The housing market in Volusia County, Florida, has experienced notable shifts over the past year, reflecting broader trends in the real estate sector. By examining key metrics such as the number of listings, sales, average list and sales prices, and days on market, we can gain insights into the current market dynamics.
Key Metrics
| Metric | May 2024 | June 2023 | June 2024 | YoY % Change |
|---|---|---|---|---|
| # of Listings | 3,307 | 2,274 | 3,291 | 44% |
| # of Sales | 526 | 690 | 558 | -19% |
| Average List Price | $505,000 | $535,000 | $515,000 | -1% |
| Average Sales Price | $438,000 | $418,000 | $425,000 | 2% |
| Days On Market | 99 Days | 93 Days | 102 Days | 10% |
Number of Listings and Sales
As of June 2024, there were 3,291 active listings in Volusia County, a significant increase of 44% from the 2,274 listings recorded in June 2023. This rise in listings suggests a growing inventory, potentially offering more options for buyers. However, the number of sales tells a different story. In June 2024, there were 558 sales, down 19% from the 690 sales in June 2023. This decline in sales, despite the increase in listings, may indicate a cooling demand or more selective buying behavior in the market.
Pricing Trends
Price trends provide further insights into the market conditions. The average list price in June 2024 was $515,000, a slight decrease from $535,000 in June 2023, representing a 1% year-over-year decline. Conversely, the average sales price has seen a modest increase. In June 2024, homes sold for an average of $425,000, up from $418,000 in June 2023, marking a 2% increase. This divergence between list and sales prices could suggest that sellers are adjusting their expectations or that buyers are negotiating more effectively.
Days on Market
The average number of days a property remains on the market is a critical indicator of market health. In June 2024, homes in Volusia County stayed on the market for an average of 102 days, up from 93 days in June 2023, a 10% increase. This longer time on market could reflect the increased inventory and the competitive nature of the market, where buyers have more choices and may take longer to make decisions.
The housing market in Volusia County, Florida, is experiencing a period of adjustment. The increase in listings and longer days on market, coupled with declining sales, suggest a shift towards a more balanced market or possibly a buyer’s market. While average sales prices have risen slightly, the overall trend points to a market in transition, influenced by broader economic factors and changing buyer behaviors. As the market evolves, both buyers and sellers will need to stay informed and adaptable to navigate these changes effectively.
Thanks for reading,
Chris
