Low Inventory Pushes Home Prices Higher In October
There was a strong start to fourth quarter home sales across the Daytona Beach area.
For the month ending on October 31, 2020, the Daytona Beach Area Multiple Listing Service (MLS) reported that 515 existing single-family homes (detached) were sold in the greater Daytona Beach area with a median home sales price of $272,000. That’s just one home sale shy of the number of homes in September and its 21 percent higher than home sales in October 2019.
With the inventory of available homes for sale still hanging desperately low, the median price for homes bought and sold in October also was up, MLS reports show. The median sales price was just below the median in September and it was up 6.5 percent over October last year.
Year to date, home sales are up 3.5 percent, compared to the first ten months of 2019. Meanwhile, the median sales price for the same period was up 7 percent over last year.
- October 2020: 515 sales, $172,728,746 sales volume, $272,000 median sales price.
- October 2019: 425 sales, $120,361,100 sales volume, $255,000 median sales price.
- September 2020: 516 sales, $172,577,663 sales volume, $275,000 median sales price.
- September 2019: 434 sales, $130,225,909 sales volume, $248,677 median sales price.
- Year-To-Date 2020: 4573 sales, $1,430,787,880 sales volume, $260,000 median sales price.
- Year-To-Date 2019: 4417 sales $1,285,265,919 sales volume, $243,000 median sales price.
“Demand for homes is through the roof, but Central Florida homeowners are hanging their holiday stockings instead of for sale signs,” said Daytona Beach Area Realtor Ron Wysocarski, Broker and CEO of Wyse Home Team Realty in Port Orange, FL, “The inventory of available homes in our area is lower than I’ve ever seen.”
The area’s low inventory levels didn’t budge in October, according to MLS reports. The total number of homes listed was 31 percent lower than the number of homes available in October 2019. Year to date, there have been 10 percent fewer homes to hit the market than were listed during the first ten months of 2019.
- October 2020 Inventory: 1562 single family home listings were active at some point during the month
- October 2019 Inventory: 2269 single family home listings were active at some point during the month
- September 2020 Inventory: 1561 single family home listings were active at some point during the month
- Year-To-Date 2020 Inventory: 7370 home listings have been made active during the first 10 months of this year.
- Year-To-Date 2019 Inventory: 8195 home listings were made active during the first 10 months of last year.
Wyse Home Team Realty also analyzed data for key areas where homebuyers shop. The median sales price rose 6 percent for homes on the beachside but was highest in New Smyrna Beach. Ormond Beach was home to the most sales.
- Ormond Beach: 131 sales, $285,000 median sales price.
- Mainland Daytona (Including Holly Hill and South Daytona): 83 sales, $199,000 median sales price.
- Beachside (Ormond By The Sea to Ponce Inlet): 65 sales, $321,000 median sales price.
- Port Orange: 86 sales, $292,500 median sales price.
- New Smyrna Beach: 67 sales, $322,500 median sales price.
About The Wyse Report and Wyse Home Team Realty:
The Wyse Report is a periodic report analyzing real estate sales, prices and trends in the greater Daytona Beach area. Statistical information provided is based on information accessed from the Daytona Beach Area Association of REALTORS® Multiple Listing Service on 11/23/20 for the following periods: 9/1/20 to 9/30/20, 9/1/19 to 9/30/19, 10/1/19 to 10/31/19, 10/1/20 to 10/31/20, 1/1/20 to 10/31/20, 1/1/19 to 10/31/19. New Smyrna Beach sales figures are based on information accessed from the New Smyrna Beach Multiple Listing Service on 11/23/20 for the period of 10/1/20 to 10/31/20. Learn more about Wyse Home Team Realty by visiting www.RonSellsTheBeach.com. Specific data research requests and custom comparisons are available to the media, upon request. If you have questions or requests, please contact Wyse Home Team Realty’s Broker and CEO, Ron Wysocarski at 386-562-2651.