"Janet, how’s the market in Daytona Beach Shores?"
Happy 2015! It’s time to look back and see how
real estate performed in Daytona Beach Shores over the past 12 months.
When we last checked Annual Market Statistics
for 2013-2014, we saw very positive growth as the market began to
“come back”. Let me show you:
In the twelve month period of 2012, a total of 362 homes sold
and the Days on Market averaged 160 days. An average 2 bedroom (BR) condominium
home in Daytona Beach Shores sold for $154,412, while 3 BR homes sold for
$304,820.
In the same period of 2013 we saw
377 homes sold with an average Days on Market steady at 159 days. The average sales price for a 2 BR was up 9%
($14,505) and 3 BR were up 7% ($21,639).
For
2014 things were still positive, but prices
moderated. Between January 1, 2014 and 2015 we saw slower growth, but quicker
sales. The average Days on Market were down to just 132 days, or a difference
of one month! A total of 349 homes
sold as supply went down. The average sales price for a 2 BR was $175,000 up
only 3.6% from the previous year. The average sales price for a 3 BR was
$326,639 up 7%.
For those of us who live in the area, we know
that several older buildings like Oceans West, Oceans Two and Oceans Three were
undergoing extensive concrete restorations and renovations. These buildings
account for a significant amount of 2 BR condominium inventory. Now that
renovations are in their final stages, it will be interesting to see how prices
change in our part of the Daytona Beach Area for 2015!
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