Daytona Condo Market
Daytona Beach Shores. End of February 2022.
It is a slow time, the end of the slow season for Daytona condo market. Which means there are no crazy multiple offers on the table. Properties are on the market; you can look and think. Last summer this was not the case.
Last year it was buying frenzy.
Yet, if you ponder over the data, the difference, the trigger is not really the inventory, it is not as much objective as we used to think, but rather mental.
At the peak of the market in April last year we had just 31 condos for sale in Daytona Beach Shores, half of what we had a month ago, but today we have 52 condos for sale, so we already watching the end of a slow season. Will we get a s crazy as last year? This is a million-dollar question.
The fact of the matter is that while we used to have over 100-unit inventory, somehow in 2017 we had 63 units for sale, so the numbers are not that much apart, and whether there is a magic threshold, when suddenly the market overheats in a heartbeat. Is it when the inventory falls below 40 condos?
To tell you the truth, I wouldn’t be surprised if this time we will not see the crazy market even if the inventory falls to under 40.
There are too many factors, and not all of them pure economical. We might be at the brink of the III World Was, already brazenly ignited by Russia. Even the sanctions imposed on Russia would affect our economy, and who knows how this plays out with real estate market.
Like a gypsy tossing the cards and giving you 50-50 chance of prospering or losing, but it is what it is.
As for DBS condo market, we will know the answer in just a few months.
February this year so far there were 21 sales of residential condos in DBS. In the same month last year MLS recorded 41 sale, wow. Is this is an indicator of slowing down? In February 2020 there were 22 sales, similar to today.