Daytona Beach Condo Market. End of 2017

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

Daytona Condo Market

It is the end of the year. Let us look at condo market in Daytona Beach Area, which includes Daytona Beach, Ormond Beach, Daytona Beach Shores, Ponce Inlet, Port Orange, Holly Hill and South Daytona.

Current Data

483 Active Condo Listings from $59,900 to $1,250,000
41 Pending
24 Active Contingent
41 Contingent
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Total condos on the market: 589

Sold Data

In the last 30 days 81 condo closed

1,089 condos sold from 12/09/2016 to 12/09/2017
2,147 condos sold from 12/09/2015 to 12/09/2016
996    condos sold from 12/09/2014 to 12/09/2015
993    condos sold from 12/09/2013 to 12/09/2014
1,069 condos sold from 12/09/2012 to 12/09/2013
960    condos sold from 12/09/2011 to 12/09/2012
855    condos sold from 12/09/2010 to 12/09/2011 From $10K to $1,460K

Summary

These are just numbers, but if you look at the dynamics, in 2011 sold priced started as low as $10K. While prices were still low a year ago, they started from $35K for a small studio.

Asking prices are from $59,900 now, and it means that even with a difference between the asking and selling price, starting prices of condos in 2018 will be $55K+… We are warming up, yet slow, but the direction and the trend is clear. Now the question is whether we will see exponential growth in 2018, or it would take another year or two for the market to fully wake up. And I would be surprised if 2019 would start with nothing for less than $100K for what was $20-$30K 2-3 years ago.

Any indirect indicators? Yes, the area is experiencing growth, which started very recently. Cranes are back in Daytona. 2 new oceanfront condos are under construction, and this is the first time we say it after 2008. Another luxury beauty is coming in Daytona Beach Shores, they are doing the ground work now.

New hotels came and are coming, with Hard Rock Hotel opening in February, Protogroup’s two tower complex is moving fast. These are beachside projects. On the mainland Daytona One NASCAR project is shaping up at fast pace…

All these are multi-million dollar projects.

They see the future, which was not here just 3-4 years ago.

So, probably my estimation of growth of Daytona condo market is well based.
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I am a condo broker in Daytona Beach area. Call 386-405-4408 or email me.

Comments (2)

Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Jon, in my opinion most of the markets are not even close to the peaks that we had in 2007-2008 when things came crashing down. I believe we have 3-4 or so more growth years ahead of us.

Dec 26, 2017 02:31 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Mike Frazier - your guessis as good as my guess. It seems that the market is not homogenous. Expensive condos in luxury newer condos basicalluy have reached the peak of 2005-2006 and we see some condos going for more that at the peak. But on modest condos we do ot see it yet, and on condo-hotels it is even worse. But it is a very dynamic market and things change fast.

Dec 26, 2017 04:09 PM