Update on June 2008 Daytona Beach Florida Real Estate Sales
After two months of significant gains, it looks like sales of Daytona Beach Homes will fall in June. At this point, we are 28.3% behind the May pace. What does this mean?
Well first, when sales increased 27% in April, we were cautious about saying that the market has turned around. Second, trends almost always take a sawtooth pattern, not a straight line.
Now, the truth is that we really don’t know what is going to happen next. I have several properties under contract that will close next month and agents in my company also have several contracts ready to close next month. I am working with more people to find properties than in the past two years. I can tell you that activity is up and my sales are up, but that’s one agents story.
Daytona Beach Florida Home Inventory Numbers
Daytona Beach residential real estate inventory numbers (6158) are holding steady, but they are still very high. We have not turned the corner just yet and we expect that we will see an up and down ride for the rest of the year.
Interest rates this week held steady and dropped very slightly. We are still concerned about inflation pushing home mortgage rates up. It’s very important that you check mortgage rates regularly if you are going to finance a house or condo purchase. Mortgage rate increases can lead to significantly higher monthly payments, or less house.
Condos for sale in Daytona Beach have not been selling at their historic rate. We expect that that rate will return and some point and that will give a boost to overall sales.
A more detailed Daytona Bearch Florida Real Estate Weekly Report is available. We will be providing our monthly Daytona Beach Real Estate analysis for June in the middle of next week, after all the sales number are in.