Daytona Beach, FL - Median home sales prices skyrocket throughout the month of March in Daytona Beach as the number of available homes in the area continues to dwindle.
Analysis of the Daytona Beach Multiple Listing Service (MLS)—carried out by Wyse Home Team Realty—found that 519 homes sold for a median sales price of $310,000, which is a 6 percent increase in total home sales and a 24 percent increase in the median sales price, when compared to March 2020.
Recent analysis also found that total sales volume jumped by 38 percent in year-over-year comparisons. In monthly comparisons, MLS reports indicate that the median home sales price rose by almost 13 percent over February and home sales also rose by 26.5 percent during that same time.
"As we suspected, demand for homes across the Daytona Beach area continues to surge," said Ron Wysocarski, broker and CEO of Wyse Home Team Realty.
Ron added that this comes even as buyers continue to struggle with low inventory levels, a problem realtors have been dealing with for months.
According to the MLS, the inventory levels of available homes fell another 3.5 percent from February to March. The number of available homes in March—1,170—was also 49 percent lower than it was in March 2020—2,316.
And while that may sound troubling, Ron said that local realtors still have enough inventory to satisfy the market.
"What we're lacking in is options," added Ron.
Further analysis shows that the most of March's sales were made in the Ormond Beach area, with 139 sales at a median sales price of $343,000. New Smyrna Beach had a lower number of sales, 99, but the area still had the highest median sales price with $377,500.