Daytona Beach Area Condo Statistics Show Great Progress
The Daytona Beach area condo market is heating up, just ask any Realtor. Of course many local real estate agents are going to speak of an improving market in hopes of getting your listing, but few are putting in the work to provide statistical evidence of such. One of the first signs of this positive progress is the lack of quality condo listings currently on the market. In fact, the number of newly listed condos has plummeted 53% since 2006, while the number of quality condos ($200,000 list price and above) comprises just 45% of newly listed condos in 2012, down from 80% in 2006. As you can see below, the decrease in condos being offered, especially those of quality, is staggering.
Though the above graph depicts the lack of new listings coming to market, it does not necessarily speak to an increase in market sales. It could be argued that many condo owners are holding onto their property “until the market improves”, and while this may also be true for some, the actual number of closed condo sales are on the rise. Even against the grain of limited availability shown above, in 2012 cities like Ormond Beach posted their highest number of condo sales since 2003. Last year 1,131 total condos were sold in Daytona Beach, Daytona Beach Shores, Ponce Inlet , New Smyrna Beach and Ormond Beach while just 1,917 condos came to market in the Daytona Beach area. Compare this to 2007, where 523 condos were sold amid the 4,030 new listings, and the numbers begin to paint a picture of a brighter real estate market going forward. Review the condo sales by city since 2003 below, and consider how impressive the increasing, and even plateauing, sales progression is compared to the number of condos being added to the market.
Keeping in line with the increased interest in, and low inventory of, Daytona Beach area condos, the two graphs below accent a rising market trend. First, consider expired listing data which shows lack of successful real estate closings. Peaking in 2007 with 3,636 expired listings, we saw just 1,031 listings expire without sale in 2012.
Finally, though average sale prices of Daytona Beach area condos are still well below the height of the market in 2003, some encouraging news for sale prices comes with the percentage of list-to-sell prices being earned by condo owners. From 2004 where Daytona area condos sold for 97% of their list price, we fell 8% through 2008 and 2009, but have seen a steady progression back. In fact, even though the data below shows a plateau from 2011 to 2012, the numbers through the first six months of 2013 show a list-to-sell of 94%, which may point to another gain this year.
Certainly the Daytona Beach area condo real estate market has not recovered to numbers reached at the height of the market, but these statistics do show great progress. It actually appears to be an advantageous market for both buyers and sellers, which can be a difficult dichotomy. On one hand, condo prices are still below average since the housing bubble burst, making it more affordable to buy luxury oceanfront or riverfront property. On the other hand, the lack of new inventory being placed up for sale creates a much more competitive market, which in turn will help you sell your condo quickly and at a higher value. Contact us today to learn more about the Daytona Beach area condo market and how it affects your condo specifically. Or call us at (386)527-8577 and we will go to work to find you the perfect Ponce Inlet, New Smyrna, Ormond, or Daytona Beach condo.