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.