Ormond Beach Real Estate Report 4th Quarter 2016

Ormond Beach Real Estate Report

Halifax Report 4th Qtr 2016

Please click on the link above, then click on image to review the Ormond Beach (side) Homes For Sale Statistics for the 4th Quarter of 2016.

The Ormond Beach Real Estate Report is transcribed below.

 

The Halifax Report 4th Quarter 2016

 

East Granada Blvd. North to Ormond by the Sea

The local Real Estate market in Ormond Beach continued to improve last quarter. The first part of this report reflects information pertaining to the residential beachside area of Ormond Beach from East Granada Blvd. North to the city limits of Ormond Beach and Ormond by the Sea between John Anderson Drive and Ocean Shore Blvd. The last part of the report includes information and statistics for the entire Daytona Beach area from our local Board of REALTORS.

Ormond Beach Real Estate Report

During the 4th quarter of 2016, there was a 11.7% increase in closed sales year over year compared to the 4th quarter of 2015 for single family homes in that specific area. However, the average sale price for the area increased by 25.8% in the same time period!  Research studies provided by https://the1yongecondo.ca/prices-and-floor-plans/ show condo sales decreased 50% in closed sales year over year compared to the 4th quarter of 2015 but the average sale price increased by 74.8%. There were 26 homes and 11 condos for sale, of those, 14 homes and 3 condos SOLD in the 4th quarter 2016. As well, there were 9 homes and 3 condos under contract for the same time period.

 

I am often asked, How’s the market? To answer that question, a few factors must be considered. Absorption rate is one factor that helps determine market conditions. This term is defined as, the rate at which homes are selling in a specific area. It is calculated by using three variables; the specific time frame, the number of homes sold during that time frame and the number of active homes at the moment.

 

An equation to determine the absorption rate can be calculated with the following formulas:

 

Time frame for this example = 365 days

 

Total # of homes sold in the last 12 months = 6,894 (November 30, 2015-December 31, 2016)

 

Current Active listings = 2454

 

Rate of home sales = 365/6,894=.0529445 x 2,454=129.93/30 days =4.33 Months supply of inventory.

 

Another calculation to consider would be to divide the annual number of homes sold by 12 months in order to find the average number of homes sold per month. In our case, 6,894/12=574 closed sales per month in the Greater Daytona Beach Halifax Area. If no other inventory is added to the current amount, 2,454/574=4.28 or approximately 4 months until our inventory would be depleted at the current rate. The absorption rate for a balanced market is 5-7 months. This is to say that our market is currently slanted towards a Seller’s market.

The Ormond Beach Real Estate Report (aka The Halifax Report) contains local real estate statistics for the 4th Quarter of 2016.
For additional information on another area, contact Skip Stamper 386-275-1950 or email at [email protected]

 

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