Low Inventory Drives Up Daytona Home Prices

Daytona Beach, FL - Home sales across Daytona Beach are starting off strong for the fourth quarter as low inventory levels drive home prices up. Analysis of the Daytona Beach Multiple Listing Service (MLS) found that 515 homes sold throughout the area with a median sales price of about $272,000. It’s one home shy of the number of homes sold in September, but 21 percent higher than the amount of homes sold in October of 2019. Reports also show October’s median sales price is up even as home inventory levels remain low—a trend that realtors have been watching in the market for months. The median sales price, however, was just below the median in September, but it was up 6.5 percent over October of last year. The area’s already low inventory levels didn’t move in October. The total number of homes on the market was 31 percent lower than the number of homes available in October of last year. Year-to-date, there have been 10 percent fewer homes to hit the market than were listed during the first ten months of 2019. “Demand for homes is through the roof, but Central Florida homeowners are hanging their holiday stockings instead of for sale signs,” said Ron Wysocarski, Broker and CEO of Wyse Home Team Realty. “The inventory of available homes in our area is lower than I’ve ever seen.” Year-to-date, sales are up 3.5 percent compared to the first 10 months of 2019, while the median sales price for the same period was up by 7 percent over last year. Throughout the area, Ormond Beach had the highest number of sales with 131 homes sold at a median sales price of $285,000, followed by Port Orange with 86 sales and a $292,500 median sales price.