A Few Thoughts About the Current Daytona Beach Market
I was looking through the MLS today at some of the Daytona Beach real estate market numbers. I found a few interesting things – cash is king; 25% of homes and condos sold were on the market for 30 days or less; and August sales will be higher than July.
Cash is King
Well over 50% of home and condo sales in Daytona Beach are bought with cash. With a few days left in August, 58.2% of homes purchased this month so far were paid for with cash. This is very close to the percentage in July. Conventional loans account for only 27%. This tells me two things:
- There’s a lot of cash investors out there
- Mortgage loans are still difficult to obtain for many people
Aggressively Priced Homes and Condos Sell Quickly
There are 5188 homes and condos on the market as of this morning, but so far in August 24.8% of properties sold were on the market for 30 days or less and 44% have been on the market for less than 60 days.
These numbers tell me that aggressively price homes and condos are selling quickly meaning that there is a hot market for these properties. Yes, foreclosures are influencing these numbers, but they don’t account for all sales. Short sales are generally not in these numbers either. Although many banks are getting better at turning around short sales offers, most closings are taking over 60 days.
If a home is priced to sell in this market, it will sell.
August Sales Will Surpass July
I am 99.9999% that August sales will surpass July. As of this morning, with two big closing days left in the month, 314 homes and condo sales have been recorded in the Daytona Beach MLS. July sales came in at 330 properties. Many closing take place on that last day of the month, so it’s a slam dunk that August sales will be higher.
I’m involved in selling Daytona Beach, Port and Ormond Beach homes and condos everyday. When I look at numbers like I did today, I see things that can be useful for buyers and sellers. This is a sampling. If you would like to talk about the market, give me a call at 386-566-7503. I’m happy to answer questions about the general market and what’s available.