Winter Market?
I know it as I am the same way. When I am somewhere and I am thinking about buying, and no contract follows immediately, and I leave, the urge fades away. And often times the great deal you were considering is gone soon, and I regret and go on with my life. Quite a few opportunities lost, quite a few…
I know when people leave Daytona, they are caught in a routine, work, chores, and condos go to a back burner.
So, what is happening to this back burner now in December of 2020?
We are in a seasonally slow time. Winter is usually a sleeping time in local real estate.
Usually it means that inventory grows and prices go down. But nothing is static. Today we only have 305 condos in the whole area, I mean it.
The Area
Daytona Beach,
Daytona Beach Shores,
Ormond Beach,
Ormond-by-the-Sea,
Ponce Inlet,
Port Orange,
South Daytona,
Holly Hill and a few more neighborhoods (Plantation Bay, Halifax Plantation, etc).
I believe we used to have about 6o0 condos for sale in Daytona Beach Shores alone. That’s when we were at the peak of the crisis…2011- 2012.
Now the total number of condos for sale is 305. Of this number, 86 condos in Daytona Beach Shores.
What is Offered?
Only 2 condo units are offered for under $200,000 ($199,900 – not oceanfront buildings).
26 – priced between $200K and $300K
20 – priced between 300K and $400K
15 – priced between 400K and $500K
13 – priced between 500K and $750K
8 – priced between 750K and $1 Mil
3 – priced over $1 Mil
Summary
86 may sound like a lot, but if you are budgeting $250,000 for purchasing a condo with a good view of the ocean, you only have 13 to choose from, and 5 of them are in Peck Plaza, limiting your choices even more.
If you are one of those, who were here in summer and were thinking about buying a condo, this post is for you as a reminder.
There will be condos tomorrow and in the future, it is not the end of the world.
They simply could be a bit more expensive. At a regular rate of increase, next year should be between 6% and 9% more, unless overwhelmingly affected by the escapees from Covid-19.
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Jon Zolsky, broker, owner of Daytona Condo Realty. 386-405-4408
