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Daytona Beach Homes Inventory Falls – May 2009

Daytona Beach Homes Inventory Numbers Fall

Has recovery begun?

16 months ago, black clouds lingered over the Daytona Beach real estate market. Inventory levels stood at over 42 months. Three and a half years, on average to sell your house or condo.

Now, some light is bursting through those dark clouds. Rising sales and falling inventories are the first signs of  recovery for the Daytona Beach homes market.

Home inventories have dropped to 5107 home and condo properties listed in the Daytona Beach MLS, while sales rose to the highest level in 32 months in April. Inventory levels now stand at 16.5 months.

Two Daytona Beach Homes Markets

No doubt. There are two distinct markets in the Daytona Beach area:

  1. Homes and Condos selling for under $200,000
  2. Homes and Condos selling above $200,000

Homes and Condos Selling Under $200,000

  • Sales: 74.2%
  • Inventory: 2461 homes and condos
  • Months of Inventory: 10.7

Homes and Condos Selling Over $200,000

  • Sales: 26.8%
  • Inventory: 2647
  • Months of Inventory: 33.1

Two markets, one much healthier than the other. It’s still a buyer’s market under $200,000, but we are seeing multiple offers on properties priced to sell. There is competition. The window is still open for savvy buyers to save big, but there are signs that it’s closing a bit.

Over $200,000 sellers are in for a long ride still. It’s a big time buyer’s market. In this market, pricing to sell is not enough. The property must stand out against the homes and condos in the same price range. If you are over-priced by only a little, the home will sit on the market.

Interested in seeing what’s available? Search Daytona Beach Homes for Sale to find out.

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