Real Estate Broker/Owner with Wyse Home Team Realty SL3192071
Condo sales dipped in February, but not for the reason you think.
The Wyse Report
Is A Condotel Right For You?
Vacation condos (condotels) are often cheap, offer lots of hotel style amenities and overall can be very enticing to out of state buyers. But these complexes often are run with different rules than complexes filled with long-term and seasonal residents. Financing an inexpensive vacation condotel can also be a challenge. Watch as Ron offers some tips that may help you decide if owning a vacation condo is the right choice for YOU!
Condo sales in the greater Daytona Beach area dropped significantly in February, compared to the same month a year earlier. Prices, however rose slightly year over year. According to the Daytona Beach Multiple Listing Service (MLS), there were 87 condo sales in February, a 13.8 percent reduction from condo sales closed in February 2015. Median sales prices, meanwhile, rose by 4 percent to 169,000. There was clear cause for the dip...
One of the key indicators we watch to know when the market is shifting is the market demand and inventory. In February, the Daytona Beach Area Association of Realtors Multiple Listing Service (MLS) data indicates there was 5.29 months worth of inventory listed in the market. That's down dramatically from the 7 months worth of inventory on the market in February 2015.
Discussion of market slowdowns and questions about a potential housing bubble have begun to emerge, despite expert predictions indicating Florida should expect a booming year in real estate. While a market crash is unlikely, Florida real estate experts say some emerging trends call for caution among buyers, sellers and agents alike.
Agents are now noticing a shift in the market giving buyers more leverage. But with inventory levels low in a Seller's Market, this "leverage" is not typical. What's causing it? Believe it or not... THE SELLERS!