It is the time when we look at how the market was in 2013 and trying to predict the condo market in Daytona Beach Shores for 2014. But first ler's look at the numbers:
At a glance, anything from these numbers? I think yes. The numbers for 2012 and 2013 are very close. But it is not stagnation. The condo market, which was sort of in free fall for several years, shows signs of stability. And this feeling is deceptive. I believe this is a time when two trends exist at the same time.
Some properties are priced low as the inertia of bad market makes people do it, and some went up, as people start noticing the change.
And it is easy to see if you look at the stats. One-bedroom units on the market start significantly higher than sales in 2012 and 2013. With all the fluctuations and knowing that listing prices are somewhat higher than selling prices, it is still a jump in prices. And yes, a terrific price for a bedroom is because the building is not on the ocean, but across the street…
Also, we are not really operating here with big numbers, so some fluctuations should not be a surprise as there is a simple explanation. For example, the price range for 4-bedroom condos sold in 2013 was $365,000 to $385,000, and in 2012 the high number was $675,000. However, in 2013 all 3 units sold in that category were in Towers Ten, while in 2012 two units were in Towers Ten for similar prices, and one unit in Towers Grande, which was sold for $675K.
So, what to expect from 2014? This is really a million-dollar question. Probably not the explosion like 10 years ago, but rather a jump in March, like it happens since 2011, probably a 10%-15% increase...
Call me if you are looking for a condo in Greater Daytona. I am not going to say that this is the best time to buy, and that it will be more expensive tomorrow.
I gave you the stats and you be the judge.
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