The Port Orange real estate market continues to be one of the strongest in Central Florida and residential sales so far this year are already exceeding the improvements we saw in 2014. The number of both condo and single-family homes sold through the first six months of the year has risen, in addition to a 12% increase in average sale price across Port Orange. From January to June of last year there were 499 residential sales compared to the 589 already posted in 2015. Over this same period the average sale price of Port Orange properties rose from $183,225 to $204,932.
While the increases in the number of sales and average sale price indicate an ever-strengthening desire for Port Orange homes, there are also other statistics that point to both stability within the market and even increased competition. After the housing bubble burst several years ago, the real estate market nationwide became stagnant, with many homes going into foreclosure and less conventional loans being awarded on active listings. During this time there were many great opportunities for home buyers paying with cash to secure solid sale prices on these distressed properties. Now as the market continues to improve, especially in Port Orange where there is a wide selection of desirable family homes, we have seen a drastic increase in conventional loan sales. While the number of cash sales from last year to this year remained about the same, the number of conventional loan sales rose 26% from 166 to 210 over the same period. In essence, the increased number of sales this year is nearly equal to, and has a positive correlation with, the rising number of home loans being secured by buyers. So while some sales figures in the past were inflated by cash-buyer sales, this trend toward loan purchases points to a more certain future for real estate values.
Also, Port Orange properties are selling quickly this year as the average days on market for single-family homes decreased by nearly half from last year to now. The dramatic decline for average days on market, coupled with the increased sales volume, suggests that quality Port Orange homes are in high demand and there is a growing competition which may continue to drive prices higher.
We are enthusiastic about the sales statistics seen on the Port Orange real estate market already this year and predict a strong second half. If you are considering buying or selling a Port Orange home, contact us for sound real estate advice predicated on superior local and industry knowledge. Call Kevin Kling at (386) 527-8577 for real estate results in Port Orange and across the Daytona Beach area.