Daytona Beach Area Home & Condo Market Update May 2016
The Daytona Beach area real estate market has shown stability through the first fourth months of 2016, and as we enter the busiest buying time this summer, we expect to see more strong numbers. To date, some of the home and condo sales have decreased slightly from last year, however there have been gains in average sale price in many cities. Below we will discuss the home and condo market separately for the major cities in our area.
|City||2015 # Sold||2016 # Sold||% Change||2015 Avg Sale Price||2016 Avg Sale Price||% Change|
|Daytona Beach Shores||87||90||+3%||$307,224||$295,597||-3%|
Luxury condos in the Daytona Beach area have not sold as strongly as we would like so far in 2016, however the market for condos priced below $400,000 has been very competitive. Between this year and last year, the total number of condo sales has remained fairly consistent in Daytona Beach, Daytona Beach Shores, and Ormond Beach, while in Ponce Inlet there has been a 36% increase in sales from 2015.
The average sale price for condos rose in 2016 in the cities Daytona Beach and Ormond Beach, while there were slight declines in average sale price in Daytona Beach Shores and Ponce Inlet. This disparity can be explained by the aforementioned slowing luxury market where the higher average sale price of luxury-condo-oriented cities is being heavily influenced by the stronger demand for lower priced condos. In the cities listed above there were five condo sales above $700,000 to this point in 2015 while this year there has been just one. Daytona Beach Shores and Ponce Inlet condos both had an increased number of sales but the lack of high-end sales is diluting the average sale price for these areas.
|City||2015 # Sold||2016 # Sold||% Change||2015 Avg Sale Price||2016 Avg Sale Price||%Change|
The Daytona Beach area home market has been very strong through the first four months of 2016, and we have had a great deal of success selling homes, especially in Port Orange. While the total number of home sales declined slightly in Daytona Beach and Ormond Beach over the numbers posted in 2015, the average sale price has risen greatly in the major cities being evaluated. The more than 10% sale price increase in two of the cities posted above comes as little surprise when compared to the increased demand we have received for quality homes in 2016. Many of our own home listings priced below $400,000 have been under contract and sold within weeks. In this regard, the Daytona Beach area home market, especially in Port Orange and Ormond Beach is becoming a seller's market. Swimming pool homes and waterfront properties will continue to sell well through this summer and we expect the sale prices to keep rising with the rising demand.
Overall, there are many local and national factors effecting the Daytona Beach area home and condo markets. With proposed new construction on both fronts, including Browns Landing and Aruba condos, some buyers may be holding out from buying resale properties. The strength of our dollar has also made it hard for many international buyers, especially Canadians, to make a home or condo purchase in our area. Even the political climate this year could be holding some buyers back from making large real estate investments. In spite of all this, our Daytona Beach area real estate market is among the best-valued opportunities in the state of Florida and buyers are recognizing that. Call us at (386) 527-8577 with any questions about the market status in your neighborhood, condo building, or city and learn how our marketing plan produces superior sales results for homes and condos in our area. We are here to help.
*Statistics taken from Daytona MLS and sold by participants.