Home Sales in Daytona Beach Drop 12.7% 7.4% in August
Note: Updated 9/3/08 - The initial figures were taken at a time when all entries are usually complete in the system, we have updated the totals based on late entries into the MLS, but it’s good that another 16 properties were added.
Sales dropped in August for Daytona Beach real estate from 299 properties in July to 261 277 properties in August. Wait. There’s no need to panic. Take a look at the 2008 sales graph to put things into perspective.
From the graph we can see that July sales are in a range or band that began in April. April was the first month were sales jumped over 250 properties since August of 2007. April sales established a new level of sales for the Daytona Beach MLS and we’ve held or exceeded that level since then.
The graph is useful for prespective, but also as a new indicator of where the market is going. If sales drop below the 250 level, we consider that a negative sign. If sales break through the 300 level, that will be a very positive sign. So based on the sale data for April through August, the stable range for the current Daytona Beach real estate market appears to be between 250 and 300 sales.
The sales breakdown was 54 condos, 9 condotels, and 214 houses. These ratios are pretty close to normal with condos being 18.5% of all sales. Condo sales for the year are 18.6% of all sale. We’ve seen some big fluctuations, but condo sale are close to the historic level of about 20-21%.
I believe these sales levels will hold going forward. I am busy with buyers, showing them condos and homes in Daytona Beach, Ormond Beach and Port Orange on an almost daily basis. I’ve written quite a few contracts over the past two weeks. It encouraging that our market is staying pretty stable in the midst of bad economic news and high gas and food prices.
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