Daytona Beach Real Estate Sales Up 6.2%

Sales of Daytona Beach condos and homes were up in April by 6.2% over April of last year. For the year, sales are up 4.2% over 2010 and 38.1% over 2009. Here’s a look at the first four months of the last three years.

As you can see, sales for 2011 are pretty close to 2010. The big increase came from 2009 to 2010. The best we can say about this year is that the sales volume is holding pretty consistently since that big increase.

April 2011 Daytona Beach Real Estate Sales

April 2011 sales of Daytona Beach area homes and condos are showing the same trends that we’ve been seeing for over 3 years now. Look at the chart below:

The percentage of all sales under $200,000 came in at 78.7%. This is consistent with the sales distribution since prices began falling in 2006. Add sales between $200,000 and  $300,000 to count and over 90% (90.4%) of all sales of homes and condos were under $300,000. The median price, which is the mid-point distribution of sale (1/2 above and 1/2 below), was $115,000, but the average sales price was $158,000. Both the median and the average sales prices have been holding close to this range for about a year.

Have Daytona Beach Real Estate Prices Bottomed?

This is a big question and the answer will be more opinion that fact at this point. Saying that prices have bottomed is risky because we will still see monthly variations in the numbers. However, the numbers appear to be saying that we are in a more stable period than we were last year at this time. If we look back to 2009, we are in a much more stable market than then.

There are 4457 residential and multi-famlity properties listed as of this morning. This puts us at 10 months of inventory. In September 2008, there were 21.6 months of inventory. There were 5986 properties on the market then, but only 277 homes and condos were sold. Now, we have a drop of more than 25% in listings and a 61% sales increase.

So, the slighted convoluted answer to price bottoming is – inventory is down significantly, sales are up over the past few years and median sales and average prices are pretty stable. If we haven’t reached bottom we are close barring a major economic calamity.

Please contact Lynn at 386-566-7503 to discuss the market and what you are looking for. Click this link to –>search all Daytona Beach area homes and condos for sale.

Sales of Daytona Beach Homes – Down Against Last Month – Up Over January Last Year

Daytona Beach homes and condos sold at a 33.2% slower pace than last month, but were up 29.9% over last January. What’s next? These numbers are preliminary, but will not change significantly over the next few days.  The fall in sales is not unexpected. Here’s why:

• January sales have been the lowest sales months for both 2008 and 2009
• The 1st quarter has been the lowest sales quarter historically in the area
• December sales of 416 properties through the Daytona Beach MLS were the highest in over three years

Our inquires and website traffic were down during the fourth quarter, even though our sales were strong. In January, our website traffic was up 61.1% over December, back to the numbers we see during the summer high selling season. We are showing a lot of properties and my listings are being shown.

Seeing this level of website traffic and inquiries shows a lot of interest in the Daytona Beach real estate market. Our web traffic is about 50% higher than it was for last January. We believe sales will improve in February and are looking for a strong first quarter. Beyond that, we need to see what happens with the economy and whether the home buyers tax credit is extended.

Here’s a quick breakdown of January sales by price range.

Daytona Beach Homes Sales by Price January 2010

The distribution of sales by price is consistent with what we have seen over the past two years. Homes and condos sold under $200,000 made up 75.5% of January sales and under $300,000 made up 88.1%. The under $200,000 market is consistently strong and over $300,000 sales have been weak. This will change, but not until there is more certainty of price stability.

We will publish a full breakdown of home and condos sales for January later this week; after all the numbers are in the system.