Daytona Beach, FL - Despite spring being home sales season, sales in Daytona Beach are slipping and buyers are facing a shortage of homes for sale in the area.
According to the Daytona Beach Multiple Listing Service (MLS), 407 existing homes in Daytona Beach were sold in April, a 5% decrease from 2016, with a median sale price of $210,000, a 17% increase from 2016. Compared to March, sales decreased by 10% and prices increased by 5%.
“It’s rough out there for buyers,” says Daytona Beach Area Realtor and leader of The Wyse Home Team at Keller-Williams Realty in Port Orange, Ron Wysocarski. “After more than a year of low inventory levels, there’s concern this might be a new normal as interest rates rise and homeowners don’t want to give up their low mortgage rates.”
Comparisons for sales and prices of previous months and years are below:
Those buyers wishing to purchase a home in April were faced with 8.5% fewer available homes than in 2016. Only 1669 homes were for sale in April, 47 less than March, 157 less than this time last year and 1077 less than in April of 2015.
Comparisons of home availability in Daytona Beach of previous months and years are below:
"If I was thinking of selling a home sometime in the next year, I could not think of a better time than to put it on the market today. The interest rates are low, the inventory is low, markets are high - it's the perfect storm of things if you're a seller to go on the market," says Wysocarski. "To the buyers, there's great options available, there's still good pricing out there and we're still just a little bit below the peak market values 10 years ago, so there's still some good buys out there."
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