PORT ORANGE FLORIDA REAL ESTATE MARKET ANALYSIS - JULY 13, 2012
As you are likely aware, high foreclosure rates can negatively influence values and the stability of a neighborhood or city. According to Realtytrac.com, 1 in every 785 housing units in Volusia County are in some stage of foreclosure. Port Orange has much fewer foreclosures at 1 in every 1,307 housing units. Nationally, the rate is 1 in every 666 homes. This reflects well on the stability of Port Orange.
NUMBER OF SALES
These numbers reflect sales for the past 3 months - April 13 to July 13, 2012. Port Orange saw 262 homes sell as compared to 249 for the previous 3 months. This is an increase of 26%. The same time period in 2011 compared to 2012 saw an increase in sales of 5% and year to date 2011 vs 2012 saw an increase of 6%. These are positive signs of a stabilized market.
AVERAGE SALE PRICES
Average sale prices for the past 3 months were at $159,500. Compared to the previous 3 months, this number was flat with only 0.16% increase. Comparing the same time period from 2011 to 2012 shows a decrease in values of 2.3%. Keep in mind these are average sale prices and can be affected by how expensive the homes sold were in that time period and may or may not indicate a drop in value of individual homes. I usually do a search to look at price per square foot in individual neighborhoods to look for those trends. These numbers are relatively small to the gains and losses we experienced from 2004 through 2008. Stability is desirable and I believe this area is stabilized.
TIME ON MARKET
Average days on market for the past 3 months was 123, compared to 127 just 3 months ago. A drop of 1.3%. Year to date comp shows a drop of 3.4%. This is going in the direction we want it to.
RATE OF SALES/INVENTORY
Port Orange saw 71 sales per month from 1/13 to 4/13. The last 3 months saw 88 sales per month. This is an increase of about 24%. The supply of available homes went from 8.7 months to 6.7 months. This is a drop of 18%. Much of this is seasonal and may not necessarily indicate a strong market. Port Orange has traditionally seen spikes in sales during the summer months in a strong market. Over the past few years of a weakened market, these seasonal spikes have been less dramatic. I see the return of the spike as a good sign.
TYPES OF FINANCING BEING USED
CASH - 42.4%
CONVENTIONAL - 37.8%
VA/FHA - 16.8%
OTHER - 3%
Port Orange is a well planned, and well governed city with excellent schools and great neighborhoods. This attracts great people. Port Orange has fared better than many areas of Florida and the USA. When the economy recovers, there will be nothing holding Port Orange Fl back.
Data from DABMLS was used in the compliation of this report.
RESOURCES TO HELP YOU FIND THE PERFECT PORT ORANGE HOME
Market Analysis site for Port Orange
Community Information about Port Orange
Home Search Tools for Buyers
Site for Sellers