Real Estate Activity for Daytona and Ormond Beach, October, 2009

Sales of existing single-family, attached, and condo homes in October 2009, in Volusia County, jumped 81% to 341 from 188 a year ago, spurred by the $8,000 Tax Credit for 1st Time Buyers which expires Nov. 30, although the Senate has reached a compromise to extend the Tax Credit until some time next spring.  It was the 10th straight month of improved house sales for the county in year-year comparison.  The number of sales of condos increased 54%, to 79 in October 2009 from October 2008.  Current inventory of residential listings is 5408.   There is still a large amount of inventory which needs to be absorbed, including many distressed properties.

In the Ormond Beach real estate market there were a total of 76 sales in October 2009. Sales were 40 for October 08. There are 1058 current listings on the market.

Because of the current market, short sale and foreclosure properties are creating an increase in monthly sales. Prices may be bouncing around the bottom for the next half year, but as demand continues, we expect to see a slowdown in price decline.  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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