Daytona Condo Market Today
It is the end of the year. Let us look at Daytona condo market today. It covers in Daytona Beach Area, which includes Daytona Beach, Ormond Beach, Daytona Beach Shores, Ponce Inlet, Port Orange, Holly Hill and South Daytona. And let us compare with a similar period in 2017. Follow this link to the post Daytona Condo Market of 2017
Daytona Condo Market. Current Data
337 Active Condo Listings from $64,900 to $3,600,000
56 Active Contingent
Total condos on the market: 529
Compare it with the same period in 2017
Data for the end of the year in 2017
483 Active Condo Listings from $59,900 to $1,250,000
24 Active Contingent
Total condos on the market: 589
Do you see that while the inventory is less today, the level of activity is so much higher? Daytona condo market today is active, there 192 condo units under contract in the process going towards the Closing.
In 2017 106 condo units were under contract. The number today is nearly double. It is very telling, the activity is here, the momentum is here…
2020: In the last 30 days 134 condo closed
2017: In the last 30 days 81 condo closed
Again, activity level in 2020 is significantly higher
Daytona Condo Market. Summary
If you look at the dynamics, in 2017 sold priced started at $59,900K. Today, they started from $64,900. Not a big increase, however, it is only one indicator among a bunch of others.
Do you think we have reached ur peak?
I don’t believe so. On the contrary, we not even close.
Yes, the area is experiencing growth, but it is still slow. 2 new oceanfront condos are under construction, one is already finished. Another luxury beauty – Max Daytona is coming in Daytona Beach Shores; they are going fast.
New hotels came and are coming. First, a 4-star Hard Rock Hotel in operation since February 2018. Second, is another 4-star hotel – The Daytona by Marriott, which was completed a year ago. Protogroup’s two tower oceanfront complex is moving. The South Tower is in finishing phase. These are beachside projects. On the mainland Daytona One NASCAR project is shaping up at fast pace…
All these are multi-million-dollar projects. Several massive residential and commercial developments are coming up in the LPGA-I-95 corridor reshaping the area very dramatically. In addition, several apartment complexes are mushrooming there as well. It is quickly becoming a hub like the Pavilion in Port Orange, but on a much bigger scale.
Obviously, the developers see the future, and this is encouraging.
Condo Market in Covid 19
Did Covid 19 affect us? It, probably, did. Lately there is a noticeable trend: lots are disappearing. It is attributed to northerners running away from Covid 19. For instance, agents are talking about young families buying homes for their parents in Florida so that in a lock down the kids and their grandparents can be here, and not locked in the apartments in big cities like New York and go crazy.
Check Palm Coast, they had about 800 lots for sale 3-4 months ago, and now this number is around 300. However, the first ones to buy lots are the builders, they do not have the inventory.
So, probably my estimation of growth of Daytona condo market may, in this instance, be realistic.