Daytona Beach Real Estate Market Update for June 9, 2008
Sales of Daytona Beach Homes and condos for June are lagging behind the first week of May by 13 properties (41 vs. 54). We don’t find this alarming, but, we will watch the coming weeks with interest.
Mortgage Rates
Mortgage rates were up slightly for fixed conventional mortgages, while the 30 year jumbo rate was down slightly. 5/1 adjustable rate mortgages (ARMs) dropped slightly. We continue to emphasize our concern that mortgage rates will come under pressure unless inflationary pressures from fuel, food and government borrowing abate. We don’t see that happening soon.
Daytona Beach Home Inventories
Home inventories are stable at 6159 residential Daytona Beach homes for sale. This figure includes houses and condos. 6159 represents about 22 months of inventory on the market, with about 14 months in the under $200,000 price range. Of course that means homes and condos in higher price ranges have more inventory on the market and are taking longer to sell. In fact, in May, 85% of Daytona Beach property sales were sold at under $300,000 with almost 60% sold under $200,000. See May Daytona Beach real estate sales results for more.
Recent results have been encouraging, but there is still a lot of uncertainty in all markets. There are great deals to be found. I visited the home of a friend in client yesterday who was able to buy a home in Plantation Bay at well under market price. The home sits on a double lot on a lake with a beautiful pool and 99 palm trees on the lot. There is a lot of wonderful Ormond Beach real estate like this home available at prices we probably won’t see again.
Daytona Beach real estate will rebound before some of the other areas in Florida. Our high prices were still low compared to Miami and some of the gulf cities. We are sure living in interesting times.
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