Daytona Beach, FL – For the second time in 3 months, condo prices in the Daytona Beach area take a big drop.
The latest report from the Multiple Listing Service shows median sales prices fell by around 10% last month when compared to the same month a year ago.
125 condos and condotels sold in the Daytona Beach area during August 2015 for a median sales price of $163,000. That’s $18,250 less than the August prior, but the number of condos sold locally last month is 7 more than the 118 posted for August 2014.
116 condos sold with a median price of $173,500 while 9 condotels sold with a median price of $52,500.
Median sales prices for condos also fell by over $34,000 in June, the first time that condo prices had fallen in the Daytona Beach area since January.
Ron Wysocarski – leader of the Wyse Condo & Home Team at Keller Williams Realty in Port Orange – said he’s not too concerned about the falling prices.
“There continues to be gains in the number of condo sales both year over year and month over month,” Wysocarski added. “I think the market continues to be strong as we head into the fall and winter condo sales season.”
It was the opposite story last July, with the median price going up by over $72,000 despite 24 fewer sales compared to July 2014.
4 condos in the Daytona Beach area sold for over $500,000 in August, including 2 at Sandcastle North in New Smyrna Beach. The others were at Towers Eight Condos in Ponce Inlet and the St. Maarten Condos in Daytona Beach Shores.
There was also a $1.39 million sale at Hammock Dunes in Palm Coast last month.
So far in 2015, 924 condos and condotels have sold in the Daytona Beach area with a median sales price of $165,000. That’s 44 more than at the same point a year ago, with the median sales price also higher by $10,000.
Copyright 2015 Southern Stone Communications.