Introduction

A week or so ago we published information about Daytona Area condo sales. The information is very telling and shows that prices have declined around 50% over the past two years. However, during that same time, transaction counts have doubled. The good news is that units are moving and that they are more affordable than they have been in a very long time.

The information considered all condominiums sold throughout the Daytona Beach Area. However, it was confusing to many people and we had questions about some of the results. A part of the confusion stems from people thinking of only oceanfront condominiums. While many of our units locally are oceanfront, several aren’t. Today, we’ll compare the two markets.

Oceanfront Condo Sales

The data for direct oceanfront show several differences from the market on the whole. Most notably there is a difference in location. However, in addition to these changes, the data show markedly lower price declines for oceanfront units.

Price Changes

The first slide shows average prices over the past three years for Oceanfront condos. There are several key differences. First, the average price decline for these units is much less than the local condo market as a whole. The average for all units was almost a 50% decline. The oceanfront condo units held their value much more successfully.

Also, the average prices are much more similar between cities. There is less difference between the extreme highs and lows. Daytona Beach oceanfront condos and Ponce Inlet oceanfront condos are relatively close in price per square foot. The same report that considers all condos shows Daytona Condos at roughly half the price per square foot of Ponce Inlet Condos.

Of course there is a higher percentage of units that are not oceanfront in Daytona Beach when compared to a town like Ponce Inlet which is only on the peninsula and not on the mainland.

Comparison by City

When we compare each city, Daytona Beach Shores represents almost half of all Oceanfront Condo Sales in the Daytona Beach Area. Daytona Beach is second, followed by Ponce Inlet and Ormond Beach. Each has a relatively strong condo market for 2010.

The last slide shows a comparison of the number of Oceanfront units versus all condo units in the city.

Condo Sales Data Source

The data comes from the Daytona Beach Area Multiple Listing Service. A detailed description of the data source is available on the Daytona Area condo sales post.