Daytona Beach, FL - As state officials began efforts to reopen the state, some businesses picked up where they left off. But, that doesn't seem to be the same case for Daytona's condo market.
May's analysis of the Daytona Beach Multiple Listing Service by Wyse Home Team Realty showed 79 condo sales in the Daytona area with a median sales price of about $200,000.
Those figures are 48% below Daytona's condo sales throughout May of 2019 and 9% lower than the condo sales seen in April of this year. The overall sales volume throughout the month was also nearly half of last year's sales volume.
"Condo sales may be a little slow to bounce back from the market interruptions that coronavirus has caused," said Ron Wysocarski, broker and CEO of Wyse Home Team Realty.
Despite the series of decreases seen this month, sales volume was actually still up above last month's numbers.
Additionally, the median sales price in May might have been 2.5% lower than last year's number, but it's still 19% higher than the $198,000 median sales price seen in April.
"We're still in the early days of economic recovery after the shutdown," commented Wysocarski. "It's not yet clear what the long-term effects to Daytona's market might be."
