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Daytona Beach Area Quarterly Real Estate Update

3rd Quarter 2021 | Daytona Beach Area

The third quarter and summer season have come to a close and we still aren’t seeing much movement on the 2021 market trends.

3rd quarter update 2021

While the weather cools in the 4th quarter, it looks as if the demand and pricing for Daytona Beach area homes and condos will remain quite warm. There were less active home and condo listings last quarter than in the second quarter of 2021 while the average sale price for sold properties in the Daytona Beach area hit the highest point of the year to date. One differing trend is that, unlike the first half of the year, the total number of sold properties for the 2021 3rd quarter were less than in 2020, highlighting a depleted inventory and a possible buyer “sticker shock” slow down.  Let’s take a closer look at the third quarter statistics:

Single Family Homes | Port Orange, New Smyrna & Ormond Beach

Daytona Beach area homes are consistently selling twice as quickly this year compared to 2020, and for 21% more in sold value. There is very strong demand for homes in Port Orange, New Smyrna Beach and the new construction neighborhoods going up across our Central Florida coast. The 4th quarter historically sees a slow down for home buying around the holidays, but the continued low inventory should sustain some of the increased numbers we are seeing.

Total Active 2020: 2924
Total Active 2021: 2366

Days on Market 2020: 147
Days on Market 2021: 69

Number Sold 2020: 1647
Number Sold 2021: 1489

Average Sale Price 2020: $327,412
Average Sale Price 2021: $396,236

Condos | Daytona Beach Shores, Ponce Inlet & New Smyrna Beach

While the third quarter condo sale statistics remained consistent with the first half of the year, the main trend we are seeing is the swiftness of new condo listings going under contract. The average days on market dropped more than 60% this year over last, and specifically in Daytona Beach Shores, Ponce Inlet and New Smyrna Beach, the condos are selling even quicker. Many of the most popular, new construction, or rental-friendly buildings have multiple buyers waiting in the wings for new options.

Total Active 2020: 1144
Total Active 2021: 744

Days on Market 2020: 188
Days on Market 2021: 70

Number Sold 2020: 530
Number Sold 2021: 442

Average Sale Price 2020: $288,225
Average Sale Price 2021: $334,180

Overall the 3rd quarter sales across the World’s Most Famous Beach were exceptional. Some buyers we speak with are waiting out a decline in prices, and some sellers are still shooting for the moon, but until inventory levels for both homes and condos increase, we will remain in this sellers’ market. If you’d like more specific data or to chat more, please feel free to call Kevin Kling at (386) 527-8577. We are here to help!

2nd Quarter 2021 | Daytona Beach Area

The second quarter of 2021 has come and gone, and unsurprisingly it’s more of the same for the Daytona Beach area real estate market.

second quarter 2021 market update

Active listings and average days on market remained low, while average sale prices saw significant increases over 2020. As we breakdown some of the second quarter numbers, I want to note that just this month we have begun to see the number of active properties for sale increase, from around 700 total listings to more than 900, as more sellers test the market with higher asking prices. Here are the stats for single family homes across our Central Florida market.

Single Family Homes | Port Orange, New Smyrna & Ormond Beach

Second quarter home sales increased 25% over last year and the average sale price rose 27% for the overall Daytona Beach area. Port Orange homes rose 41% with a 30% increase in average sale price. In Ormond Beach, the average sale price of homes increased nearly $100,000 from the $330’s to $428k. New Smyrna Beach homes also remained popular as average days on market shrunk nearly 50% and the prices rose 15% to more than $530k. All three of these cities boasted 98-99% list-to-sell percentage as sellers got their asking price.

