Daytona Beach Real Estate Sales Up, Inventory Down
Sales are up over 10%, inventories are down over 5% and things are really looking up. Not really, but these are two good signs, here’s why:
Daytona Beach Real Estate Sales Up
December Daytona Beach condos and home sales were up over 10% in December over November. This is significant because it break a four month slide in properties sold. We are still 25% below the highest sales of the year in July, but at least the slide is broken for one month.
Daytona Beach MLS Inventory Down
For nine months we sat at about 6,000 residential homes and condos in the MLS. At the beginning of January 2009, we were at 5,656 properties in inventory. This is a better than 5% drop and is the first real movement down since March 2007.
When we take the rise in sales and the drop in inventory, homes and condos on the market in months dropped from 29.5 to 25.3 months. We still need to drop a long way before we exit this super buyer’s market, but this type of improvement may help cushion falling prices a bit.
On the personal front, inquiries from buyers have boomed over the past two weeks and I’m showing property every day, sometimes all day. I’ve showed Ormond Beach Homes and Port Orange homes all weekend. This is a strong sign and the most activity that I’ve seen in 2-1/2 years. These are serious buyers, so I’m hopeful it’s an indication that the overall market will improve. I don’t expect anything close to a boom, but rather a gradual improvement.
So, there are some good signs in the sea of bad news. Let’s keep our fingers crossed that we see more.
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