Have Daytona Beach Real Estate Prices Hit Bottom?

Have Daytona Beach Home and Condo Prices Seen the Bottom?

I’ve been looking at the Case-Shiller home price data today and the data seems to be showing that the two Florida areas included in the index are at or near bottom. The index includes Miami and Tampa metro areas. There is no specific listing for Daytona Beach home sales, but I think we are pretty much in line with Miami since we are on the east coast while Tampa sits on the west coast.

During the past twelve months, prices in Miami are up 1.8% while prices in Tampa are down 2.0%. If we average them, we’re pretty much flat. That’s a pretty good indication of where we are in Daytona Beach, Ormond Beach, Port Orange and the surrounding areas.

The Pundits Speak

The National Association of Realtors Chief Economist, Dr. Lawrence Yun, and Zillow chief economist Dr. Stan Humphries, have spoken recently on the market. While they’re not in complete agreement, their message is that home prices will bottom or rise slighly in 2012.

Dr. Yun says, “The housing market has clearly turned the corner… Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

Dr. Humphries said recently, “For people who have been waiting to time their home purchase close to market bottom, it’s time to start shopping… When the bottom will hit will vary by market, and it’s nearly impossible to time a purchase exactly right. But home prices are not the only part of the equation. Buyers also should take into account the possibility that rising mortgage rates could offset any further home value declines that may occur.”

You may be thinking there’s some conflict of interest with these organization predicting a bottoming of prices, but I think it’s important to note that they haven’t made predictions of this sort previously. They are very careful because their predictions will be well publicized and they’ll lose credibility. They err on the side of caution. So when these two chief economists speak and agree, it’s a pretty big deal.

What Now For The Daytona Beach Real Estate Market?

As Dr. Humphries says above, no one can predict the exact bottom. Further, just because we’ve hit bottom doesn’t mean prices are going to leap upward. From the Miami Case-Shiller data, we see that the area hit bottom about six months ago, but there hasn’t been a big jump in prices since then.

Buyers of Daytona Beach homes and Daytona Beach condos who have been on the fence about prices, may want to start looking now. We believe there are plenty of bargains out there and there will be for the short term. Remember all price data reflects averages. Some buyers will get much better deals than others. That’s where we can help. We know the market and what’s selling and can help you get the best price for a property. We also are still working a lot of short sales and that’s where many of the best bargains can be found.

Please give Lynn a call at 386-566-7503 to discuss your options. Check here to –> search all homes and condos for sale in the Daytona Beach area.

Daytona Beach Real Estate April 2011 Sales Analysis

April 2011 Daytona Beach Real Estate Analysis Published

Are Daytona Beach homes and condo prices finally at the bottom? Are sales holding at their high levels? In what price range are the highest sales?

We’ve just completed our analysis for the month of April and our take on the current market. To get the full report, go here –> Daytona Beach Real Estate April 2011 Sales Report.

The quick take is that sales are up slightly over last year and big-time over 2009. Median and average sales prices have been steady within the current range for about a year. Home inventories are down over 25% since September 2008 and sales are up about 64% since then. Current months of inventory is at 10 months. In September 2008, the months of inventory was at 21.6 months.

While we can’t say that prices have hit bottom, we can say that we are near. That assumes, of course, that there are no catastrophic economic problems.

The numbers are all trending in the right direction and I’m seeing that in the market. Home and condo sales under $200,000 account for 78.7% of all residential sales and sales under $300,000 account for 90.4%. That mean that there is a huge gap in sales between lower priced and higher priced homes. The market might be considered hot for well-priced homes under $200,000 and cold for home above $300,000.

It’s important to keep in mind when thinking about real estate prices, that we remember that every sales is the result of negotiation between a buyer and a seller. The numbers reported in the Daytona Beach MLS are useful for guidance, but your skills in negotiating and choosing an agent to find the best value are important. When working with an agent, make sure to select someone who is active in the market and closing. With short sales and foreclosures, you need someone who is working with lenders every day and knows the complexity of those negotiations.

Please call me to discuss your needs. I’m available at 386-566-7503.

Some Thoughts on the Daytona Beach Real Estate Market

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.

Daytona Beach Homes Sales Up 33.4% – 1st Half 2010

580 More Daytona Beach Homes and Condos Sold in 2010 First Half

Sales of Daytona Beach area real estate are up 33.4% in the first half 2010 compared to 2009 and 62.3% over the first half of 2008.

