As Sales of Daytona Beach Homes Decline, One Market Stays Strong

In July 2008, 301 home and condo sales were recorded in the Daytona Beach MLS. In October, 224 sales were recorded. That’s a drop of 25.6%.

The Bright Spot

There’s no way to ignore a drop of over 25% in sales, that a big deal, but, there is a bright spot. Sales in the under $200,000 price range dropped only 8.4%, or about a third of the overall drop. We’ve been seeing strength in this segment of the Daytona Beach condos and homes market all year, but it has remained strong despite big drops in other price ranges.

In July, the under $200,000 market accounted for 58% of sales. In October, the percentage jumped to 69%. So while the rest of the market slumps, this market segment is pretty robust.

The Good News and the Bad News

The good news is that if you have a better chance of selling a home in the under $200,000 market than in any other market segment - by far. The bad news, of course, is that if your home is priced above $200,000, you are probably in for a long ride, and if you are priced over $300,000, you are competing for about 34 buyers per month.

Is There Better Value at Higher Prices?

There may be better value in the higher price ranges because of lack of competition. We featured an advanced buying strategy a few days ago that takes this idea into consideration. The idea was to trade up because prices are so low versus value. Check out Daytona Beach Homes - Advance Buying Strategy for more.

If you are looking to buy in the higher price segment of the Daytona Beach real estate market, you can really write your own ticket. You will need to be patient and find sellers who are willing to negotiate, but if you do, you can get a home or condo well under the current perceived market value.

Give me a call to talk about the current market or to create a strategy to meet your goals. I can be reached at 386-566-7503 or 888-519-9579.

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