Condo Sales Continued To Climb Through August

Daytona Beach, FL - The latest analysis of the Daytona Beach Multiple Listing Service (MLS) shows that the area’s condo market is still on an upswing despite the ongoing pandemic and low inventory levels. That analysis, which was carried out by Wyse Home Team Realty, found that 198 units sold in the Daytona Beach area throughout August with a median sales price of $249.500, which is 32% higher than the same time last year. It’s also up 4% from July, along with sales volume in both monthly and annual comparisons. Additionally, at $249,500, the median sales price was 15% higher than the same month last year and 3% higher than in July of 2020; all while invesntory levels remain extremely limited. "Sales continued at a frenzied pace while low inventory levels continued to drive up prices," said Ron Wysocarski, broker and CEO of Wyse Home Team Realty. "Listings are few and far between for buyers to choose from. At some point, it could affect sales." Despite the low inventory, August’s strong condo sales closed the gap caused by COVID-19 related closures in year-to-date closures, according to the MLS. By month’s end, sales for the first eight months of 2020 had surpassed the number of sales completed during the same time frame in 2019. Median prices were also up by 10%. "The stat in front of me says that there are more sales in 2020 than in 2019, that’s pretty telling," said Ron.  "And that’s with COVID-19 going on. Imagine the market without it." Ron also mentioned that the demand for vacation condos in the area was even stronger in August than it was in July. The biggest sale seen in August was a $750,000 unit that was sold at Porto Fino Condos in Palm Coast.