Daytona Beach Housing Market Uncertain

In the long-term, the Daytona Beach real estate market will stabilize and home values will being to rise again. Unfortunately, we don’t live in the long-term, we live in the here and now.

The reality, in the here and now, is that sales are a slow and prices are still declining in most price ranges. Higher priced homes are moving very slowly and the under $200,000 market is selling better, but inventory is still at 15 months in that market.

There are too many homes on the market and too few buyers who are willing to make the bet that their new purchase won’t lose value.

In short, we are in a period of adjustment and we don’t know exactly how long it will last.

I’ve written an article in the new Articles section of my website that goes into more detail on the factors driving today’s market and when we might see the end of the current down cycle. Check out The Future of the Daytona Beach Real Estate Market for much more detail and depth.

We believe that the long-term forecast for our market has changed and that business and government must change our current economic structure if we are to see future growth. The retirement and tourist model is under pressure. Baby boomers are not retiring to Florida like their parents and the population of America is not growing at its previous high levels. We will need to enhance Daytona Beach and surrounding areas as a great place to live, work and do business. The weather and recreation are great, but it’s not enough for the future.