The Daytona Real Estate Market is on the RISE: What this Means for Buyers & Sellers in Volusia & Flagler Counties
- Daytona Beach
- Daytona Beach Shores
- Ormond Beach
- Ormond By the Sea
- Palm Coast
- Flagler Beach
- Port Orange
- Ponce Inlet
- New Smyrna Beach
What do these cities have in common? They’re trending in the real estate market.
Low Mortgage Rates + Economic Growth Spell Good News for Volusia & Flagler
Rising local job market and economy, low mortgage interest rates, and newcomers flocking to the area all spell good news for the Daytona area housing market. Reported real estate sales in Volusia and Flagler counties for December 2019 were the strongest they’d been since before the 2007-2009 recession.
Looking at 2019 as a whole, single family home sales as well as median sales prices increased dramatically compared to the year before. Furthermore, although the real estate market tends to see an increase at the end of the year anyway, December 2019 sales in Daytona Beach and surrounding areas rose significantly compared to the previous December. Local Daytona realtors are calling it a potential December record-breaker, with Volusia county real estate sales increasing by 23% and a whopping 35% rise in real estate sales in Flagler county.
Positive growth trends are expected to continue in 2020, which is good news for long-term, sustainable growth for the real estate market as well as the overall local economy in Daytona and nearby Volusia and Flagler county cities.
So what does this mean for you?
When real estate market conditions are good, and demand exceeds supply, this is good news for people selling their homes. Under these conditions, sellers can typically expect that homes will be sold more quickly, and potentially for a higher price.
In the Daytona area housing market, single family homes are moving fast, with SOLD signs going up within mere days to weeks of them being put on the market.
Looking to sell your Daytona area property? Call us at (386) 478-6557 to learn how we can help you get the most for your home. We work with both buyers and sellers throughout Volusia and Flagler counties.
Forecasters predict that the market may stabilize between late 2020 to 2022, meaning we will likely see a shift from a seller’s market to a buyer’s market in the not too distant future.
In the meantime, however, the current real estate climate in Volusia and Flagler counties is still leaning towards a seller’s market.
In the case of a strong local real estate market like what we are currently experiencing, demand for single family homes is higher than supply. This means that inventory could be a problem for Daytona area home buyers – and could drive prices up. This makes it even more important than ever to have a seasoned realtor on your side, one who has a finger on the pulse of the local real estate market. It can be the difference between being left out in the heat or finding your DREAM HOME! Contact the experts at O’Brien Real Estate now to get started!
Connect with us: @patrickobrienrealestate
O’Brien Real Estate, Daytona Beach, Florida