Daytona Beach Condos Report Published
Daytona Beach condos normally sell at a rate of about 1 to 4 compared to homes. February was in line with that rate with 54 condos selling out of 256 total properties, or 22.1%.
Much like Daytona Beach and Ormond Beach homes, the majority of the sales are in the lower price ranges with 77.7% of condo sales under $200,000. That means, of course, that in the higher price ranges, not much is selling.
You can see the sales for the last 14 months by visiting our Daytona Beach Condos Monthly Sales report at www.lynnbyrne.com. The condo market had 1782 condos for sale at the end of the month for a total of 33 months of inventory. Months of inventory with houses and condos combined is 22 months, so we can see that condo inventory is pushing total inventory way up.
There are a lot of great values out there for patient buyers. Plenty of condos are available through short sale at good discounts. Sales are up so far this year, so while we’re not saying buy now, we are advising everyone to keep an eye on prices and mortgage rates (if you plan to finance). We know that price will stabilize, but no one can predict when. My best current guess is late this year or early next, but that will be average prices. You’re buying one home or condo, not an average, so patient buyers willing to negotiate aggressively are paying below what the “average” will be a year from now.
Call me at 386-566-7503 if you need market information or to discuss current opportunities.