Daytona Beach Condo Sales January to March 2022
Low inventory levels slowed condo sales across the Daytona Beach area during the first three months of 2022.
An analysis of Daytona Beach Multiple Listing Service (MLS) data by Wyse Home Team Realty showed there were 494 condo sales across the area from January 1 to March 31. The units sold had a median sales price of $303,000. That’s an 11 percent reduction in the area’s condo sales total, year over year. Not surprisingly, with competition high and available inventory limited, the median condo sales price rose 16.5 percent over the first quarter last year.
“Demand for condo units in the Daytona Beach area continues to be strong, but the dearth of available units is making it hard for buyers to stake their claim on a piece of our local paradise,” said Ron Wysocarski, CEO and Broker of Wyse Home Team Realty in Port Orange.
Daytona Beach MLS data for Condo and Condotel Sales:
- 1st Quarter Condo Sales 2022: 494 condo/condotels sold with a median sales price of $303,000.
- 1st Quarter Condo Sales 2021: 558 condo/condotels sold with a median sales price of $260,000.
- 1st Quarter Condo Sales Volume 2022: $169,275,077.
- 1st Quarter Condo Sales Volume 2021: $160,158,410.
“Florida and the Daytona Beach area continues to be a sought-after vacation destination for people from around the country,” Wysocarski said. “So much so, it’s driving up the price of vacation condotel units in the area.”
According to the MLS reports, there were 70 condotels sold in the first quarter of 2022, which nearly 24 percent below the number of vacation condo units sold during the same period of 2021. Residential condo sales in the first quarter also were down, by 9 percent, compared to the first three months of 2021. The median sales price of residential condo units climbed 13.5 percent and the median sales price of vacation condotel units was up 58 percent.
- 1st Quarter Condotel Sales 2022: 70 condotel units sold with a median sales price of $134,000.
- 1st Quarter Condotel Sales 2021: 92 condotel units sold with a median sales price of $85,000.
- 1st Quarter Residential Condo Sales 2022: 424 condo units sold with a median sales price of $334,950.
- 1st Quarter Residential Condo Sales 2021: 466 condo units sold with a median sales price of $295,000.
An important driver of the changing condo market conditions continues to be a shortage of available condo units for sale.
The year started with already-low inventory levels, and the situation continues to worsen. According to MLS reports, 953 new condo listings were added to the MLS in the months of January, February, and March 2022. Comparatively, 1,072 condo units were made available in the first three months of 2021. That’s an 11 percent decline in available condominiums around the Daytona Beach area, year over year.
“It’s not clear when we can expect a recovery in the low inventory levels of available condo units around Daytona Beach,” Wysocarski said.
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.. 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 4/7/22 for the following periods: 1/1/22 to 3/31/22, 1/1/21 to 3/31/21.