Total Active 2020: 3225

Total Active 2021: 2400

Days on Market 2020: 160

Days on Market 2020: 70

Number Sold 2020: 1248

Number Sold 2021: 1569

Average Sale Price 2020: $302,289

Average Sale Price 2021: $384,388

Condos | Daytona Beach Shores, Ponce Inlet & New Smyrna Beach

Daytona Beach area condos sell historically well in the second quarter and heading into the Summer as second-home and vacation rental buyers flock to the beach, but the 2021 numbers are truly historic. Overall condo sales rose 87% over last year with the average sale price increasing 24%. In Daytona Beach Shores, the second-quarter condo sales nearly doubled as the total inventory dropped nearly 40%. Daytona Beach condo prices increased 34% on average while boasting a massive increase in total sales from 53 in 2020 ro 125 in 2021. Don’t forget about sleepy Ponce Inlet which saw a 200% increase in total condo sales with the average sale price swelling to close to half a million.

Total Active 2020: 1193

Total Active 2021: 755

Days on Market 2020: 208

Days on Market 2020: 89

Number Sold 2020: 287

Number Sold 2021: 538

Average Sale Price 2020: $266,251

Average Sale Price 2021: $330,462

These numbers are certainly a bit subjective as the second quarter sales for 2020 were hampered by the beginning of the pandemic, but the continued low inventory and days on market point to a sustainable demand for both homes and condos through the remainder of the year. However, as more listings hit the market, we may begin to see some of the increased prices level out or even taper off. If you have any questions about the Daytona Beach area real estate market, I’m always glad to chat. Call Kevin Kling at (386) 527-8577 for all of your Central Florida real estate needs.

 

1st Quarter 2021 | Daytona Beach Area

I know, I know… we are almost through the second quarter of 2021 and I am just now sharing the soaring sales we found through the first quarter of the year, but who wouldn’t rather be selling than “statistic-ing”?1st quarter 2021 real estate market update 386

It’s no secret that the Daytona Beach area home and condo market is hotter than a scorching sidewalk without your flip-flops, but how long will it last? The bubble-believers are waiting but the rising prices so far haven’t enticed enough sellers to list their prized properties to meet demand. Let’s take a look at some of the numbers:

Single Family Homes | Port Orange, New Smyrna & Ormond Beach

The “new norm” we endured with work and school at home over the last year definitely had many Port Orange, Ormond, and New Smyrna Beach homeowners reassessing their living space, or lack thereof. Couple this with long-lasting, ultra-low interest rates and soaring rental costs and there is a recipe for high home demand. The first quarter of 2021 saw a 34% decrease in the number of homes available for sale on the market while the number of overall sold homes rose more than 10%. With this shortage of homes, some buyers are having sticker shock as they see the average sale price for Daytona area homes increase more than 20% since 2020. And now more than ever, swimming pool homes are making the biggest sales splash as pool home buyers continue to outpace pool home sellers across our Central Florida coast. 

Total Active 2020: 3594

Total Active 2021: 2338

Days on Market 2020: 168

Days on Market 2020: 105

Number Sold 2020: 1168

Number Sold 2021: 1302

Average Sale Price 2020: $292,554

Average Sale Price 2021: $354,224

Condos | Daytona Beach Shores, Ponce Inlet & New Smyrna Beach

Daytona Beach, New Smyrna Beach, Ponce Inlet and surrounding area condo demand has been increasing daily with many buyers telling our team they “ain’t gonna be stuck again” in a land-locked or lockdown state. Many soon-to-be retirees and others fence-sitting second-home buyers have made moves this year and the statistics support this. The total number of active listings in the first quarter of 2021 was down nearly 30% or 360+ listings compared to 2020 while the number of sold properties increased by 50% over this same time period. Days on market was down 14% while average sale price increased more than $60,000 from the mid $200’s to the low $300’s. Overall, I have buyers looking at all condo building types across our area and I expect the market to stay strong through Summer. Call me at (386) 527-8577 to chat more about the Daytona Beach area real estate market.

Total Active 2020: 1229

Total Active 2021: 862

Days on Market 2020: 222

Days on Market 2020: 129

Number Sold 2020: 310

Number Sold 2021: 466

Average Sale Price 2020: $273,343

Average Sale Price 2021: $326,498

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