wysocarski said.

April 2021 Daytona Beach MLS data for Condos and Condotels separated:

  • 200 condos sold with a median price of $314,500. 
  • 45 condotels sold with a median price of $98,000.

April 2021 highlights of luxury condo sales in the Daytona Beach area include:

  • A $2,000,000 condo sale at Minorca Condos, New Smyrna Beach on 4/27.
  • A $1,355,000 condo sale at Tydemark Condos, New Smyrna Beach on 4/21.
  • A $1,250,000 condo sale at Island Crowne Condos, Daytona Beach on 4/27.

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