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February 2017

Found 7 blog entries for February 2017.

Florida isn't the only place experiencing strong home sales, with national home sales moving the fastest pace we've seen in nearly a decade, according to the National Association of Realtors. In fact, it's been so good that the only one area of the country didn't see gains in January... the Midwest.

(Maybe that's because it's flipping cold up there right now and everyone is looking for homes in places like Florida, where the weather is warmer!) Okay, so the NAR didn't say in their January report that all the freezing Midwesterners spent the first month of 2017 flocking south... but we can hope, right?!

Regional Sales

Here's how home sales looked in each of the four regions of the United States:

  • Northeast: Sales rose 6.7 percent, year over
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(Daytona Beach, FL) –Single family home sales around the greater Daytona Beach area were down slightly in January, compared to the same month in 2016. Meanwhile, median sales prices were up compared to a year ago. 

For the month ending on January 31, 2017, the Daytona Beach Multiple Listing Service (MLS) reported that 297 existing single-family homes (detached) were sold in the greater Daytona Beach area with a median home sales price of $200,000. It amounts to nearly a 5 percent decrease in sales and an 11 percent increase in prices, year over year. Month over month comparisons showed typical December-to-January trends with steady prices and reduced sales totals. 

Comparisons to previous months and 2016 SFR sales figures are below: 

  • January
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The rising home prices aren't signs of trouble. In fact, they're helping Florida homeowners in big ways.

Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we've discussed at length throughout much of 2016, low inventory levels are playing a big role in the upward trajectory of home values because the seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home.

The great news about the rising prices is the role they're playing in family wealth. According to CoreLogic’s US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.

In Florida, homeowners saw an average

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The affordability of America's homes is on shaky ground, some experts now say. 

According to a recent CNBC report, rising mortgage rates, a lazy pace in income growth and steep climbs in home prices caused by low inventory levels are ultimately stars aligning in a troubling way. 

Homes are becoming less affordable... quickly. 

Right now, the average mortgage and interest payment for a home eats up about 22 percent of the median income in America,  a report from Black Knight Financial Services found. It's the least affordable homes have been in seven years. But thankfully, it's still below the 36 percent median income it took to afford a home at the height of the housing boom in 2005-2006.

Still, buyers' payments for a median priced home

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(Daytona Beach, FL) – Median sales prices in the Daytona area condo market rose to a strong $188,000 as condo sales inched further downward in January. 

An analysis of Daytona Beach Multiple Listing Service (MLS) data by The Wyse Home Team at Keller-Williams Realty showed there were 75 condo sales in January with a median sales price of $188,000. It’s an 18 percent drop from the sales totals seen the same month a year ago, and a 15 percent reduction from December’s sales. Meanwhile, median sales prices continued the upward trajectory seen through much of 2016. Median prices in January rose dramatically by 22 percent, year over year. And they were up 6 percent compared to December.   

Inventory levels in January remained down by 6 percent,

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The greater Daytona Beach area has hundreds of condo complexes. Many line the sugary sands of The World's Most Famous Beach. Many more line the beautiful banks of the Intracoastal Waterway, or Halifax River. And many more condo complexes can be found sprinkled around the region in downtown areas, near parks and schools, along busy thoroughfares and tucked into quiet neighborhoods. 

Choosing The Right Location

This is a matter of preference for buyers, but it's one of the first and most important things to consider as you begin shopping for your dream condo, or vacation condo.

Questions to help you determine the right location:

  1. Is there some place or some thing that you absolutely MUST be near. (Think about schools, parks, water bodies,
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(Daytona Beach, FL) – Home flipping continued its frenzied pace throughout 2016 with the Volusia County area climbing to the second highest spot among the metro areas with the nation’s highest flip rates. 

According to an annual report released by Trulia last week, house flipping around the nation hit a 10-year high and was so prolific that 6.1 percent of all home sales in 2016 were flips. The last time numbers were this high was in 2006, during the height of the housing boom. In 2015, 5.3 percent of homes sold were flips, the report said. 

(For the study, Trulia defined a flip home as “the purchase of a house at market rate and selling it at a higher market rate price, because of improvement to the property and/or rising prices” and it excluded

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