Coronavirus Crashed Condo Sales In April
Condo sales plummeted across the greater Daytona Beach area in April, as vacationers were sent packing and locals were told by state officials to stay home.
An analysis of Daytona Beach Multiple Listing Service (MLS) data by Wyse Home Team Realty showed there were 87 condo units sold around the Daytona Beach area in April with an uncharacteristically low median sales price of $168,000. That’s 45 percent below the area’s condo sales in April 2019 and 23 percent lower than in March’s early days of the pandemic. Overall sales volume in April was slashed almost in half from last year’s sales volume and was down 36 percent from March.
The median condo sales price also took a hit as consumer markets paused for COVID-19. There was a steep 15 percent dive in the median condo sales price, compared to April 2019. And prices were down more than 30 percent, compared to March. Year to date, sales are down 3.5 percent from the first 4 months of 2019, and the median sales price near level.
“Since many people put their home buying plans on hold during April to prevent the spread of COVID-19, we may see some pent up demand affecting sales this summer as more businesses open and some restrictions relax,” said Ron Wysocarski, Broker and CEO of Wyse Home Team Realty in Port Orange.
Daytona Beach MLS data for Condo and Condotel Sales combined:
- April 2020: 87 condo/condotels sold with a median sales price of $168,000.
- April 2019: 159 condo/condotels sold with a median sales price of $198,000.
- March 2020: 113 condo/condotels sold with a median sales price of $245,000.
- March 2019: 111 condo/condotels sold with a median sales price of $237,000.
- Total Volume Sold in April 2020: $ $18,424,420.
- Total Volume Sold in April 2019: $36,366,832.
- Total Volume Sold in March 2020: $28,970,662.
- Year To Date 2020: 448 condo/condotels sold with a median sales price of $205,000.
- Year To Date 2019: 465 condo/condotels sold with a median sales price of $204,800.
“The long-term effects of the virus on Daytona’s vacation condo market remains to be seen,” Wysocarski said. “We’ll be watching how ongoing travel bans, social distancing efforts, and stay-at-home orders in place around the world may be affecting the area’s condotel sales.”
April Daytona Beach MLS data for Condos and Condotels separated:
- 79 condos sold with a median price of $184,000.
- 8 condotels sold with a median price of $95,750.
The April 2020 highlights of luxury condo sales in the Daytona Beach area include:
- $715,000 condo sale at Flores Del Rio Condos, New Smyrna Beach, on 4/1.
- A $540,000 condo sale at Island Crowne Condos, Daytona Beach on 4/14.
- A $525,000 condo sale at Golden Arms Condos, New Smyrna Beach on 4/14.
Ron Wysocarski is the Broker and CEO of Wyse Home Team Realty in Port Orange, FL. For more information regarding Ron Wysocarski, contact him at 386-562-2651, or visit RonSellsBeachCondos.com. Additional information is available to the media upon request. Statistical information in this release is based on information accessed from the Daytona Beach Area Association of REALTORS® Multiple Listing Service on 5/6/2020 for the following periods: 3/1/19 to 3/31/19, 3/1/20 to 3/31/20, 4/1/19 to 4/30/19, 4/1/20 to 4/30/20, 1/1/20 to 4/30/20, 1/1/19 to 4/30/19.