2009 Daytona Beach Home and Condo Sales Report by Price Range
88.7% of sales of Daytona Beach Homes and Condos in 2009 were in the under $300,000 price range. See the graph below for the full visual impact.
Overall Daytona Beach real estate sales were up 38.1% in 2009 over 2008. Condos accounted for a good portion of the market growth, rising 69.6%. Let’s look at the graph below to see the distribution of sales by price.
The Lower Price Market Dominates Daytona Beach Real Estate Sales
First, we see that most of the sales are under the $200,000 price point – 74%. This is much the same that we saw in 2008, but with the increase in sales, more properties were sold in this price range. When we look at all properties sold under $300,00o, the percentage rises to 88.7%.
At the other end of the scale, only 13 homes and condos were sold for more than $1,000,000 through the Daytona Beach MLS. Home and condos in the price range from $300,000 to $1,000,000 accounted for 11% of all sales.
There is no doubt that the sales engine for Daytona Beach area real estate sales is in the lower priced market. This is where the buyers are and if you are marketing a property in this price range and the property is priced at market, you have a much higher probability of success than in the higher price ranges.
We don’t see any major shifts in sales distribution for 2010. Lower priced homes will continue to dominate the market.
Here’s the breakdown by price and percentage.
What’s Market Price?
Let’s face it, market price in Daytona Beach is being driven to a very high degree by short sales and foreclosures. Any home or condo, in any price range, is competing against similar distressed properties. Of my inquiries from buyers, most are either for individual homes or condos that are distressed or for lists of distressed properties.
This is the reality of the market and unless something changes dramatically, more distressed properties will be coming on the market at close to the current rate through 2011-2012. The most recent forecasts predict around 3,000,000 foreclosures this year. Balloon and ARMs (adjustable rate mortgages) will be coming due through next year in high numbers. See More Foreclosures on the Way for Daytona Beach Real Estate for more information.
For buyers, the current market is about patience and getting the best possible deal whether or not the property is distressed. For sellers, you are competing against distressed short sale and REO (real estate owned) foreclosure properties and need to weigh those facts when considering whether to market a property that is not distressed. Of course, pricing to sell means considering competing properties.
I am a certified short sale specialist who has sold many distressed properties. I am in this market everyday, full-time, working with banks for both sellers and buyers. Call me at 386-566-7503 either way to discuss your options.
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