The real estate market around the greater Daytona Beach area was strong in 2017, with gains in both sales and prices despite low inventory levels all year.
An analysis of Daytona Beach Multiple Listing Service data by Wyse Home Team Realty in Port Orange shows that sales of all property types were up by 5.5% in 2017, and sales of existing single-family homes were up by 3%.
The rise in median sales prices was even more prominent. The area saw an 8% price increase across all property types sold in within the Daytona Beach, area and there was a 10.8% jump in the median sales prices of detached single-family homes.
Reports pulled by Wyse Home Team Realty showed that 4,911 detached single-family homes were sold in the greater Daytona Beach area in 2017, with a median sales price of $215,000. In 2016, single-family home sales totaled 4,762, and median sales prices were $193,900.
Things could have been better, though, according to Ron Wysocarski, broker and CEO of Wyse Home Team Realty. Much like the rest of the nation, the Daytona Beach area experienced inventory issues in 2017, leaving many buyers struggling to find homes.
The good news is, inventory levels of single-family homes began to rebound in the final quarter of 2017, closing some of the large gaps reported previously in year-over-year inventory level comparisons, Wyse said.
Low inventory also affected the condo market. An analysis of Daytona Beach Multiple Listing Service data by Wyse Home Team Realty showed there were 1,494 condo sales in 2017 with a median sales price of $190,000. Compared to 2016, that’s a 7.8% increase in sales and an 8.6% increase in median sales prices.
The market might have been much stronger, however, if it wasn’t for the limited number of available listings all year, according to Wysocarski.
“Inventory levels have been down for some time. The problem reaches back farther than just 2017,” he said. “I think we would have had much stronger condo sales last year if the inventory situation hadn’t worsened the way it did.”
New listings were already down in 2016 from the year prior, Wyse said. Then, the numbers fell further in eight of the 12 months in 2017. Like single-family homes, it was only in the last quarter of 2017 that agents finally started seeing more condo listings come onto the market than the same month a year earlier.
All told, just 2,354 new condo listings were added to the MLS in 2017. (There were 2,468 new condo listings added to the MLS in 2015, and 2,411 new condo listings in 2016, according to MLS reports.)