Daytona Beach, FL - Even with what realtors are calling "difficult inventory conditions," Daytona's housing market continued on an upward swing throughout the month of August.
That can be attributed to the sale of 513 single-family homes that sold in the area for a median sales price of $270,000. That's 7% higher than the number of homes sold in August of last year, but down from sales in July.
Year-to-date, the market has also come close to making up for sales lost during the ongoing COVID-19 pandemic. According to the team at Wyse Home Team Realty, who analyzed the Daytona Beach Multiple Listing Service (MLS), reports show single-family home sales are now less than 1%, compared to the first eight months of 2019.
The median sales price for the same period was also up by 7% over last year.
But despite these upswings in market figures, realtors are still battling with "desperately low" inventory levels around the area.
"The slowdown in total sales last month from July is typical for this time of year as local students head back to class," said Ron Wysocarski, broker and CEO of Wyse Home Team Realty. "The inventory levels are the real story right now as the number of available homes continues to fall, pushing up prices."
MLS reports indicate that the area's low inventory levels fell further in August as the total number of homes listed was 29% lower than the number of those available in August of 2019.
Further analysis by Ron's team found that Ormond Beach was home to the highest total number of sales and the highest median sales price with 120 sales at a median sales price of $326,250.