According to a recent report from the National Association of Realtors, existing homes are nearing highs in sales that have not been reached since 2007. Preliminary numbers show that existing home sales last year, which totaled nearly 5 million units, were up 9.2 percent from 2011 alone. In fact, the existing home inventory is now at 1.8 million units, the lowest availability since May 2005, a peak of the housing boom.
What does this mean for you?
Well, for sellers, this means a more aggressive market for your home, possibly yielding higher sale prices and faster closings. Of course a great deal of the final sale pricing of your home comes down to utilizing a vast knowledge of proper marketing and negotiating strategies to get the best price for you.
On the other hand, new buyers on the market can expect the best pieces of real estate to move quickly. The report said that home sales in the South, in particular, rose 14.7 percent from last year while the average sale prices continued to increase by nearly 5 percent to $161,000.There is evidence to support these numbers as we look at our local Daytona Beach real estate. At the time of this post, there are only 3 oceanfront homes available in Daytona Beach. Furthermore, many of the other area beach towns (Ponce Inlet, New Smyrna Beach, Ormond Beach) also have lower than usual availabilities.
It’s too early to say for certain, but lets hope that these positive numbers are a sign of an improving economic, and more specifically, real estate market. If you have any questions about the possible value of your home, or would like more information on any of the beautiful Daytona Beach area properties available, please don’t hesitate to call and let Kevin put his hometown knowledge and expertise to work for you.