Using National Information to Figure Out the Daytona Beach Market

Let’s look at some of the national and Florida real estate market numbers to see what they can tell us about the local Daytona Beach homes market. There’s a lot of information available about national real estate markets and It’s really tough to keep up and can take a lot of time. This post is simply to give you some of the more important facts about real prices and other market conditions affecting Daytona Beach and the nation. Here are some of the more interesting facts:

National Homes Sale Information

• Most of these figures of from April 2013 (the latest available)
• Increase in housing prices over the past 12 months – 12.1%
• Percentage of homes worth less than mortgages held – 19.8%
• Number of homes worth less than mortgages held – 9.7 million
• Discount average for a distressed home – 36.8% (see note 1)
• New Home Sales on an annual basis – 264,000
• Existing Homes Sales on an annual basis – 3,362,000
• REO Sales on an annual basis – 469,000
• Short Sale Sales on an annual basis – 415,000
• Average Sales price – $242,855 (see note 2)
• Percentage of mortgages in delinquency – 5.9%
• Number of mortgages in delinquency – 2.3 million
• Homes in some stage of foreclosure – 1.1 million
• Percentage of distress homes sales – 20%

Florida Homes Sales Information

• Less information available, but it gives a good idea of the differences:
• Increase in housing prices over the past 12 months – 8.5%
• Percentage of homes worth less than mortgages held – 38.1%
• Number of homes worth less than mortgages held – 9.7 million
• Discount average for a distressed home – 36.8% (see note 1)
• Homes sales over past 12 months – 445,780
• Percentage of mortgages in delinquency – 14%
• Percentage of distress homes sales – 29.2%

Making Sense of The Daytona Beach Market

Being a small community, we don’t have detailed information for Daytona Beach like many of the larger metro areas. However, we can see market information for other areas in Florida.

• Orlando 10% increase in sales / 39.6% were distressed sales / 13.2% price increase
• Tampa 15.7% increase in sales / 29.5% were distressed sales / 10.4% price increase
• Miami 13.% price increase

This tells us that Daytona Beach prices are rising, but we don’t have specific data. The average price for Daytona Beach MLS listed homes increase from $158,000 in April 2011 to $176,587 in May 2013. That’s about an 11.8% increase in average price. There are still plenty of distress homes on the market in the Daytona area with a discount to market price. Those discounts can still be significant, with more discount for properties is less than excellent or good condition.

Looking at these numbers helps us better understand the market. If you’re look for more information or simply want to discuss the market, give us a call. You can get a sense of homes prices and what’s available in the area by going to our easy search page.

Notes:

1. Be careful here. The discount is based on property condition. Homes in excellent condition are discounted at 13%.
2. Daytona Beach real estate average price for May was $176,587.