Serving Daytona Beach, Ormond Beach, Port Orange, Palm Coast and Surrounding Areas
Lynn Byrne, Realtor
Updated April 15, 2009
Looking at the chart, we see that sales have rebounded but average prices have dropped steadily over the last year. March's drop was not as high, so we see a leveling of the line. The average sales price in March was was $159,922. This was primarily because 75.7% of all sales were under $200,000 and 33.3% were under $100,000. This is pushing average and median sales prices down. The median price in March to was up to $133,500 from $127,500 in February. The strength of the market is in the lower prices and has been since the beginning of 2008.
61 condos were sold in February, or 21.2% of the 288 properties sold in the Daytona Beach MLS. This is consistent with the general averages for condo sales. About 1 condo sells for every 4 houses sold.
2009 Sales are up 24.3% over the first three months of 2008 which has reversed the declining trend in the 4th quarter of last year. Our inquires are up for the past four months as more people begin to believe that the bottom of prices are near.
Affordability will is also coming into play. The National Association of Realtors states that prices are about at 2003 levels, but affordability is way up. We believe there is pent up demand that will be released at some point. Predicting that point - Ah, that's the trick.
The trends tell us what has happened, not what is going to happen. There are many opportunities in the Daytona Beach Homes Market. Short sale values are simply incredible right now. If you have the resources (cash or good credit with down money), you are in a position to get properties at 30-40% below current "normal" market values. Give me a call to discuss what's availalble and what's best for your situation. You would be surprised at some of the offers that are being accepted.
You can get more frequent updates through our Daytona Beach Real Estate Weekly Report. Check it out now.
Notes of the Chart:
The chart shows only those residential transactions throught the Daytona Beach MLS. Daytona Beach condos and homes are sold through For Sale by Owner and other transactions that are not recorded in the MLS.We created this chart to cover 20 months to show a better trend line that a few months. The chart shows that Home and Condo sales in Daytona Beach, Florida had been declining from September 2007 through January 2008. January 2008 indicates the bottom in this chart. Since then, unit sales are up 69% for August when compared to January.
Lynn Byrne, Realtor
Ormond Beach Chamber of Commerce
National Association of Realtors