Daytona Beach Real Estate Detailed Inventory Report
One of the primary indicators for a real estate market is the number of homes on the market compared to the number of homes sold. This is the home market inventory number and it is usually expressed in months.
The three tables below show units on the market by houses, condos and total. We can see that home market inventory numbers vary widely by price range and by type of property. For the total market, the Daytona Beach real estate market home inventory is at 22.5 months based on current inventory numbers and June 2008 sales results. Inventory of houses is at 19.5 months and inventory of condos is at 36.4 months.
Daytona Beach Area Homes
|
Price Range |
Houses on Market |
Houses Sold June |
Inventory (Months) |
| Under $100,000 | 260 | 25 | 10.4 |
| $100,000 – $199,000 | 1479 | 102 | 14.5 |
| $200,000 – $299,000 | 1006 | 48 | 21.0 |
| $300,000 – $399,000 | 509 | 22 | 23.1 |
| $400,000 – $499,000 | 221 | 7 | 31.6 |
| $500,000 – $999,000 | 411 | 4 | 102.8 |
| Over $1,000,000 | 199 | 2 | 99.5 |
| Totals | 4085 | 210 | 19.5 |
Houses continue to sell best in the under $200,000 market where 60% of all homes sold in June. These numbers have been consistent in recent months. With 23% of sales in the $200,000 – $300,000 price range, a whopping 83% of houses sold in the Daytona Beach area were sold at under $300,000. 93% of the 210 homes sold in June were under $400,000. That doesn’t leave much for the over $400,000 price range where only 13 houses sold in June. This number has been pretty consistent as well.
Daytona Beach Area Condos
|
Price Range |
Condos on Market |
Condos Sold June |
Inventory (Months) |
| Under $100,000 | 99 | 4 | 24.8 |
| $100,000 – $199,000 | 402 | 9 | 44.7 |
| $200,000 – $299,000 | 311 | 9 | 34.6 |
| $300,000 – $399,000 | 219 | 8 | 27.4 |
| $400,000 – $499,000 | 186 | 4 | 46.5 |
| $500,000 – $999,000 | 385 | 10 | 38.5 |
| Over $1,000,000 | 35 | 1 | 35 |
| Totals | 1638 | 45 | 36.4 |
Condos sales have traditionally been about 20% of the total sales. In June, condo sales were 18% of all sales, up from 13% in May. There is more condo inventory on the market in months than for houses, but in the upper price points, inventory in months is lower. Regardless, there are 36 times condos for sale than monthly buyers.
Daytona Beach Area Condos and Homes Combined
|
Price Range |
Combined on Market |
Combined Sold June |
Inventory (Months) |
| Under $100,000 | 359 | 29 | 12.4 |
| $100,000 – $199,000 | 1881 | 111 | 17.0 |
| $200,000 – $299,000 | 1317 | 57 | 23.1 |
| $300,000 – $399,000 | 728 | 30 | 24.3 |
| $400,000 – $499,000 | 407 | 11 | 37.0 |
| $500,000 – $999,000 | 796 | 14 | 56.9 |
| Over $1,000,000 | 234 | 3 | 78 |
| Totals | 5725 | 255 | 22.5 |
Looking at the total of houses and condos for sale in monthly inventory numbers, we see that we are at a combined 22.5 months. This is still a market that is severely out of balance. A balance market is considered about 14 months. The Daytona Beach market is at or near that number in the under $200,000 house market, but not close in other markets. The good news is that after January, total inventory numbers were at 43 months.
The market will continue to be out of balance for some time, especially above the $200,000 price point. We have a lot of speculator purchased homes to cleanse through the market and this is going to take a long time. Our best estimate is at least two years, but probably closer to three years. Price declines will be greater in the higher priced market than in the more competitive lower priced markets.
[…] check out the full analysis of July 2008 click here –> Daytona Beach Home Sales – Detailed Inventory Analysis July 2008. Let’s look at the overall difference […]