Daytona Beach Area Condo Sales 2022 Year End
Amid uncertain economic conditions, an ongoing pandemic, 2 serious hurricanes, and skyrocketing inflation, condo sales fell dramatically across Volusia County during 2022.
An analysis of Daytona Beach Multiple Listing Service (MLS) data by Wyse Home Team Realty showed there were 1690 condo sales across the area from January 1 to December 31. The units sold had a median sales price of $297,000. That’s a 25 percent decrease in the area’s condo sales total, year over year. Meanwhile, the median condo sales price in the Daytona Beach area rose 12 percent over the median sales price in 2021.
“Although some challenges were expected, the hurdles our local condo market ultimately faced in 2022 were more than anticipated,” said Ron Wysocarski, CEO and Broker of Wyse Home Team Realty in Daytona Beach.
Daytona Beach MLS data for Condo and Condotel Sales:
- 2022 Condo Sales: 1690 condo/condotels sold with a median sales price of $297,000.
- 2021 Condo Sales: 2257 condo/condotels sold with a median sales price of $265,000.
- 2020 Condo Sales: 1854 condo/condotels sold with a median sales price of $235,000.
- Total Volume Sold in 2022: $598,480,162.
- Total Volume Sold in 2021: $674,264,079.
- Total Volume Sold in 2020: $478,914,076.
“The silver lining here is that although sales declined overall, the Daytona Beach condo market was buoyed by out-of-state relocations and investors,” Wysocarski said. “Desirable conditions in our climate, politics and vacation market continued to drive demand for Daytona Beach condos, further reducing the area’s already-low inventory levels and helping condo values to remain steady.”
According to the MLS reports, there were 275 condotels sold in 2022, which is nearly 30 percent lower than the 388 condotel units sold in 2021. Residential condo sales were notable nonetheless, with a decrease of almost 25 percent, year over year. The median sales price of residential condo units climbed nearly 17 percent and the median sales price of vacation condotel units was up 42 percent.
- 2022 Condotel Sales: 275 condotel units sold with a median sales price of $150,000.
- 2021 Condotel Sales: 388 condotel units sold with a median sales price of $105,000.
- 2022 Residential Condo Sales: 1415 condo units sold with a median sales price of $350,500.
- 2021 Residential Condo Sales: 1869 condo units sold with a median sales price of $300,000.
Among the running themes of the 2022 condo market was a dearth of available units for sale. The year started with already-low inventory levels, which plummeted another 7 percent. According to MLS reports, 2698 new condo listings were added to the MLS in 2022, compared to 2903 condo units made available in 2021.
Ron Wysocarski is the Broker and CEO of Wyse Home Team Realty in Daytona Beach, FL. For more information regarding Ron Wysocarski, contact him at 386-562-2651. Additional information is available to the media upon request. Statistical information in this release is based on information and statistical reports accessed from the Daytona Beach Area Association of REALTORS® Multiple Listing Service on 1/7/23 for the following periods: 1/1/20 to 12/31/20, 1/1/21 to 12/31/21, 1/1/22 to 12/31/22.