| South Daytona Real Estate Market Reports - Listings and Sales 2000-2009
South Daytona real estate sellers: I believe you'll appreciate this compilation of real estate data, which can help you see the big picture when it comes to selling your South Daytona house, condo, townhouse, vacant land, or any type of investment property. It's not just about how much your neighbors are asking for their house. It's not even about the last 6 months of comparable real estate sales. In recent months, many lenders have wanted to see only 3 months of recent sales data. And while sales have been improving, the improvement has been in small increments, and many of the sales have been foreclosures.
In case you're wondering, your buyer's appraiser WILL include the foreclosures when they appraise your home. Unfortunately, the lender (who decides who will handle the appraisal) will dictate how the appraisal must be done. And if they feel there's even the slightest chance that the local real estate market has not finished correcting itself, the lender will personally adjust the appraised value downward. So yes, those foreclosed (IE: Real Estate Owned, or REO) sales DO count!
So when your REALTOR® (or real estate agent) brings you the Comparative Market Analysis (CMA) for your South Daytona real estate listing; in order to determine your asking and eventual sales price, you will find REO sales included. And unless there is positive proof that local real estate values are improving, then you'll need to do your best to take a step back, and view your listing through the eyes of a buyer...
Depending on what type of real estate you're selling, IE: a house, townhouse, condo, vacant land, or any type of investment property; how does it compare to whatever other properties are on the market, that your potential buyer will be viewing? This is why having a REALTOR® is so important. REALTORS® are not emotionally attached to your home, therefore we can give you an objective analysis. So please don't shoot the messenger! =)
South Daytona real estate buyers: You've probably just read the paragraphs above, and are mulling it over in your mind, thinking about how that information can benefit you. Well obviously, like the lenders, you don't want to pay a price that seems fair right now, only to find out the local real estate values are still in decline. But while you can certainly expect a deal, it's unreasonable to expect many sellers (banks included) to give you a "steal". This is why both sellers and buyers of real estate need an honest, knowledgeable, BOLD, REALTOR® who will provide the cold hard facts, no matter what.
Real estate buyers, you can use this information to help you determine the value of your next potential home, and how much to offer and/or invest, whether it's a house, manufactured home, townhouse, duplex or condo. The following chart contains data from the Daytona Beach Area Association of REALTORS® Multiple Listing Service (MLS), and shows the total sales-to-date for the city of South Daytona.
The following bar graph shows the real estate sales data for the city of South Daytona for the last decade. As I've shown in previous posts about our local real estate market statistics, there was a steep drop in real estate sales in 2006, while at the same time, there was a drastic increase in the number of listings that went on the market. At that point, the supply exceeded the demand by so much that if no other properties came on the market, it would have taken 2.5 years to sell the amount of inventory in the Daytona Beach Area Multiple Listing Association (MLS). Then, as properties began going into foreclosure, there was a slight drop in the number of properties being listed, but the number of sales also decreased even more. 2009 finally showed some better statistcs. However, the values ARE still declining! And many recent sales were bank-owned listings. We'll be addressing those numbers in upcoming posts.
Here are some other posts about Volusia County real estate sales in the last couple of years. These links are all about our real estate market since the decline began.
For information on buying or selling real estate anywhere in the Daytona Beach area, make a Smart Choice and contact Lisa Hill with Florida Property Experts.