Ormond Beach Real Estate Market Update
The inventory of resale single family houses for Ormond Beach, Florida for the period through June of 2011 is 549 homes. This is approximately an 8 month housing supply, this is a little lower inventory then the beginning of 2011.. Sales of single family resale houses in Ormond Beach, Florida are up over the same time period in 2010 by 6.5%.
For the metro area of Daytona Beach, Florida the average price of single-family houses is $154,000 which is almost identical to the same period in 2010. This indicates that pricing is stabilizing in the Ormond Beach, Florida housing market.
The highest real estate activity for sales of homes in the Daytona Beach metro area are the houses priced under $150,000. This accounts for around 64% of all real estate transactions. For the month of June 2011 80% of the homes that were sold in the Ormond Beach area were priced under $200,000. The Ormond Beach real estate market is stronger then the surrounding Daytona Beach metro area, only 48% of the houses that were sold were priced under $150,000.
The pricing in the Ormond Beach area and the entire Daytona Beach metro area appears to be stabilizing and this is probably due to the large amount of short sales and foreclosures selling and finally clearing out the real estate market.
The Volusia County Property Appraiser indicated the areas average house values are down around 50% from their peak in 2007. This would put the housing prices in the Ormond Beach, Florida back on target with their 2003 levels.
With housing prices in the Ormond Beach area back to their 2003 price point buyers are finding great deals and jumping back into the market. The interest rates are at record lows of 4% to 4.5%.
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Local new home builders in the Ormond Beach area are currently offering excellent pricing on their existing inventory homes since there is minimal new construction. New home builders current inventories are dropping so incentives and rock bottom pricing in Ormond Beach will not be around for long.
If you are in the market to purchase a home in the Ormond Beach or Daytona Beach areas now is the time. Pricing is very low and the interest rates are at record low. These two factors won’t be around forever, time to buy a new home in Ormond Beach, Florida.
Call Florida Dream Homes, LLC today to start looking at homes, 386-341-6778