Ormond Beach, FL

Only one of the 7 January 2010 Ormond By The Sea, Florida homes that sold were bank owned or short sales. There are 35 additional homes under contract awaiting closing and almost 70% of those are forclosures or short sales. A short sale is when the lender accepts less than what is owed on the mortgage for a property. Last January (2009) there were 5 sales, and in January 2007 & 2008 there were 10 homes sold.
The homes sold in Ormond By The Sea, Florida in January 2010 range in price from a 2-bedroom 1-bath on Azalea Drive for $89,900 to a 4-bedroom on Sea Oats Terrace with a pool and ocean view for $450,000. The average sales price for the 7 sales was $178,743. The Sea Oats sale was a short sale and added $45,000 to the average sale price for the month.
For information about Ormond Beach and Ormond by the Sea Florida homes and condos for sale and for rent visit the Ocean view Realty Group web site at www.ovrealty.com where you can also search the Daytona Beach area multiple listing service (MLS) anonymously.

In January 2010 through the Daytona Beach area MLS there were 2 condos that sold in Ormond By The Sea, Florida. A 1-bedroom at Ocean Shores Condo sold for $50,000 and a 3-bedroom at Oceanaire sold for $250,000. Since 2006 there have been 4 or fewer sales every January. There were 13 sales in January, 2005. There are currently 7 Ormond By The Sea condos under contract awaiting closing. The Ocean Shores condo was a renovated 3rd floor unit that was on the market 91 days. The Oceanaire condo was a top floor unit with a large roof deck, storm shutters and a fireplace that was on the market for 327 days.

As an example of how values have droopped in recent years, the Oceanaire 3-bedroom that sold has one other just like it that sold in 2005 for $500,000 and again in 2006 for $400,000.

For information about Ormond By The Sea Florida homes and condos for sale and for rent visit the Ocean View Realty Group web site at www.ovrealty.com

There are 88 condos for sale in Ormond By The Sea, Florida through the Daytona Beach area MLS as of February 1, 2010. Directly on the ocean within the Ormond Beach city limits (from Ormond By The Sea to Granada Blvd.) there are 7 condos for sale and that number is not included in the 88 Ormond By The Sea total. The average time on the market for the 7 Ormond Beach condos is 304 days and the average asking price is $268,814.

Asking price for the 8 Ormond By The Sea, Florida condos for sale range from $87,500 at the Winchester Manor to $750,000 for a 4-bedroom at the Tiffany. Forty-seven of the 88 have asking prices of $200.000 or less.

Asking prices for 2-bedroom 2-bath condos on the west side of A1A range from $114,900 to $249,900 and both happen to be Kingston Shores units. The average asking price is $170,622 for the 2/2 on the west side of A1A in Ormond By The Sea, Florida.

For information about Ormond By The Sea homes and condos for sale and for rent and to search the Daytona Beach area multiple listing service (MLS) visit the Ocean View Realty Group web site at http://www.ovrealty.com/

Ocean View Realty Group compiled this analysis of Ormond By The Sea Condo sales through the Daytona Beach Area Association of Realtors Multiple Listing Service for the 10 year period of 2000 to 2009. This is the decade in review. Ormond By The Sea Florida Condo sales statistics for the past decade.

Three new condominium buildings opened in the decade, Barrier Island at 3000 Ocean Shore Blvd. opened in 2000, the Ocean Shore Condo at 1075 Ocean Shore Blvd. opened in 2002, and the Capriana at 1425 Ocean Shore Blvd opened in 2006.

If average sales prices increased 5% each year from 2000 to 2009 the average sale price in 2009 would be $152,409 for a 2 bedroom 2 bath condo on the west side of A1A in Ormond By The Sea, Florida. Take a peek at the 10 year chart below to get the real picture of the rising and falling sales price average going from $93,566 in 2000 to $156,785 in 2009.

* These are 2 Bedroom 2 Bath condo units in Ormond By The Sea Florida on the west side of A1A

Ormond-by-the-Sea 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 Ormond by-the Sea 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 Ormond-by-the-Sea 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! =)

Ormond-by-the-Sea 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®, and shows the total sales-to-date for the city of Ormond-by-the-Sea.

The following bar graph shows the real estate sales data for the city of Ormond-by-the-Sea 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 2005, 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 Service (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. 2008 then showed another slight increase, and 2009 also 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.

Daytona Beach Real Estate Sales History, 2000-2009 (Year-to-Date)

2009 Year-End Reports Daytona Beach Area -Volusia County- Real Estate Market. Good News!

Daytona Beach Real Estate: 2007 year in review

YES! I Will Hold Open Houses for My Real Estate Sellers!

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.