Daytona Beach Homes for Sale Market Report

Daytona Beach Homes for Sale

A breakdown of the Daytona Beach Real Estate market is useful when looking for selection when buying and to understand the nature of the current market. There are several markets in Daytona Beach and some are hotter than others with some critical price points. There are still over 5500 homes and condos on on the market in the Daytona Beach area. The breakdown shows 3,742 homes for sale and 1,845 condos for sale. This covers the entire Daytona Beach MLS. Please note that we are talking about homes and condos active on the market, and we are excluding properties that pending or under contract (377 properties).

The Daytona Beach MLS includes homes and condos outside of the immediate Daytona Beach Area. When we exclude Deland, Deltona, New Syrmna Beach, Edgewater and Flagler county and Flagler Beach homes for sale, 1,401 properties (325 condos and 1076 homes) drop out of the total. The adjusted total is now 2,417 homes and 1,520 condos on the market for Daytona Beach including Ormond Beach real estate, Port Orange real estate, South Daytona homes for sale, Holly Hill Homes for sale, Ponce Inlet homes, Daytona Beach Shores homes, Ormond By The Sea and Wilburn by the Sea. The grand total shrinks from 5,591 to 4,190.

There is a tremendous variety of available including waterfront homes, oceanfront condos in Daytona Beach and Daytona Beach Shores, and many luxury homes. Homes and Condos are available in every price range, size and variety.

Many of the condos and homes for sale in Daytona Beach are being rented as vacation rentals, short term rentals and long term rentals. It is also important to understand that some of the properties listed in the MLS are distressed. We don’t know exactly how many, but the numbers reported for foreclosures and late payments have been high for our area and for Florida real estate in general. You need to ask when considering an home or condo whether the property is distressed. You may be dealing with a bank rather than the owners and this will slow the process to a crawl.

Does Listing Price Make a Difference in Competition?

Here is a breakdown of listing prices versus homes sold within price ranges. Note that this includes only residential homes.

Price Range

Number of Homes Sold YTD

Number Of Homes On Market

Inventory in Months

Under $100K

58

129

5.76

$100-200K

210

1626

18.8

$200-300K

114

1415

32.2

$300-400K

48

823

44.4

$400-500K

25

461

47.6

$500-10000K

35

905

67.0

$1,000,000+

5

252

130.5

Average    

28.8

The numbers are telling us that of the 495 residential properties sold between January 1st and today, 54% were sold at below $200,000, and 77% were sold below $300,000.

The inventory column tells us that at the current rate of sales for this year, a home priced under $100,000 will be within 6 months, while a home priced over $1,000,000 will not sell in this decade and probably not the next. Now, a little qualification is in order. These are calculations and are summaries of individual transactions. If a property is aggressively priced, the probability of sale is increased.

If a home or condo is priced below $100,000, it will likely sell this year. The buyers and sellers in this range seem to be aligned on the current value of those properties. If a home is priced above $300,000, buyers and sellers are disagreeing most of the time on the value of the property. High end buyers seem to be waiting for market signals before taking action.

It appears to us that there are two or three markets. The market under $300,000 is much healthier than the markets over the number. The market under $200,000, appears to be coming into balance. There are a number of reasons for this and we will cover those reasons in another post soon.

Over three-quarters of sales of Daytona Beach condos and Daytona Beach and Ormond Beach homes for sale are occurring at under $300,000. Sales above the $300,000 are low in comparison. 56% of current listings are under $300,000, while listings over $300,000 make up 44% of the listings.

To summarize, 495 residential properties have been sold in the Daytona Beach market this year. 77% of these sales were below $300,000. The percentage of listings for that market is 56%. 23% of the sales have been for Daytona Beach area homes and condos over $300,000. The percentage of listings for the over $300,000 market is 44%.

Daytona Beach area home Buyers and sellers more aligned at under $300,000. Above that range there is serious value disagreement. There are many Daytona Beach Homes for Sale with over 5500 single family homes and condos on the market. If you are in the market for property under $300,000 the next year, watch the market closely. Click Ctrl-D to bookmark us and check back here often to news and analysis. You can search for Daytona Beach Homes and Condos for sale at my Daytona Beach Real Estate website. No registration is required to search.

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