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Daytona Beach Area Residential Home Prices Reported Down 8.2%
Real Estate is Local
We know that. We are experiencing a down market in Daytona Beach, but overall US markets are about equal for up markets versus and down markets.The overall Daytona Beach decline for residential home sales was an estimated 8.2% by the National Association of Realtors (NAR) for 2007.
This is the overall reported number for Deltona, Daytona Beach and Ormond Beach. Click to see the full National Residential Housing Report in PDF format. I’m reporting these numbers because the national media sometimes makes it appear as though housing prices are crashing. See my post about the Merrill Lynch forecast. In our area home prices are declining, but 8.2% in 2007 is an adjustment, not a crash.
We still can’t predict accurately when housing prices will stop their decline in the Daytona Beach area or Florida in general, but the numbers appear less ominous with this report.
4 responses so far ↓
1 Daytona Beach Florida Real Estate Buyers Strategy - Part 1 | Daytona Beach Real Estate Blog // Feb 17, 2008 at 4:24 pm
[...] shows a drop in home prices in the Daytona Beach / Ormond Beach / Deltona area of about 8.2% (See Daytona Beach Florida 2007 Home Prices). The burning question for buyers is how long these conditions will [...]
2 Elizabeth Ganley // Feb 23, 2008 at 7:11 pm
Great Blog thank you so much the info was very helpful
Elizabeth
3 Land For Sale Blue Ridge Mountains // Mar 12, 2008 at 7:09 am
Many area are starting to see interest in just the last few weeks as the weather gets warmer and people start getting out more and want to see if they qualify for a loan and if there are really deals to be made out there. Some investors sit ready to buy when the market hits bottom and have researched there target market.
I think by fall we will have seen a busier few months but over all will take maybe 1 1/2 years to clear inventory.
4 Real Estate In North Georgia // Mar 13, 2008 at 7:05 am
I think the resort areas will rebound quickly as people will still travel and like to buy homes where they travel and I think by the end of this year we will be back to a normal cycle of growth in real estate. Things just picked up this last two weeks here also.
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