Daytona Beach Sales Up Big in March 2010

Sales of homes and condos in Daytona Beach continue their steep climb over both March last year and last month. 393 homes and condos were sold last month against 282 sold last March – an increase of 34.9%. Sales were up 23.6% over last month when 318 homes were sold. The number reported are from the Daytona Beach MLS.

Take a look at the chart and we can see that sales by price range remains consistent with the past two years.

Sales under $200,000 were 75.1% in March, down from 80.5% in February, but consistent with the ranges we have seen recently. This is where the market is strongest. Many of the foreclosed and short sale homes are in this price range and this is where buyers are most active. Sales in the $200,000 to $300,000 price range were stronger this month at 13.2%, up over last month when we saw 11.6%.

We are looking for an increase in the higher price range to show a market shift. That just has not been there in the past two years. When homes sold at over $300,000 begin to increase in numbers and as a percentage of sales that will indicate stabilization in those price ranges. Until then, inventory will remain high.

We have four listings over $499,000 and we’ve sold properties in the higher price ranges, but most of our sales and total market sales are in the lower price ranges.

If you have questions about the market, please give me a call at 386-566-7503. We can talk about specific properties or discuss the market in general.

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First Half 2009 Daytona Beach Home Sales Up

1735 Daytona Beach homes and condos were sold in the first half of this year. That’s up from 1433 in the first half of 2008’s for a 21% improvement. What’s interesting is to see where the sales are coming from.

Looking at the table below, we can see that over 73% of all sales were under $200,000. This continues the trend that we saw over all of 2008. Sales of high-end homes in the area, above $500,000 are still languishing at about 4%.

As of this morning, 366 sales were recorded in July in the Daytona Beach MLS. That number will go up as agents add all of the sales from the end of the month on Friday.

So sales are up 21%, and the trend continues with sales stronger at the lower end of the market. We don’t see this changing anytime in the near future. Buyers are taking advantage of the values at the lower end of the market. Foreclosures and short sales are offering tremendous bargains to patient buyers, especially for short sales that can take months to conclude.

But, Buyer Beware. Just because a house or condo appears to be a great bargain, you still need to buy with a eye to future sales. In that respect, all properties are not created equal. When values do rise again, and they will, some areas will rise faster than others. Buy smart now, for the highest appreciation in the future.