Positive Sales Trend Continues for Daytona Beach Real Estate

February 2010 Daytona Beach real estate sales continued a positive trend with a 27.7% increase over February a year ago, and a 14.4% increase over January sales. The numbers reported from the Daytona Beach MLS show the continued improvement we’ve seen over the past 14 months.

Looking at the chart below, we can see that sales under $200,000 continue to dominate the market.

Daytona Beach Real Estate Sales February 2010

This is the highest percentage sales that we’ve seen in that price range since we’ve started tracking over three years ago. When sales under $300,000 are considered, 92.1% of all sales come from the lower end of the market. A total of only 28 homes and condos were sold over $300,000.

The reason for sales dominance in the lower price ranges is that many people are finding what they are looking for. Distressed properties in the form of short sales and foreclosures are keeping prices down. There is also the factor that many of these properties need work. I have seen kitchen cabinets, plumbing fixtures and even wood flooring removed from distressed properties. That further lowers the value and the price of these properties.

Median sales of Daytona Beach homes and condos came in at $110,000 in February. The median is the middle point of the distribution of sales – one-half above and one-half below. This low value is no surprise when 44% of sales came in at under $100,000, and 79.5% were under $200,000. As long as this high a percentage of sales is in the lower price ranges, median values will stay low.