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Median Home Prices Rose Higher Than Expected in 2018

Posted by Ron Wysocarski on Friday, January 18th, 2019 at 12:45pm.

Daytona Home Prices Soared Last Year

Median price gains across the greater Daytona Beach area were higher in 2018 than expected.

According to the Daytona Beach Multiple Listing Service (MLS) detached single family home sales sales and median prices were both up last year, compared to 2017. MLS data shows that 5,132 detached single-family homes were sold in the greater Daytona Beach area in 2018, with a median sales price of $229,000. In 2017, single-family home sales totaled 4,937 and median sales prices were $215,000. Overall, there were 8846 real estate transactions recorded by the MLS in 2018, with a $200,000 median sales price.

In total, sales of all property types were up by 3.3 percent in 2018, and sales of existing single-family homes (detached) were up by 4 percent. It’s not quite the 5.47 percent jump in sales that the experts at Realtor.com predicted as the year began, but the totals were strong nonetheless, particularly considering many other regions of the country experienced a decline in sales totals.

The year-over-year rise in median sales prices was more prominent, with an 11 percent price increase across all property types sold in within the Daytona Beach MLS and a strong 6.5 percent increase in median prices of single family homes. The double-digit increase is a stunning number, rising well above Realtor.com’s predictions of a 6 percent increase in median sales prices for real estate around Volusia County.

A Look at the 2018 Numbers

  • 2018 Sales (All property types): 8846 sales, $200,000 median sales price.
  • 2017 Sales (All property types): 8561 sales, $180,000 median sales price.
  • 2018 Sales (Detached, Single Family Homes): 5132 sales, $229,000 median sales price.
  • 2017 Sales (Detached, Single Family Homes): 4937 sales, $215,000 median sales price.

 “I think the rising prices helped a lot of local homeowners breathe a big sigh of relief,” said Daytona Beach Area Realtor Ron Wysocarski, Broker and CEO of Wyse Home Team Realty in Port Orange, FL. “Our home values really tanked during the recession, and many property owners had been waiting a long time to see those values fully recover.”

What to Expect In 2019

Expert predictions for 2019 offer hope that Daytona area home prices could continue to climb this year, even as sales are falling and interest rates are rising. According to Realtor.com’s 2019 Housing Forecast, Volusia County could see an estimated 6.3 percent increase in home prices, placing it among the top 5 areas in the nation expected to see price gains in 2019. Local home sales are expected to fall by 1.3 percent during 2019, the report said.

At the national level, the report predicts a 2 percent decline in sales and a 2.2 percent rise in median prices during 2019. Mortgage rates are expected to climb to 5.5 percent by year end.

 

About The Wyse Report and Wyse Home Team Realty:

The Wyse Report is a periodic report analyzing real estate sales, prices and trends in the greater Volusia and Flagler County areas. Statistical information in this release is based on information accessed from the Daytona Beach Area Association of REALTORS® Multiple Listing Service on 1/15/19 for the following periods 1/1/17 to 12/31/17, and  1/1/18 to 12/31/18. Learn more about Wyse Home Team Realty by visiting www.RonSellsTheBeach.com. Specific data research requests, including custom comparisons (date vs. date, city vs. city), are available to the media, upon request. If you have questions or requests, please contact Wyse Home Team Realty’s Broker and CEO, Ron Wysocarski at 386-562-2651.  

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