Daytona Beach Real Estate Report Published for October 2008

Sales and Prices Fall

The full monthly report can be found at Daytona Beach Real Estate Monthly Sales Report that we just published at www.lynnbyrne.com.

Sales of Daytona Beach Homes and Condos fell 3.9% in October while both median and average prices dropped.

Sales from the Daytona Beach MLS fell from 233 properties in September to 224 properties in October. This is not a big drop, but is the third consecutive month of declining sales since the big month of July when 301 properties were sold. We are definitely feeling the affects of the slowing economy and tight mortgage money, but a significant number of people are still buying properties at great prices.

Medians prices dropped from $167,500 to $157,950 while the average price dropped $220,233 in September to $208,100 in October. Two factors are influenced these numbers:

1. An increase in the percentage of homes and condos sold under $200,000
2. A decrease in homes sold over one million dollars from five to one

The median price is the half point, with 1/2 of sales under $157,950 and 1/2 over that number. Sales under $100,000 rose by 5.9% of total sales for October causing a drop in the median number. Sales of homes over $1,000,000 drops the average price of homes.

We have been contending that prices in the high priced segments of the market have been falling faster than the under $200,000 price segment. It’s hard to tell because while 154 homes sold under $200,000, only 33 homes sold above $300,000. So there’s not much of a market at the higher prices.

The lower priced market is pretty stable with unit sales over the past two months dropping only a little over 8% while the overall market has dropped over 25%.

For a look at prices and trends for 2007 and 2008, check out Daytona Beach Real Estate Market Trends.

The report covers areas including Ormond Beach, Port Orange, Ponce Inlet, Holly Hill, and South Daytona.

If you have any questions or would like to discuss the market, give me a call at 386-566-7503 or 888-519-9579.

Technorati Tags Condos, Daytona Beach, Homes, market reports, real estate, trends

Related posts:

1. November Daytona Beach Real Estate Video Market Report Published
2. October 2008 Daytona Beach Homes Monthly Sales Video Report
3. Daytona Beach Homes Preliminary Sales Report for October 2008
4. Daytona Beach Real Estate Sales Down 15.9% in September
5. Daytona Beach Real Estate Sales Stable Despite Economic News