Mortgage

Actual property costs reached report highs in Volusia, Flagler Counties

An increase in people wishing to buy houses due to coronavirus fears, combined with less available offerings, pushed average selling prices in June to new record highs in the Volusia and Flagler counties.

"We had a list in Port Orange for a local radio personality who received several offers, including some with escalator clauses," said Ron Wysocarski, broker and CEO of Wyse Home Team Realty in Port Orange. "We haven't seen that often here. Here, a buyer is willing to outbid other bids by $ 1,000 up to a fixed maximum."

John Adams, president of Adams, Cameron & Co. Realtors at Daytona Beach, said his agents had reported an increase in house wars due to low inventory.

"Demand has recovered, but we still have less inventory because many people took their homes off the market when the pandemic started," said Adams. "We also have very low interest rates right now.

"There has to be something and in this case it is the real estate prices. There are not enough houses on the market."

In Flagler County, the average selling price of single-family homes sold in June rose to $ 262,850, exceeding the district's previous record high of $ 258,750, which, according to the Flagler County Association of Realtors, happened to be set in the same month of last year.

The median sales price in Volusia County rose to $ 235,000 in June from $ 226,000 in the same month a year earlier. This comes from data from Florida Realtors shared by the West Volusia Association of Realtors.

In Flagler County, the number of active listings decreased from 891 in June to 763 in June.

The number of houses available on the market decreased from 2,499 in May to 1,850 in Volusia.

The number of closed sales in June rose from 182 in May to 308 in Flagle Countyr. In Volusia County, closed sales rose from 708 in May to 1,002.

In New Smyrna Beach, broker Debbie Drew of The Keyes Co. received several offers for the house that she had for sale in the Venetian Bay community.

The three bedroom, two bathroom home on the corner of Luna Bella Lane and East Locanda Circle was built in 2013 and is located on one of the larger plots in the Venetian Bay. The property includes a pool, a three car garage and an office. The price was $ 464,900. It was contracted on June 24th.

"We have a very good price for it," said Drew. She said she should not disclose the selling price until the transaction was completed.

Drew represented the seller. "I think the buyer was from a different state," she said. "I get a lot of calls from the far north for my offers," she added. "New York, Connecticut, Virginia, and Tennessee. I'm very busy."

Adams said his real estate agent had completed a broker training course on dealing with multiple offer situations, which has not been seen much since the region's last real estate boom from 2004 to 2006.

"As we adjust to the new normal (the coronavirus pandemic), we see more people moving here, not just from the northeast, but also from southern Florida," said Adams. "None of us know when this pandemic will end and there is a lot of catching up to do."

Drew from The Keyes Co. said she carefully followed corona virus security protocols when showing property to potential buyers. "Everyone has to wear a mask and I take everyone's temperature before I enter," she said.

Home sales tend to decline locally in August and September, but real estate agents say this may not be the case this year, as the spring buying cycle was postponed due to the pandemic.

"All bets are currently closed," said Wysocarski. "There are a lot of people with new aspirations to get to a warmer climate."

Closed sales in June refer to homes that were contracted either in May or April, when the number of coronavirus cases in Florida was significantly lower than in the New York Tri-State Area.

Adams said the current increase in COVID-19 cases in Florida was a problem for him, but has not yet led to a decrease in demand for housing.

"What we see in general is an increase in people who want to get out of the big urban areas," he said.

Wysocarski also said that he had not yet seen any demand from the house hunters.

"If you buy today, you will probably not move in until late August or September," he said.

"Most buyers are also more willing to overlook things that require minor repairs, things that they can do after closing," he said. "That's because they know there may be nothing better out there."

"In July, my team (with three agents) signed 20 houses, which is a record for us," said Wysocarski. "We're crushing it."

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