Introduction

I was recently asked about the Daytona Condo market. There are a number of ways to examine the state of the market and a variety of sources for information and several ways to interpret the data that is presented. Hopefully this quick review is helpful.

Condos Sales Results

We examined condo sales a number of different ways. You can move through the slides or allow them to step through on their own.

Daytona Area Condos are Affordable!

The first thing to review is a trend of price per square foot. Not surprisingly, condominium units in the Greater Daytona Beach Area have become much more affordable over the last several years. The first slide shows the price per square foot declining from around $200 to about $100 in the three year period. That’s almost a 50% reduction in price and means that a 2,000 square foot condo unit that was once selling for $400,000 on average is now closer to $200,000!

Ponce Inlet to Holly Hill

Each city in the area has something to offer with differences in price. While all have declined over the past few years, the largest price changes and likely buying opportunities took place in Daytona Beach and Holly Hill while areas such as Daytona Beach Shores and Ponce Inlet held their value more readily. This graph also shows that there are affordable buys in Holly Hill, South Daytona, Daytona Beach, and Port Orange.

Daytona Beach and Daytona Beach Shores Sell Condos

The third slide shows that there are condo sales throughout the area but that Daytona Beach and Daytona Beach Shores lead the pack. Those two communities account for over 50% of the condos sold in 2010. During that time it is clear that Ponce Inlet, Ormond Beach, South Daytona, Port Orange also recorded several sales.

Demand for Daytona Area Condos

Lastly, an examination of the number of sales and the time to sell is important. The final slide shows that condos are moving much more quickly than they have in several years. Condo buyers are flocking to the market. In the first six months of marketing condos, twice as many units sold in 2010 than in 2008. The units are selling and they are selling more quickly than before. That’s good news for people who are buying at such low prices.

Condo Sales Information Source

This data is derived from the Daytona Beach Area Multiple Listing Service (MLS). The Daytona Area MLS is designed to facilitate the sales of all real estate in the Greater Daytona Beach Area and contains a wealth of information about condominium sales. Realtors who are members of the local association have access to list and to see all of the listings and other information. It is important to note that the Daytona MLS is separate and distinct from the Flagler MLS, the New Smyrna MLS, and the My Florida MLS which serves West Volusia.  However, Realtors in Daytona do use the system to market properties in those areas. For purposes of this examination we used all the condominiums in the area. Some areas will have more oceanfront units while others may be directly on the intra-coastal waterway, or not on water at all. The purpose is to have a broad review of the market as a whole.

In general, the Daytona Area MLS  will cover East Volusia from the Flagler County line in the north down to Ponce Inlet and Port Orange. It also extends west to the Tiger Bay Wildlife Management Area. It includes the following cities as well as some of unincorporated Volusia County:

• Ormond Beach
• Ormond-by-the-Sea
• Daytona Beach
• Holly Hill
• Daytona Beach Shores
• South Daytona
• Port Orange
• Ponce Inlet

Because of the nature of the MLS, listings that are outside the coverage area are sometimes included which is why you will see activity in Palm Coast, New Smyrna and other areas.