Condo Sales Remain Undisturbed As Inventory Hits New Low

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Daytona Beach, Fl - Daytona Beach had another month of strong condo sales as local realtors continue to struggle with critically low inventory levels.

In fact, recent analysis of the Daytona Beach Multiple Listing Service—carried out by the team at Wyse Home Team Realty in Port Orange—found that local inventory crashed to new lows from levels that were already near rock bottom in February.

According to their report, 549 units were active at some point in March, which is down 16 percent from the 635 units active in February and 46 percent lower than the 1,025 units available during March 2020.

"Everytime we think the inventory levels cannot fall any lower, we hit a new low," said Ron Wysocarski, broker and CEO of Wyse Home Team Realty. 

Still, despite the low inventory levels, 236 units were sold around Daytona Beach in March with a median sales price of $250,000. That's a 31 percent increase over sales in February and an astounding 107 percent increase over March 2020's sales—which was the same time the nation faced pandemic-related lockdowns.

Sales volume was also up by 26 percent over February and rose 126 percent from last March. Year to date, sales are up by 53 percent and the median condo sales price rose 21 percent over the first three months of 2020.

"I think what's interesting is all we hear about is low inventory, yet these sales are doubled," added Ron. "People are finding a way to get it done."

Sales highlights from last month include a $3 million sale in Daytona Beach, a $1.225 million sale in Ponce Inlet, and another sale in Daytona Beach worth $1.075 million.

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