Serving Daytona Beach, Ormond Beach, Port Orange, Palm Coast and Surrounding Areas
Lynn Byrne, Realtor
Updated September 3, 2008
Looking at the chart, we see that average prices dropped and sales dropped from July. The sales of 277 is 22 properties less than July. Both the sales drop and the average price drop were caused by a drop in the $200,000 to $300,000 price range from 77 properties in July to 46 in August. Sales above this level held steady, but below $200,000, sales rose to a whopping 64.9% of total sales. The increase in the under $200,000 market segment of 12 homes was offset by the decrease in the $200-$300,000 of 29 homes.
The strength of the market remains in the under $200,000 segment, with 64.9% of all sales under $200,000 and 81% under $300,000. For a full August 2008 analysis go to Daytona Florida Real Estate Market Report August 2008 on my blog.
With five consecutive months of higher sales, we appear to have achieved a new level that's much higher than the first quarter. We are banding between 250 and 300 properties sold monthly. These are clear market signals, but we cannot say that we have a certain market turn-around. Signs are much better though and the current sales levels are encouraging. We are definitely in a stronger position that at the beginning of the year.
The trends tell us what has happened, not what is going to happen. There are many opportunities in the Daytona Beach Homes Market. There are many foreclosed properties available. Short sale opportunties are numerous. There are also some very motivated sellers. I am aware of many of these opportunities. You won't find them by searching the MLS or through any of the real estate search sites. Give me a call to discuss what's availalble and what's best for your situation. You would be surprised at some of the offers that are being accepted.
You can get more frequent updates through our Daytona Beach Real Estate Weekly Report. Check it out now.
Notes of the Chart:
The chart shows only those residential transactions throught the Daytona Beach MLS. Homes and Condos are sold through For Sale by Owner and other transactions that are not recorded in the MLS.We created this chart to cover 20 months to show a better trend line that a few months. The chart shows that Home and Condo sales in Daytona Beach, Florida had been declining from September 2007 through January 2008. January 2008 indicates the bottom in this chart. Since then, unit sales are up 69% for August when compared to January.
Lynn Byrne, Realtor
Ormond Beach Chamber of Commerce
National Association of Realtors