Daytona Beach Homes and Condos Inventory Analysis Report
Total months of inventory for Daytona Beach condos and homes stands at 14.3 months, but a slow rate of sales in the upper price ranges is pushing the number higher. Taking a look at the chart below, we can see that months of inventory in the lower price ranges is lower than in the higher price ranges.
Inventory is higher in the lower price ranges, but sales are higher as well giving a months of inventory number of 10.7 months. In the highest price ranges, inventory rises to 28 months.
Daytona Beach Homes Inventory
Homes inventories are lower than condo inventories. Looking at the chart below, we can see again that the lower price ranges have the lowest months of inventory.
The less than $200,000 homes price range show the lowest inventory numbers. The over $300,000 price range comes in as the highest. Now, let’s compare home inventories against condo inventories.
Daytona Beach Condos Inventory
Condo inventories are again lowest in the under $200,000 price range, but not as low as home inventories. In the higher price ranges, the inventories are double the lower price range. The over $300,000 price range show 26.1 months of inventory – high, but not as high as the home inventory in the price range.
What Do Current Daytona Beach Real Estate Inventories Mean?
February has shown to be a low sales month over the past three years. We are not yet in the buying season, so we should be aware that months of inventory will fall as more sales are recorded during the higher sales months. Sales were up in February over last year. See Daytona Beach Real Estate Sales Up 27.7% in February 2010 for more information.
We are seeing much more strength in the lower price ranges. In February, 79.5% of all sales were under $200,000. There is also a distinction that we need to make. Not all homes are priced to sell. If a home is well priced, for its condition, in the lower price ranges, it is selling. If you are looking for the best price and value, you are likely to have competition.
There is a general view that prices are stabilizing, but have not stabilized. We need to segment the market into price ranges when considering such generalizations. Understand what’s happening in the price range where you are looking to sell or buy, not in the general market. Higher priced homes and condos do not have the same numbers of buyers competing and will take longer to become stable. Lower priced markets are probably very close to stable.
We report inventory numbers monthly, so check back often. Tremendous bargains are available in all price ranges. We are selling homes and condos in this market and helping clients find the best values. Please contact me with any Daytona Beach real estate questions at 386-566-7503.
Note: This report included Ormond Beach real estate, Port Orange Real Estate, and local communities including Daytona Beach Shores, South Daytona, Holly Hill and Ormond by the Sea.
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