Sales of Daytona Beach Florida Real Estate continued their rise in May (2011). Sales of Daytona Beach properties in May improved 6.1% over last month and 11.0% over May of last year.
Daytona Beach MLS reported sales were 473 homes and condos sold vs. 446 in April and 426 over May of last year. Sales continue to grow at the prices ranges under $300,000. Looking at the chart below, we can see that 94.1% of sales were under that $300,000 number with 78.2% under $200,000. Sales in the higher price ranges were few in comparison.
Year over year, for the first five months of this year, sales were 1,941 vs. 1,835 in 2010 and 1349 in 2009. So year to date, we are up 5.8% over 2010 and a whopping 43.8% over 2009.
4,366 Residential and multi-family homes and condos were listed as of today. That’s down very slightly from 4,457 last month. However, because of the increased sales, total months of inventory for listed properties is down to 9.23 months. That’s down from months at the end of April. This is the first time months of inventory has dropped below 10 months since 2006.
268 of May’s sales were cash transactions. This means that a lot of Daytona Beach homes are being purchased with cash. Conventional financing accounted for 116 of the sales. That’s an improvement in raw numbers, so maybe the banks are beginning to loan a little more than they have been.
Analysis for the Daytona Beach Area Homes Sales
National numbers have reported dropping pricing and sales numbers dropping. That’s not the case in our area. Sales are up and prices are stable. Out median sales point for last month was the same as this month – $115,000. That number is driven by most of the sales coming at under $200,000. Average prices were down, but we believe that’s because of the trend that we’ve seen over the past few years – homes in the lower price ranges are selling. Homes above $300,000 are struggling.
The national economic numbers are not attractive and talks of a double dip to the recession are heard. Somehow, that hasn’t seemed to affect us. We believe we have that resource that never goes out of style – sun and sea. We believe we are at the top of seaside communities in the country for value. Many of my customers are buying second homes or buying their retirement homes now for a few years down the road. These buyers believe prices are near the bottom and are acting.
We can say about Daytona Beach home prices that they have not started moving up, but we can also say that the banks and other lenders are countering with closer to market prices than a few months ago. It’s seems that they now have a good sense of market value and “steals” are harder to find. However, the negotiation game hasn’t changed much. If you’re willing to be patient and submit offers on multiple properties, you can still get a fantastic deal.
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