Daytona Beach Area inventory of all listings in the local multiple listing service is 5339 up slightly from last month.  There is still a large amount of inventory which needs to be absorbed, including many distressed properties. 

In the Ormond Beach residential real estate market there were a total of 54 sales in February 2010. Sales were 43 for February 09. There are 988 current residential listings on the market down slightly from January 2010.

Sales of existing single-family, attached, and condo homes in February 2010, in the Daytona Beach Multiple Listing Service  was 294 up from 242 January 2009. The $8,000 Tax Credit for 1st Time Buyers continues to create sales in an otherwise down market. On Nov. 6, 2009, President Barack Obama signed into law an extension and expansion of the $8,000 first-time homebuyer tax credit. Among other provisions, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.

  The number of sales of condos increased to 76 in February 2010 way up  from 52 in February 2009.  The condo market is being driven by low prices of short sales and foreclosures.
Even though banks aren’t imposing new restrictions on most loans, they aren’t ready to ease the tough loan standards put in place during the financial crisis. Banks “have yet to unwind the considerable tightening that has occurred over the past two years,” the Fed said. 

Mortgages rates have dipped below 5 percent again, four weeks before a government program that is helping keep rates low is scheduled to run out.

The average rate on a 30-year fixed rate mortgage was 4.97 percent this week, down from 5.05 percent a week earlier, mortgage finance company Freddie Mac said Thursday.

Rates dropped to a record low of 4.71 percent in December and have hovered around 5 percent since, kept down by a Federal Reserve campaign to spur homebuying by lowering how much it costs to get a home loan. 



  It is a great time to buy if you know where to look, as a real estate expert in the Ormond Beach market, I'm here to help you find a great property at a great price, please contact me today for an up to date market report.

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Welcome to the City of Ormond Beach, on Central Florida’s magnificent east coast. For more than 120 years, Ormond Beach has been known as an outstanding place to live. In fact, when legendary financier and philanthropist John D. Rockefeller, Sr. sent his advisors across the nation to find the best place to live and work, they chose Ormond Beach. 

The City is still known for its exceptional quality of life. It is also known as the Birthplace of Speed. Automobile racing began on the wide, smooth beaches of Ormond Beach in 1903, which led to many land-speed records, beach races in nearby Daytona Beach, and the founding of NASCAR. 

We have preserved John D’s winter home, The Casements, and celebrate our automotive history each Thanksgiving Day weekend with our Antique Car Show and Parade. 

In addition, we celebrated our Birthplace of Speed Centennial March 26-28, 2003, as several thousand fans watched 50 of the greatest antique race cars run the beach once again. We also re-dedicated the new, "Birthplace of Speed Park," on the beach at Granada Blvd., with historic markers and replicas of the famous 1903 Winton Bullet and Olds' Pirate. 

Today, Ormond Beach is home to 37,000 residents who value the miles of pristine rivers, forests and beaches that make us unique. Our Leisure Services Department was named one of the top four in the nation in 2002. 

We are rapidly becoming known as a preferred business address in Central Florida's growing high-tech corridor, with an expanding Airport Business Park and AirPark. Our city employees are known for their friendly customer service.

Ormond Beach is an ideal place to live, work, raise a family or grow a business. Please explore our web site and contact us if you have any questions. Come visit us soon. You'll see why Ormond Beach is the best place to be!

Fred Costello
Mayor

Angie Shull Direct: 386-295-9605               The Color of Success!