Daytona Beach, FL - Unlike the housing market, the condo market falls short of expert predictions through 2019.
That's according to the latest report from Wyse Home Team Realty in Port Orange. Their analysis of the Daytona Beach Multiple Listing Service (MLS) shows 1,553 condos sold across the area in 2019.
Units sold had a median sales price of $209,000. It's a marginal change from the area's market conditions seen in 2018, where 1,564 units sold for a median price of $500 less than 2019's.
The overall volume of condo sales was $376.4 million in 2019, which was about $10 million higher than 2018's.
"Although Daytona didn't experience the median price gains in its condo market, the year still ended on a positive note," said Ron Wysocarski, broker and CEO of Wyse Home Team Realty. "The economy remained strong in 2019 and we thankfully did not experience declines in our market conditions."
Inventory levels of condos across Daytona in 2019 also showed little change, compared to 2018 totals. According to the MLS, over 3,000 new listings were added in 2019. Around 3,333 were available in 2018. The total remains 2.2% below condo inventory levels during 2015, but it's higher than the 3,258 listed in 2016 and the 3,169 listed during 2017.
Real estate experts predict inventory conditions to remain tight, pushing median sales prices higher in 2020. However, local condo sellers may not experience the full benefit of those gains since Daytona's market is focused on entry-level housing.
