Home Sales Fall Dramatically As Prices Continue To Rise

By on October 24, 2016 in WNDB News

home-for-sale-sign

Daytona Beach, FL – Home sales fell dramatically in the Daytona Beach area last month as inventory levels remained low, but median sales prices rose significantly.

“Inventory levels remained low in September as local students headed back to school a bit earlier this year,” said Daytona Beach Area Realtor Ron Wysocarski, leader of The Wyse Home Team at Keller-Williams Realty in Port Orange, FL. “The result was a painful hit to home sales. With the inventory levels still low, however, market demand is still relatively high and competition remains high for good homes that are priced well. In fact, we’re still seeing some bidding wars, so if you’re still on the fence about selling, it’s still possible to sell fast and for a good price if you get your home listed now.”

The Daytona Beach Multiple Listing Service (MLS) reported that for the month ending on September 30, 2016, 380 single-family detached homes were sold at a median sales price of $198,450. That marks a 16% drop in sales compared to the previous month when 453 homes were sold, and a 14.2% decrease compared to the same month last year when 443 homes were sold.

Year-to-date comparisons also show a drop in sales. As of September 30 of this year, 3,708 homes have been sold, compared to the same point last year when 3,913 homes were sold.

But while the number of sales is dropping, the median sales price is rising. In August of this year, the median sales price was $195,000. In September of 2015, it was $180,000. Year to date, the median sales price is $190,000 and a year ago it was $163,000.

All this while inventory levels drop across the Daytona Beach area. MLS data shows that the market has 9.8% fewer available homes for buyers than a year ago. 1,847 detached single family home listings were active at some point last month, compared to 2,049 in September of last year.

Copyright Southern Stone Communications 2016.

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