Here is the breakdown of the first half sales for the last three years:

  • 2010 – 2316 homes and condos sold
  • 2009 – 1736 sold
  • 2009 – 1427 sold

Numbers tell a little of the story, but the picture below shows the progression visually.

It’s obvious that the market has improved significantly over the past two years. Each month in 2010 has shown an increase in sales from the month before. Sales in June were 481 condos and homes sold.

The market is much stronger in the lower price ranges and that where about 90% of all sales are taking place. Homes and condos under $200,000 made up 74% of sales in June and sales under $300,000 made up 88.1% of all sales. Check out the June 2010 Daytona Beach homes sale report.

Contact Lynn at 386-566-7503 for more information or to discuss the current market and your options.

Spectacular Ocean Views – Daytona Beach Condo

Daytona Beach Condo

Mediterranean Building

Mediterranean Condo View

Many people prefer condos that are on higher floor, but this second floor luxury unit in the Mediterranean Condo building in Daytona Beach has some of the most beautiful views I’ve ever seen. Being on the second floor gives views of the ocean that you don’t see from higher floors. It’s almost like living right on the ocean.

This 3 bedroom / 3 bath condo was a former developer model and the design and layout are beautiful. Check out the video below to get a feel for the beauty of the condo and the views.

Check out Mediterranean Condo in Daytona Beach for more info on this amazing condo. Call me at 386-566-7503 for more information or to see the unit. You can also find more information on all Daytona Beach Condos for sale.

July 2009 Daytona Beach Home Sales Best in Years

Daytona Beach Homes Sales Up 25.2% in July

377 Daytona Beach Homes and Condos were sold through the Daytona Beach MLS in July 2009. That’s 76 more than last July and the highest sales level since June 2006 when 401 properties sold.

What July Home Sales in Daytona Beach Tell Us

Simply – higher sales tell us that more people believe that housing in the Daytona Beach area is priced right. It doesn’t mean that home prices have stopped declining, it means that more people believe that they are near bottom. A lot people are on the sidelines speculating what’s going to happen with prices. These folks are voting with their wallets.

I’m very busy and I’m selling properties. It’s interesting to note the difference between buyers now and in June 2006. That was just at the end of the bubble. At the height of the bubble, buyers were in a frenzy – concerned that if they didn’t buy now, they would lose out.

Buyers now are different. They are generally very savvy and conservative. They are selective. They can afford to be. There are over 5500 homes and condos on the Daytona Beach market through the MLS. They also have the means to buy a home – cash or a financial position to get a mortgage. There is no frenzy – it’s measured, intelligent buying and investing.

What’s Selling?

Sales by price are following the same pattern we’ve seen for almost two years now.

Under $100,000 = 119 (31.6%)

$100,000-$200,000 = 164 (43.5%)

$200,000-$300,000 = 57 (15.1%)

$300,000-$500,000 = 30 (8%)

Above $500,000 = 7 (1.9%)

Sales below $200,000 dominate the market. What can you get for under $200,000. The choices are tremendous. Condos, Homes, Duplexes, Beachside, Mainland, Gated Communites, Golf Course Communities and more. You can go here to search Daytona Beach homes and condos and see what’s available. Better yet, call me at 386-566-7503 and I run a customized search based on your criteria. I have a knack for finding people just what they’re looking for.

To get a quick read on Daytona Beach homes for the first half of the year, check out First Half 2009 Daytona Beach Home Sales Up.

April Daytona Beach Home Sales Highest Since July 2006

April 2009 Daytona Beach Homes Sales

It was the end of the real estate bubble in Daytona Beach. 343 Homes and condos were sold in July 2006. August and September of that year saw sales of 306 properties. Since then, Daytona Beach real estate sales have been above 300 only once – in August of last year.

Homes sales recorded in the Daytona Beach MLS for April were 308 condos and homes. The highest since the bubble burst in July of 2006. And these are preliminary numbers taken late tonight. We may see that number rise a bit more when all sales have been recorded.

April is the beginning of the Summer sales season. Last year in April, 278 properties were sold. As we sit now, we’re 10.8% highers than last April and 6.6% higher than last month. For the year, sales are 19.5% higher than last year.

We will be issuing a full Daytona Beach real estate monthly report for April during the next week. We will also issue a full report on sales of Daytona Beach Condos.

