Daytona Condo Market. End of 2017

Daytona Condo Market

It is the end of the year. Let us look at condo market in Daytona Beach Area, which includes Daytona Beach, Ormond Beach, Daytona Beach Shores, Ponce Inlet, Port Orange, Holly Hill and South Daytona.

Current Data

483 Active Condo Listings from $59,900 to $1,250,000
41 Pending
24 Active Contingent
41 Contingent
———————————————————————
Total condos on the market: 589

Sold Data

In the last 30 days 81 condo closed

1,089 condos sold from 12/09/2016 to 12/09/2017
2,147 condos sold from 12/09/2015 to 12/09/2016
996    condos sold from 12/09/2014 to 12/09/2015
993    condos sold from 12/09/2013 to 12/09/2014
1,069 condos sold from 12/09/2012 to 12/09/2013
960    condos sold from 12/09/2011 to 12/09/2012
855    condos sold from 12/09/2010 to 12/09/2011 From $10K to $1,460K

Summary

These are just numbers, but if you look at the dynamics, in 2011 sold priced started as low as $10K. While prices were still low a year ago, they started from $35K for a small studio.

Asking prices are from $59,900 now, and it means that even with a difference between the asking and selling price, starting prices of condos in 2018 will be $55K+… We are warming up, yet slow, but the direction and the trend is clear. Now the question is whether we will see exponential growth in 2018, or it would take another year or two for the market to fully wake up. And I would be surprised if 2019 would start with nothing for less than $100K for what was $20-$30K 2-3 years ago.

Any indirect indicators? Yes, the area is experiencing growth, which started very recently. Cranes are back in Daytona. 2 new oceanfront condos are under construction, and this is the first time we say it after 2008. Another luxury beauty is coming in Daytona Beach Shores, they are doing the ground work now.

New hotels came and are coming, with Hard Rock Hotel opening in February, Protogroup’s two tower complex is moving fast. These are beachside projects. On the mainland Daytona One NASCAR project is shaping up at fast pace…

All these are multi-million dollar projects.

They see the future, which was not here just 3-4 years ago.

So, probably my estimation of growth of Daytona condo market is well based.