Update on the Condo Market in Daytona Beach Shores
Last time I wrote an update on the condo market in Daytona Beach Shores was March 26, 2021.
Today is April 22, 2021.
What changed if anything in one month?
A lot… There were 46 listing of condos for sale in Daytona Beach Shores a month ago and today there are 31 condos. Our inventory lost another 15 units, which is about 30%.
The prices for condos for sale in Daytona Beach Shores today start at $219K, and there are 5 more condos for less than $300K, This has not really changed.
Today we have 70 units under contract, showing you that the level of activity is up. We had 66 a month ago. Last time I wrote that it was surreal to have more units under contract than listings. Now it is more than 50% are under contract compared with active listings.
From January to today 94 condos changed hands. From February to today 114 condos changed hands. 20 condos more in a little less than one month.
70 condo units are under contract, and only 31 condos are available.
What is going to happen to the market in another couple of months if the changes keep happening at this pace?
This is an April update on the condo market. Let’s see what will be in one month, in May. I would love to speculate, but I have to admit that I am pretty much clueless. We do not see the future. I can’t figure how long we will be seeing this bullish market. There is one thing for sure. If it lasts, we should be seeing a lot of money flowing into the development of Florida. We have been waiting for it for too long, and this would be a very welcome change. So many beautiful projects never made it because the crisis wiped out real estate…
See you in one month