Races in Daytona over 4th of July Weekend
Here they come, the boys of NASCAR are in town for the 4th of July race. 400 Miles of super speedway racing on Saturday night, followed by a sensational firewords display.
The races can be exciting for fans, but a pain in the neck for others. If you don't need to be in Daytona Beach, especially around International Blvd., stay away. There are races on Thursday, Friday and Saturday night. The races start around 8:00 pm, but traffic builds up hours earlier and after the race is a mess. Gates open at 9:00 am on Thursday, noon on Friday, and 2:00 pm on Saturday.
There's qualifying or practice everyday, but the worst traffic will be four hours or so before the races on Friday and Saturday night.
Don't get stuck with the track between you and your destination. One year, I was caught in Port Orange trying to get back to Ormond Beach - a normal trip of about 25 minutes. Bad timing resulted in a 2 hour trip. My advice, enjoy the race if you're going, but stay away if you're not. So this weekend I'll take a break from selling Daytona Beach homes and relax in beautiful Ormond Beach.
We just completed our Daytona Beach Real Estate Sales Report for May 2008. We see that sales have improved over the last two months. April sales were up 27% over March, and May sales came in at 2.9% of April. However, we did see one alarming thing in the data for May - condos sales dropped from 58 in April to 37 in May.
Now this is a one month drop and doesn't indicate a trend, but it is against the recent historical trends. Daytona Beach condo sales have been averaging 19-20% of sales. Basically one condo sells for every four homes. It's been that way for over a year (19.2%). For this year condos sales are right at 20%. However, in May, under 13% of the total homes sold were condos.
Like I said, I don't that this is a trend, but, I believe we should take note and keep an eye on it.
Our analysis shows that the strength of the market is still in the under $200,000 price range for all homes. 170 properties out of 285 were sold in that price range, but, of those only 15, or 8.8% were condos. The data tells us that people are buying houses over condos in that price range at a rate of over 11 to 1. So in the price range where the market is performing best, condos are not selling well.
There is no lack of condo listings under $200,000 (528). There are 1694 houses listed in that range. Condos make up 24% of the listings, but under 9% of the sales in the under $200,000 price range. Condos as a percentage of sales over $200,000 moves up to 19.1%.
The only conclusion that I can draw is that buyers at the strongest price point, at least right now, prefer homes over condos.
We need to monitor to see if May is a sign of new direction in the In the Daytona Beach Condos market, or if this was a one month fluke. I'll report back next month around this time. To get a long term view of the market, check out Daytona Beach Real Estate Market Analysis.
We constantly analyze the Daytona Beach homes market looking for trends of use to everyone interested in our market. While putting together this week's Daytona Beach Homes Market Report, we found a really surprising bit of information.
The inventory of homes and condos for sale in Daytona Beach, using the Daytona Beach MLS data, shows that months of inventory on the market fell by nearly 1/2 since January of this year.
Here's what happened. Daytona Beach Property on the market at the beginning of the year was just under 7,000 properties. Sales were 164 homes and condos sold. In April, there were about 6300 properties on the market, but sales were 277 properites. The combination of a 10% reduction in properties on the market and a 79% in sales from January to April, dropped the inventory from about 43 months to about 22 months.
The months of inventory for condos is just over 30 months and for houses just under 20 months. There are a lot more homes on the market, 4200 homes vs, 1750 condos (just over 300 condotels take us to near 6300).
May to date is very close to the sales rate for April, so we are holding at this rate for a couple of months. We'll continue to pour through the numbers and update our findings.
I've added a photo page at my Daytona Beach Real Estate website. This is not pictures of homes for sale. For those of you who are from outside the area, it will show you the beauty of the Daytona Beach area. For those who are from the area who may have been too busy to stop a take a look, they are a great reminder.
Take a look and enjoy.
January residential home and condos sales in the Daytona Beach are were low at 160 in January 2008 compared to 223 homes and condos sold last year for a decline of about 28%. This is pretty close to the NAR forecast nationwide of an approximate 23% decline in sales from the first quarter of 2007 to the first quarter of 2008.
I will report monthly on Daytona Beach area home and condo sales. Click for graphs of trends for Daytona Beach and Ormond Beach Property Sales for the last year.
Serving the Daytona Beach area through boom markets and less than boom markets since 1997. Even with current market conditions, I am in this market to stay - I will be here tomorrow.
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