Daytona Florida Real Estate News

Market Updates:

Real Estate Market Update for Greater Daytona Beach area June 2007

There are a total of 9228 listings currently on the market on the Greater Daytona Beach area real estate MLS system. Of those, 4648 listings are residential, 2303 are condominiums and 2277 are vacant land.

There were a total of 1724 new listings added to the Daytona Beach MLS system during the month of June. Of those, 933 were residential, 399 were condominium and 392 were vacant land.

This month 259 real estate properties went under contract. Of those, 229 were residential, 57 were condominium and 28 were vacant land.

The total dollars in volume of sales (properties under contract) was $81,000,377. Of that amount, $56,730,277 was residential, $17,397,100 were condominium and $6,873,000 were vacant land.

The average sales price for real estate in the Greater Daytona Beach in June 2007 was $247,730 for residential and $305,212 for condominiums.

Please check back with our site www.fldreams.com each month to see an updated market report for the Greater Daytona Beach area.

 

January 2007
Home sales in 2006 dropped 35% for a total of 9121 homes sold in total in Daytona Beach, FL. The decline in the number of homes sold in the Daytona Beach market in 2006 from 2005 is reflective of the entire state of Florida and the country in general.

The good news is that even though the Daytona Beach numbers were down for volume, the median sales price increased 7% from $205,500 to $219,900. Many overheated markets in the state such as Naples, Fort Lauderdale and Palm Beach showed declines in value. The Daytona Beach market remains strong and closely parallels the state appreciation rate of 6%.

Currently there are 8659 listings available in the Daytona Beach MLS system. 4473 residential single family, 2215 condos and 1971 land and commercial or industrial. The number of homes under contract this month are 287 and number of closed sales this month are 249. The total amount of dollars in volume (closed sales) is $64,825,593. The average sales price is $260,075 for a single family and the average sales price is $266,135 for condos.

The Daytona Beach market should experience an increase in sales volume as we approach the peak summer buying season. We expect to continue to see a strong market and slow and steady appreciation in our real estate market.

News:

• Waterfront Home Sales Still Strong

  There seems to be a light at the end of the tunnel, a welcome piece of good news on the horizon. Sales and prices for waterfront real estate in Volusia County are still going strong. Even with the recent downturn in the overall real estate market across the country sales of high end properties are still performing well above expectations. Shannon Summars, Broker for Florida Dream Homes LLC in Ormond Beach Florida says “While we have seen the number of homes being sold dramatically decrease across the board, the luxury markets most specifically sales of waterfront homes do not seem to be slowing down. Money is not an object to people looking at these properties and they know what they want, a home on the water with deep water ocean access or an oceanfront property. There is only so much riverfront and oceanfront land to go around. The baby boomers are starting to buy it up now to plan for their retirement and many young professionals are also moving into the area and would like to enjoy our laid back Florida lifestyle including a waterfront property.”

  Mrs. Summars and her husband and fellow broker Jeff Summars work exclusively in the luxury marketplace and have their own Intracoastal home located in Ormond Beach, Florida. “I think we have our finger on the pulse of both the luxury buyer and seller in the Daytona Beach area. We are starting to see a lot of successful people who live and work in the Orlando area buying second homes in the Greater Daytona Beach area. Even though the markets are down we are still experiencing a stronger then expected sales pace.”

  The markets in the Greater Daytona Beach area and the Flagler areas are expected to remain slow through the end of the year but local Realtors agree that sales will start picking up again at the beginning of next year. The prices in the Greater Daytona Beach area are still significantly lower then many cities in South Florida and the area keeps attracting new businesses. The renewal projects going on in the main street districts of Ormond Beach, Daytona Beach, Port Orange, New Smyrna and Flagler Beach will continue to attract more tourists, restaurants, hotels and small businesses. Daytona Beach is only at the beginning of a new renaissance that will continue over the next twenty years. It is an exciting time to be investing in the Greater Daytona Beach real estate market.