July 2008 Ormond Beach and Daytona Beach Condos Sales
Condos sales in the Daytona Beach MLS were 57 units for July 2008, or 19% of the total of 299 total properties. This level is about normal for the year where condos have represented 20% of total property sale.
As of today, there are 1918 condos and condotels on the market. With 57 sales in July, that represents almost 34 months of inventory vs. 16 months for houses.
Daytona Beach Condo sales are suffering from two issues. The first issue is that there are just so many condos on the market that any single unit is going to get lost. Unless there is something spectacular about the unit – usually price – it is competing with hundreds of other units.
The second issue is that vacation condo and second home condo buyers are sitting on the side line. They don’t need to buy a condo and they are waiting for prices to bottom.
Many units were built in the past few years and many of those units were priced higher than other units in the area. We have reported in our monthly real estate reports, that over 80% of our sales are in the under $300,000 price range. High priced units are not selling very well in this market.
If you must sell a condo in the current market, you are going to need to be very aggressive on price and the higher the price of the unit, the more aggressive you will need to be. If you are not in a must sell position, you are probably in for a long wait if you choose not to be aggressive.
If you are considering buying, our advice is to pay close attention to sales and prices. Check back here often for that information and analysis.