Low Inventory Slows Daytona Condo Sales

Daytona Beach, FL - Low inventory concerns have been an issue for local realtors for a while. Then inventory became more of a problem when May’s sales fell short of April’s. Recent analysis of the Daytona Beach Multiple Listing Service (MLS)—carried out by Wyse Home Team Realty—found that April 2021 saw the sale of 249 condo units for a median sales price of $275,000, with 513 units active on the MLS. That’s up from the 88 condo units that sold in April 2020 for a median sales price of $166,500. According to analysts, May 2021 saw just 200 sales for a median sales price of $239,000, with just 458 units active on the MLS. While that’s marked improvement over May 2020’s figures—which consisted of 81 sales with a median price of $200,000—it’s still down from April 2021’s numbers.  "It’s typical for condo sales to fall slightly each year between April and May as our snow birds head north for the summer," said Ron Wysocarski, Broker and CEO of Wyse Home Team Realty. "However, this year’s 19 percent drop in condo sales was deeper than anticipated with the extremely low inventory levels likely playing a role." May 2021’s 458 active units was found to be 11 percent lower than the 513 units available in April 2021, and 58 percent lower than the 1,102 available units in May 2020. Still, year-to-date, sales are up 89 percent and the median condo sales price rose nearly 27 percent over the first five months of 2020. Highlights from recent sales include the $1.295 million sale of a condo in New Smyrna Beach, a $1.1 million sale in Ormond Beach, and a $1.05 million sale in Daytona Beach Shores.