May Single Family Home Prices Soar, Inventory Down

By on June 20, 2016 in WNDB News

 

 

florida home sold

Volusia County, FL-Despite reduced inventory, home sales in the month of May remained steady. Median prices, however, increased by 28% in May of 2016 when compared to May of 2015.

Ron Wysocarski, Port Orange Keller Williams realtor, says that buyers had to shop in a market with 23% fewer homes to choose from. The Daytona Beach Multiple Listing Service showed that as of May 31, 2016, 409 existing single-family homes were sold with a median price of $198,000.

Wysocarski said during the first five months of this year, sales are down by about 4%, from 2015.  That’s mainly due to the low inventory, but median sales prices are up by close to 17%. While prices are going up, Wysocarski doesn’t think we’ve reached the top of the bubble yet and suggests that those thinking about selling their homes, put them on the market.

According to statistics gathered by Wysocarski, home sales were up from April in Daytona by 51% and prices were up 6%, with a median sales price of $165,000. In Ormond Beach, prices increased by 8% to a median price of $225,000 and sales were up by 26%. Sales were also up in Port Orange by 48%, with prices rising 2% for a median price of $221,745.

Copyright Southern Stone Communications 2016.

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