Market Conditions for Daytona Beach, Florida Reported by Diane Kirvan, REALTOR® CRS® GRI® ABR® SRES® ePRO® CFS® QSC® WCR® Updated September 22, 2008.

Current Market Rating: 1 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 1 1 2 3 4 5 Falling Rising

**** FOR MORE INFORMATION PLEASE CONTACT: DIANE KIRVAN, Realtor®, Certified Residential Specialist® @ RE/MAX All Pro Realty at (386) 405-5055 Direct or (800) 791-7108 Toll Free ****

The coastal areas of Volusia and Flagler Counties are fast becoming known as "the place to live" in Florida. If you want to live near the beach and escape the "madding crowds" that most of coastal Florida is experiencing THE GREAT NEWS IS ... For a coastal community with quick access to over 70 miles of gorgeous, white, sandy public beaches, including the "World's Most Famous Beach", Daytona Beach, we still have among the LOWEST HOUSING PRICES IN THE STATE OF FLORIDA

BUYERS . . . Now is the time to check out the great housing values in the Greater Daytona Beach, Greater New Smyrna Beach/Edgewater and Flagler Beach / Palm Coast areas.

LOCATION ! LOCATION ! LOCATION!
Baby Boomers are purchasing their second homes preparing for an early retirement or just retiring to our area in record numbers. Families are relocating here because of our good schools, warm, sunny weather, great beaches, close proximity to the Orlando attractions, such as Disney World, Epcot, MGM, Universal Studios, Sea World, and world class shopping malls, such as Mall at Millennia, as well as Orlando being a "world class" cosmopolitan city with much to offer, close enough to travel to for a day trip, but we don't have to suffer the Orlando traffic jams on our coastal areas. Close proximity beaches, golf courses, the Intracoastal Waterway, restaurants, shopping, medical facilities, airports, major highways, some A-rated elementary & secondary schools, good private schools, colleges, parks, museums, theatres and much, much more are all fabulous reasons to move to this wonderful coastal community.

WE ARE NOW IN A BUYER'S MARKET . . .
Since the beginning of September, 2005, our market has begun to cool down. Resale single family home inventory has nearly quadrupled, condo inventory has nearly quadrupled and buyer demand has is down, amid predictions that the "real estate bubble" will burst and home prices will come down. This fear, has been fueled by the constant media attention to the "bubble bursting". Approximately 1/3 of our real estate market is investor owned and many investors have put their speculative homes on the market. This is a major factor contributing to our burgeoning MLS inventory.

Whether the "bubble burst" is myth or reality, sellers are listing homes in record numbers, creating a cooling of the real estate market and some great buys.

The Daytona Beach Multiple Listing Service has approximately 6,000 residential listings, which include condos, condotels, single family, single family attached & manufactured housing in the Greater Daytona Beach, Greater New Smyrna Beach and Palm Coast/Flagler County areas. There will are over 1400 lots on the market and over 400 multifamily properties on the market. To gain perspective as to what this means, in the summer of 2005 we averaged approximately 1800 residential listings.

THE GOOD NEWS IS that real estate experts predict that sales will continue to be steady, mortgage interest rates will remain fairly stable and low and that the "bubble" will not burst.

There may be some "bubble bursts" in specific markets, such as the condo and condotel markets, but overall, predictions for the 2007 real estate market remain cautiously optimistic.

For the most part, buyers now have more inventory to choose from, runaway sales prices are finally over and many sellers may be willing to help buyers with closing costs or to sell their properties for reduced prices.

Sellers who have owned for four years or more, in general, should still realize substantial profits from the sale of their homes.

Despite all of the predictions, we are still attempting to get a handle on how the market will go, however, I believe that sales prices may finally level off by late 2007and possibly into 2008 and then predict very little appreciation over then next two to three years at least. We are anticipating a "tsunami" of foreclosures to flood our real estate market in the 3rd and 4th quarters of 2007.

There are some real bargains to be found in our market. The problem is, the buyers have to actually "make contract offers" to find out who the "truly motivated sellers" are. I foresee that the "buy-flip" market will possibly be back in full-swing in 2008

Regardless of market conditions, well-planned real estate purchases have always been and will continue to be great investments.

****FOR MORE INFORMATION OR HELP WITH YOUR REAL ESTATE NEEDS, CALL DIANE KIRVAN, Broker Associate, Certified Residential Specialist, RE/MAX All Pro Realty TOLL FREE AT 1-800-791-7108 OR DIRECT AT 1-386-405-5055 ****


ZIP Codes: 32114, 32117, 32118, 32119, 32124, 32127, 32128, 32129, 32132, 32141, 32168, 32169, 32174, 32176

Approximate Location Boundaries: East Coast of Volusia County including the Greater Daytona Beach and Greater New Smyrna Beach Areas

Location Characteristics: **Central Florida's Funcoast ** Over 70 miles of mostly white, flat, partially drivable, sandy beaches including the "World's Most Famous Beach", Daytona Beach.
Home to Nascar and the International Speedway Corporation, Daytona Beach is a booming city. Developers and residents are working together to create a world class destination. Daytona Beach is an eclectic mix of miles of beaches, historical districts, diverse shopping, and a wealth of dining and entertainment options. Our wonderful weather permits a multitude of year round outdoor activities. Conveniently located in Central Florida, Daytona Beach is a day trip away from the Space Coast, Orlando, Jacksonville, St Augustine, Ocala and Gainesville. Our colleges include Embry-Riddle Aeronautical University, University of Central Florida, Bethune-Cookman College, Daytona Beach Community College and on the west side of Volusia County, in DeLand, Florida is Stetson University. We are only a two hour drive to Shands Medical Center and the University of Florida and only an hour's drive to the Mayo Clinic in Jacksonville. For a wealth of information about the Greater Daytona Beach and New Smyrna Beach areas and property listings, too, please surf my website at www.DianeKirvan.com.

For More Information:

• Visit My Web Site
  
• View My Newsletter
  
• Ask Me A Question