Despite the unmistakable economic impacts, ongoing uncertainties, and even a statewide shutdown of business for all non-essential businesses in April, condo sales and prices climbed much higher than expected across Volusia County during 2020.
An analysis of Daytona Beach Multiple Listing Service (MLS) data by Wyse Home Team Realty showed there were 1845 condo sales across the area from January 1 to December 31. The units sold had a median sales price of $235,000. That’s an 18 percent increase in area’s condo sales total, year over year. And it’s a 13 percent rise in the median condo sales price for the Daytona Beach area.
Daytona Beach MLS data for Condo and Condotel Sales:
- 2020 Condo Sales: 1845 condo/condotels sold with a median sales price of $235,000.
- 2019 Condo Sales: 1560 condo/condotels sold with a median sales price of $208,150.
- Total Volume Sold in 2020: $475,655,176.
- Total Volume Sold in 2019: $377,755,333.
The numbers also show that the growth in vacation condo sales outpaced growth of traditional residential condo sales. According to the MLS reports, there were 234 condotels sold in 2020, which is more than 29 percent higher than in 2019. Meanwhile, residential condo sales rose just 16 percent, year over year.
- 2020 Condotel Sales: 234 condotel units sold with a median sales price of $80,500.
- 2019 Condotel Sales: 181 condotel units sold with a median sales price of $77,000.
- 2020 Residential Condo Sales: 1611 condo units sold with a median sales price of $260,000.
- 2019 Residential Condo Sales: 1379 condo units sold with a median sales price of $234,000.
“The Daytona Beach condo market remained strong despite the cloud of uncertainty that hung over us all for much of the year,” said Ron Wysocarski, CEO and Broker of Wyse Home Team Realty in Port Orange. “The uncertainty may have even fueled Daytona’s condo market in some ways, with new telecommuting options creating opportunities for people to relocate without changing jobs.”
Among the running themes of the 2020 condo market was a dearth of available units for sale. The year started with already-low inventory levels, which plummeted another 6 percent as the pandemic left sellers feeling hesitant to invite potential buyers into their condo units. According to MLS reports, 3138 new condo listings were added to the MLS in 2020, compared to 3353 condo units made available in 2019.
Currently, real estate market experts predict inventory levels will be slow to recover in 2021, ensuring a continuation of seller’s market conditions for much of the year. A Realtor.com economist recently told Forbes they expect a 7 percent increase in sales and a 5.7 percent jump in prices during 2021.
“Locally, I think we will continue to see an influx of remote workers who now find they are now able to live in the beach home they once thought was out of reach until retirement,” Wysocarski said. “Unfortunately, we may also see the climbing prices create some affordability challenges for the area’s first-time home buyers, a group that also tends to be attracted to condo living.