Daytona Beach Homes Market Analysis in One Sentence
Drum roll please – If a home or condo is priced aggressively in the Daytona Beach real estate market, it will sell.
Yeah, so simple, but it wasn’t that way six months ago. Now, bargain hunters are hunting the wilds of the Daytona Beach real estate market.
Proof
Sales of Daytona Beach and Ormond Beach real estate have improved considerably in the first quarter over 2008. Home and condo sales are up 24.3% for the 1st quarter of a year ago.
Many more buyers are actively bidding on aggressively priced properties. Over 65% of Florida real estate sales are distressed properties, either foreclosures or short sales. There are bargain priced and below bargain priced Daytona Beach foreclosures. We submitted an offer for a client yesterday where we were told there are 8 other offers.
More Proof – Housing Predictor Service
The first sign appears. Out of the muck of bad news comes one bold group making the statement that Florida real estate will recover first. First? Yes, before California, Arizona and the other battered states.
Housing Predictor (www.housingpredictor.com/florida.html) is stating that the Florida market has begun recovery. Here’s their reasoning in a nutshell:
- 2 Consecutive Quarters of rising home and condo sales
- Florida’s Increasing population
- It’s a bargain hunters paradise
Cautiously Optimistic
A few random thoughts that point to being optimistic:
- Booms don’t last forever and either do busts
- Sales are better than last year
- People (buyers) believe there are bargains to be found and they’re right
- People are beginning to talk about the bottom of the market (both real people like you and me and so-called experts and pundits)
- Florida as a larger market is improving
The caution part is don’t take your eye off the target. The only surprise will be if there are no surprises.
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