Florida Association of Realtors has published their February 2017 market analysis, and it looks like the Florida real estate market is hotter than ever! 5.7 billion dollars in single-family home transactions closed state-wide, with the highest number of closings in the $150,000-$199,000 price range. On average, sellers received 95.8% of their original list price, with an average time of 47 days from listing to contract. The state-wide MSI (Months of Supply Inventory) is at 4.2 months. MSI is often used as a measure of market activity, and 5.5 months is considered an even market, where neither the buyer nor the seller have an advantage. Over 5.5 indicates a buyer’s market, under 5.5 indicates a seller’s market. A 4.2 MSI indicates that we are currently in a seller’s market in the state of Florida. This has been driven by high demand for single-family homes, and lower inventory levels.
For the Deltona-Daytona-Ormond Beach market specifically, there was $172.4 million dollars in sales of single-family homes. This represents a 15.6% increase over February of 2016. The average sale price in our local market was $217,631, with an average of 52 days from listing to contract. Sellers received 95.7% of their list price, on average. The highest number of transactions fell within the $100,000-$149,000 range, but there was a notable 81% increase in sales of single-family homes within the $400,000-$599,000 price bracket.
As a buyer or seller in the Greater Daytona Beach Area, you may wonder what these numbers mean for you. If you are currently considering placing your home on the market for sale, know that homes are selling fast, and generally at over 95% of list price. An experienced agent familiar with our local market can help you sell your home quickly, and for top dollar! If you are a home buyer, it is just as important to have an experienced Realtor to guide you through your home buying process, and make sure you find the home that is right for you at a great price.
To speak with a member of our expert Oceans Luxury Realty sales team, call 386-236-3700 or visit our office at 3162 S. Atlantic Avenue in Daytona Beach Shores. Our agents are well-versed in the local market, and can help you with all of your real estate needs!