Daytona Beach Real Estate Market Report April 2008

Daytona Beach Real Estate Unit Sales Up 27% Over March and 69% of January

Wow! Did anyone see this coming? The Daytona Beach real estate sales figures for April 2008 show the highest sales since August 2007. The strength of the market is in the lower price ranges, but sales are up and that’s good news.

Unit sales of residential properties for April came in at 277 properties topping 218 in March, 222 in February and the low point of 164 in January. Most of the properties sold were single family homes, while 58 condos were sold. There is still a lot of residential Daytona Beach property for sale with 6219 homes and condos listed in the Datyona Area Association of RealtorĀ® MLS. That’s down marginally from the end of March when 6358 properties were in the market. The Daytona MLS includes properties in Ormond Beach, Port Orange, Ponce Inlet, Holly Hill, South Daytona, Ormond by the Sea and Wilbur by the Sea.

The market is still strongest in the under $200,000 price range, with 49% of the sales in the $100,000 to $199,999 price range, but the $200,000-$299,999 price range is showing better strength with almost 24% of sales. Here’s the full market breakdown:

Price Range

Number Sold

Percentage of Total

Less than $100,000

26

9.4%

$100,000 – $199,999

136

49.1%

$200,000 – $299,999

66

23.8%

$300,000 – $399,999

20

7.2%

$400,000 – $999,999

27

9.7%

Overs $1,000,000

2

<1%

With over 82% of sales coming in at under $300,000, it’s not surprising that the both the median sales price and average sales price both fell. Median prices dropped from $185,000 to $180,000 while average price dropped from $244,796 to $226,493. Sales price as a percentage of listing price was at 90%, meaning that, on average, a home listed for $200,000 sold for $180,000.

So, what does this tell us about Daytona Beach Homes for Sale? First, one better month does not make a trend, but more buyers and sellers came to terms in April than any month since August of last year. Second, there are still extremely high levels of inventory on the market. With 277 sales and 6219 residential properties on the market, we are at still at over 22 months of inventory. A buyer’s market is loosely defined at six months of inventory. It’s better, but still not good. Homes over $300,000 have over 47 months of inventory, homes under $200,000 are about 14 months, and homes between $200,000-300,0000 are at about 22 months.

To summarize, the market is still very much stronger in the under $200,000 price range, and not much is selling above $300,000 where inventories are still very high.

Action to Take Now

If you are a buyer planning to make a purchase in the near future, there are a few things to monitor:

1. Sales Numbers – if sales number continue to climb, prices will bottom and eventually start to rise.

2. Mortgage Rates – be careful of mortgage rates moving up due to inflation and eventual increased lending.

3. Inventory Levels – if inventory numbers drop drastically, supply will tighten and price will adjust.

Where can you get this information? On my Daytona Beach Real Estate main site. In addition to these monthly reports on the blog, we publish weekly sales numbers, mortgage rates and inventory levels. To see an example, visit last week’s Market Report.

We issue the Daytona Beach Real Estate Market Report every month based on sales numbers that we see and key economic trends. We make no guarantees, but provide this information for your use. It should be useful if you are considering selling or buying a home in our area. Please call me at 386-566-7503 if you have any questions. We just updated our long-term real estate market analysis at Daytona Beach Real Estate Market Analysis at my main web site. It’s worth a look.

Comments

  1. does anyone on this blog follow the plantation oaks and ormond crossings developments?

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  1. […] The Daytona Beach real estate sales figures for April 2008 show the highest sales since August 2007.http://daytonabeachrealestate.vsblogs.com/daytona-beach-real-estate/daytona-beach-real-estate-market…Real Estate Marketing – Real Estate Websites – Real Estate Brands …Real estate marketing – real […]

  2. […] In summary, the market in terms of Daytona Homes sales is holding steady. Homes are selling below $300,000, and inventory has decreased almost 50% since January. We suspect the sales numbers for May will be a little better than April based on month to date. For more information on April Analysis – Daytona Beach Real Estate Market Report April 2008. […]

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