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Daytona Beach FL: Home Sales for January Show Big Gain

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Real Estate Agent with RE/MAX Property Centre

The Florida Association of Realtors (FAR), has released statistics showing Florida's existing home sales rose in January, marking 17 months that sales activity has increased in the year-to-year comparison.  Existing home sales increased 24 percent last month with a total of 10,465 homes sold statewide compared to 8,444 homes sold in January 2009, according to Florida Realtors. January's statewide sales of existing condos rose 81 percent compared to the previous year's sales figure.

In Florida's year-to-year comparison for condos, 4,631 units sold statewide last month compared to 2,554 units in January 2009 for an increase of 81 percent. The statewide existing condo median sales price last month was $97,300; in January 2009 it was $113,300 for a 14 percent decrease. The national median existing condo price was $183,700 in December 2009, according to NAR.

"Now is the time for anyone thinking of buying a home in Florida to make that decision," said 2010 Florida Realtors President Wendell Davis. "Markets across the state are seeing increased sales, yet conditions remain very favorable with still-low mortgage rates, a range of housing inventory and attractive prices. As an added incentive, buyers need to accelerate their plans because a purchase contract must be in place by the end of April to take advantage of the extended and expanded federal tax credit. To find out more, consult a Realtor about options, qualification criteria and opportunities in your local housing market."

Florida's median sales price for existing homes last month was $130,900; a year ago, it was $139,400 for a 6 percent decrease. Analysts with the National Association of Realtors (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

According to NAR's latest outlook, homebuyers are taking advantage of the federal tax credit. "With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices," said NAR Chief Economist Lawrence Yun.

In the Daytona Beach Metro Area, there were 588 single family realtor sales in January compared to 419 last year, with a median price of $120,600 vs. $131,800 in 2009.  For condos, 121 sales closed vs 77 in January, 2009, with a median price of $127,500 vs $167,800 last year.

Now is the time to invest in Daytona Beach and Ormond Beach real estate.  Prices will go up and you will have a great investment for your 2nd home or full-time relocation.  Visit the Buyer Page on my web site to request your free Relocation Package for the Daytona Beach area.

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