The Daytona Beach MLS includes Daytona, Ormond Beach, Ponce Inlet, Port Orange, Holly Hill, South Daytona, Daytona Beach Shores and Ormond by the Sea real estate.

Another Voice – Is Now the Time to Buy Daytona Beach Real Estate

News Journal Asks Is Now Time to Buy Daytona Beach Real Estate?

Bob Koslow penned a front page article for the Daytona Beach News Journal this morning titled Housing Market – Is Now Time to Buy? As we’ve been reporting, sales in the Daytona Beach MLS are up 24.3% for the first quarter over 2008. Mr. Koslow reports that for Volusia and Flagler counties combined, sales are up 19% in March and have increased for four consecutive months.

Have We Reached Bottom?

The burning question is still – have we reached bottom? Unfortunately, the nature of price reversals is that we only know afterward. No one knows if we have hit bottom. The Volusia County Property Appraiser is quoted as saying,

The stars are aligning for the market crash to be ending. It’s already ended in DeBary but not yet in Deltona and East Volusia.

The question is still when. In the meantime will prices stop falling?

A Different Perspective

We don’t know if we are at the bottom of the Daytona Beach real etate market. We don’t know if prices have stopped falling. What we do know is that tremendous bargains come on to the market. We also know that more people believe they are getting good value for their money and buying Daytona Beach homes and condos. Many more are looking and trying to find a bargain. Overall prices don’t matter as much as the price you will pay for a property. It’s your deal that matters, not all the others.

Here are my personal experiences that indicate market strength:

  • My website traffic at www.lynnbyrne.com is triple last year’s rate and double from November
  • Many buyers have selected me to work with them. Last year in the first quarter, there were a few buyers here and there. This year, I am showing property nearly every day.
  • I am writing contracts everyday
  • When an aggressively priced property comes on the market, there is now competition for that property. Bank owned, or REO properties in Daytona Beach, have seen multiple offers with the bank giving a deadline for submission. I know it’s true because my clients don’t win every bid.
  • Weekends are once again for showings. People are coming to Daytona Beach for the weekend just to see properties. Most are making offers.

My clients are making a lot of offers. Some are accepted and some are not. Buyers in general are looking for a bargain and their offers reflect that. That’s a good thing. There is nothing wrong with your offer being rejected. It’s the price that you’re willing to pay and if you can’t come to terms with the seller, whether an individual or a bank, you move on.

To get the bargains that so many are seeking, patience is needed. I have worked with people for over a year before they had an offer accepted. Now that’s a patient person, but he stayed with it until he got the perfect home for him and his family.

Bargains are out there and it’s foolish to pay more than necessary. If you are looking to work with someone who is in the middle of this market everyday, give me a call today at 386-566-7503 or 888-519-9579.

South Daytona Condo for under $30,000

South Daytona Condo For Sale for $28,900

This is not a misprint. There are no buts… This is a 2 bedroom, 2 bath condo with 1,034 sq. ft.

Bristol Bay South Daytona Condos

South Daytona is located on the mainland across the river from Daytona Beach and Daytona Beach Shores.

Daytona Beach condos prices have dropped, but this unit is a special case. Condos in this building were selling for as much as $150,000 a few years ago. A price drop of over 80%? Hard to believe, but true.

There are other low priced condos as well. If you want a taste of the market, give me a call at 888-519-9579.

For more information on this property, visit South Daytona Condo – Bristol Bay. This is taking the idea of cheap Florida condos to a new level.

Daytona Beach Condo Sales Up for March 2009

Daytona Beach Condo Sales Up Slightly in March

Sales of Daytona Beach Condos were up from 54 units in February to 61 units in March.  Total home and condos sales recorded in the Daytona Beach MLS were 288 properties, up from 249 properties in February.

A recent rule of thumb is that one condo will sell for every four houses sold. That’s pretty close to what we saw in March with condos accounting for 21.2% of sales.

Sales in the $200,000 to $400,000 price range were up significantly. In March 20 condos were sold in that price range, while 21 were sold in January and February combined. This figure bears watching, as it is the highest number of sales in this price range since July of last year. One month doesn’t make a trend, but there are tremendous bargains in this price range and people may be beginning to take advantage of them.

Visit the Daytona Beach Condos Monthly Sale Report for complete information on condo sales going back to the beginning of 2008.