DAYTONA REAL ESTATE INVESTMENT NEWS - Treasure Chest - September 1, 2020
Daytona Beach, Florida
5+ Years of Sustainability
Daytona Beach, Florida, Realtor News reports that Median Home Prices are Up +12.6% at $260,00 in June 2020 compared to June 2019 sales price of $257,4500. Condo Prices are up 18.1%.
Housing market is Up 1.0% annual with the market just starting to recover for the COVID-19 virus of 2020.
The current Daytona real estate market is yielding to Sellers approximately 95.9% of the Listed asking Price. It is generally taking 73 days for a Condo/Townhome and 53 days for a Home to get into a Sales Contract and about 103 days to close a Condo Townhome and about 99 days for a Home, to Close the Sale.
The Median Price for a Condo and or Town Home Sales were $212,500 compared to January 2018 that had a Median Condo Value of $192,468.
Currently the Condo Townhouse market, Average Condo Price, is $231,082 Up 4.3% and a Home$307,016 Up 0.8% thru June 2020. Nationally the resale housing market in a good economy would be between 5% and 7.5% (+2.00% max.) that is the normal growth benchmark established over decades of sustainability. Due to 2020 COVID-19 this number is temporarly modified for 2020. RETV News e-RETV.News 8-24-2020 Data Courtesy of Daytona Beach Area Association Of Realtors
National and Daytona Statistical Update as as of August 1, 2020 (Pending)
Daytona Beach Florida Real Estate Market Prices Home Prices Up as of 8-1-2020 Homes $307,016 Average Price Up +0.8% from a year ago. Condo and Town Home Prices Up $231,282 Up +18.1% From a year ago.
Begining breakthrough of USA Encomomy start up after and being subject to COVID-19 January - September 2020 on-going.
DAYTONA BEACH "THE MOST FAMOUS BEACH IN THE WORLD" as of September 9, 2020
The Average Three Bedroom Home is Up 0.8% and Condo Town Homes are Up 4.3% of the Sale Prices a year ago.
The Daytona Beach Area Association of Realtors MLS, for Daytona Beach Florida, indicate that living in paradise has never been as affordable with real estate appreciation in the area since 2012.
The Median Price is the middle point of all Sales in the period. Quarterly results posted are: A Daytona Condo For Sale, Today Average Price at the end of June 2020 is $231,082 for June 2019 was $221,645. The Average Home June end value is $307,016. Closed Home Sales for 2020 are Up 0.8% compared to June 2019. _____________________________________________
A 2-3 Bedroom Condo or Town Home Average Sale Price in July 2020 is $253.474., up from 4th Quarter of 2019 value of $236,984 or+$16,490. in equity.
A Buyer could purchase a Daytona Beach Median Priced 2-3 Bedroom Home in the 4th Quarter of 2019 for about $280,057, Average Price.Today, the July 2020 price of that same home value is estimated at $318,950. up about 6.8%
September 2020 prices are reflected in the sales data for Daytona and Daytona Beach and Cocoa Beach There is some indication that prices will continue to rise in single and today double digits through the end of 2020. Noted; Cocoa Beach has far less inventory and is a smaller community and subject to price variation.
Realtor estimates and statistics indicate that home Closed Sales Prices have been moving up quickly since June 2020 when compared to preceeding years. This is due to the lack of Sales in the begining of 2020 due to COVID-19.
National Home Sales have increased in price overall and in all probability are continuing due to interest rate reduction to 3.25% for a fixed 30/30 Owner Occupied.
The Federal Reserve Board has consistently decreased interest rates since the COVID-19 issues. The real estate market has leveled out somewhat, subject to location, to a plus + growth factor in many areas. This is due to the decreses by the FED of approximately -1.25% or more in mortgage interest rates that was done by Mid 2020.
Daytona and Daytona Beach and Volusia County including the adjoining communities of Ormond Beach, Deland, Palm Coast, Palm Bay and Jacksonville. Daytona's, Sea Breeze Holly Hill, Daytona State College and South Daytona all posted excellent appreciation results reaching a year end average high of +3.5 to 7.5% for the 2020 for Homes and Condos and Townhomes. Cocoa Beach may be slightly higher due to a lower volume area.
It appears that Daytona will again have appreciation but in 2020 it will probably be in a single digit annual adjusted average. Cocoa Beach will see similar appreciation.
DAYTONA BEACH HOT SPOTNEWS 5 YEARS OF CONTINUED APPRECIATION September 2020.
Daytona Shores is also showing a similar appreciation rate on closed sales with the Average Price of about between the Average of $384,000 (30.4%) to $676,000 (29.3%) and up in the last 2 months. The current Median Sales Price is extimated at $384,190. as of July 2020. Sales consist of Homes, Condo's and Townhomes all that have been selling in the upper price range.
Sales Price Value for Homes in 4th Quarter 2019 were estimated at $572,000. as higher end homes were selling in the Shores area. Due to limited supplu the area tends to hold its value on homes and Condos. Daytona Shores has a stable annual appreciation average for the last 5 years of approximately 11.00%+- according to MLS data thru 2019. Depends on size and location. Cocoa Beach have the same price variation.
Today we are looking at a lesser annual appreciation factor for Daytona Shores subject to the first half of 2020 subject to the COVID-19 problem.
Daytona Beach Area Association of Realtors and MLS reports for July 2020: Home: Median Price $269,195. A Home Sale Median Marketing Time is approximately 50 days to Contract and 94 days to Close of Escrow at 96.5% of the Listing Price, totaling an average of about 3.0 months to sell your home. Inventory of properties as of July 2020 is 2.6 months.
Condo-Townhome: Median Price $225,000. Median Marketing Time is 53 days to Contract and 103 Days to Close of Escrow at 95.1% of the Listing Price, totaling and avarage of 3.5 months to sell your Condo-Townhome.
Inventory of properties as of July 2020 is about 4.4 Months
Homes in all price ranges are selling, lower and higher, so prices and appreciation figures are level or up in Daytona and Daytona Beach and Cocoa Beach a similar area. Update Pending The January thru July 20 Year to Date As of: July 2020-Listings 8,123 2017 7,597 Sales Under Contract 5,661 2017 5,701 Sales Closed 4,681 2017 4,619