Condo Crisis in the Daytona Area: Sales Stall as Sellers Flood the Market

In an interview with real estate agent Mike Gagliardi, he mentioned that in recent days at least 60 condo units in the Daytona Beach area had reduced their prices. This clearly demonstrates a trend: there is now more supply than demand.

Trying to explain this phenomenon, many experts believe it is due to several factors, including rising property insurance costs and new assessments for many owners, sometimes reaching thousands. However, another important element is the uncertainty surrounding the elections.

Dennis Almand, a businessman who has purchased three condos in Daytona Beach Shores over the past four years, mentioned that he has noticed hesitation among potential buyers, related to whether Kamala Harris or Donald Trump will be president; and he states, “Everyone is waiting until after the elections to make any moves.”

Interest rates and possibly politics could be slowing the real estate market, but what is driving many condo owners to sell this year are the assessments imposed by condo associations.

Gagliardi, who leads the Mike Gagliardi Team with Re/Max, mentioned that the current market inventory is expected to sell in 14 or 15 months, indicating a buyer’s market. A seller’s market is defined by an inventory of six months or less.

Meanwhile, Mark Wright, director of real estate for the Property Appraiser’s Office, says that in Volusia County, condo sales are projected to decline year over year in 2024.

Available Foreclosures:

Daytona Beach: 12 homes available.

Volusia County: 20 homes available.

By Elías DaSilva | 04 de Noviembre de 2024.