The Daytona Beach Condo Market – When is a Good Time to Sell?

We often get asked by condo owners “How long will it take to sell a condo in the Daytona Beach Condo Market?”

Absorption Rates for the Daytona Beach Condo Market in 2019

First, let me explain “absorption rate.” Absorption rate is a term that real estate professionals use to evaluate the rate that available properties sell in a specific market (in this case, the Daytona Beach area condo market) during a very specific period in time.

Here is an example:

  1. First, determine the number of condos closed in your market over a specific period — say, 12 months. You can get this data from the MLS or the county records
  2. Next, divide the number of condos by the number of months in the period — in this case, 12. This calculation gives a per month absorption rate.
  3. Last, divide the rate into the number of current listings. This yields the months’ supply of condos.

 

So what are the absorption rates in the different areas like Ormond Beach, Daytona Beach, Daytona Beach Shores, and Ponce Inlet and when best to sell your Daytona Beach area condo?

Ormond Beach Condo Absorption Rate For 2019

Number Of Condos Sold in Ormond Beach April 1, 2018 – March 31, 2019

Number of Sold in Ormond Beach divided 12 =

Current Number of Active Condos For Sale in Ormond Beach as of April 19, 2019, =

Months Supply of Condos For Sale in Ormond Beach as of April 19, 2019, =

Daytona Beach Condo Absorption Rate For 2019

Number Of Condos Sold in Daytona Beach April 1, 2018 – March 31, 2019

Number of Sold in Daytona Beach divided 12 =

Current Number of Active Condos For Sale in Daytona Beach as of April 19, 2019, =

Months Supply of Condos For Sale in Daytona Beach as of April 19, 2019, =

Daytona Beach Shores Condo Absorption Rate For 2019

Number Of Condos Sold in Daytona Beach Shores April 1, 2018 – March 31, 2019

Number of Sold in Daytona Beach Shores divided 12 =

Current Number of Active Condos For Sale in Daytona Beach Shores as of April 19, 2019, =

Months Supply of Condos For Sale in Daytona Beach Shores as of April 19, 2019, =

Ponce Inlet Condo Absorption Rate For 2019

Number Of Condos Sold in Ponce Inlet April 1, 2018 – March 31, 2019

Number of Sold in Ponce Inlet divided 12 =

Current Number of Active Condos For Sale in Ponce Inlet as of April 19, 2019, =

Months Supply of Condos For Sale in Ponce Inlet as of April 19, 2019, =

When Should You Sell your Daytona Beach Area Condo?

In order to give an accurate answer to this question, I will have to look at your situation and your property.  If your condo is listed at the right amount per SF, you will sell very fast in this market.

I always help my customers calculate not just how long it will take to sell, but also the cost of holding on to your unit. It is important to know your carrying costs (taxes, insurance, etc) and what you could potentially earn if you would invest that dollar in another property.

Many owners focus so much on a specific sales price and not losing money that they forget to calculate the accumulating carrying costs and missed investment opportunities.

Please give us a call at (386) 307-5050 to discuss your particular situation.

Download our complete 2019 Daytona Condo Report