Daytona Beach condo sales are down as prices increase

Condo sales from August 2022 are down 19% percent from sales in August 2021.

By Observer Staff
| 1:00 p.m. September 16, 2022

Stock photo by Terje Sollie at Pexels.com

Ormond Beach Observer
Real Estate

Condo prices have stayed high in the Daytona Beach area, but sales have fallen, according to a press release by Wyse Home Team Realty.

Wyse's analysis of Daytona Beach Multiple Listing Service data showed that 146 condo units were sold around the Daytona Beach area in August, with a median sales price of $319,500 — more sold than in July, but down 19% from August 2021, while the median condo sales price in August 2022 was 49% higher than the median price in 2021, according to the news release.

"The real estate market correction is clearly underway, with condo sales slowing 23% from last year’s totals,” said Ron Wysocarski, broker and CEO of Wyse Home Team Realty in Port Orange, according to the news release. “Despite the slowdown of sales, pent up market demand for Florida properties continues to drive median condo sales prices higher.”

The condos inventory increased to 651 condo units in August, up from 561 available condo in August 2021.

Year to date, condo sales are down 18%. The median condo sales price rose 18% over the first half of 2021.