Sales Lag in Flagler County, Volusia County
Existing-home sales in Volusia County and Flagler County fell 29 percent in June compared with the same month a year ago, with the median sales price dropping 10 percent to $197,100.
Here’s different perspectives on the Volusia-Flagler market and the future of Florida mortgage financing in the region from people in the know.
SELLER: “It’s a tough market and I’m feeling it firsthand,” said Terri Ossi, who has been trying to sell her Ormond Beach house for months.
She has dropped her asking price from $349,000 to $335,000.
“Someone asked me what I was going to do if I don’t sell my house,” she said. “I’ll pay the [Florida mortgage loan]. What else can you do?”
WEST VOLUSIA REALTOR: “I do see sellers are adjusting their values to be competitive and also are offering incentives, such as helping buyers with closing costs,” said Jalene Stockhausen, president of the West Volusia Association of Realtors.
DAYTONA BEACH REALTOR: “We are close to where the market was a few years ago and there’s a continued downward pressure on the prices to bring them back down to a reasonable level,” said Mark Dougherty, executive director of the Daytona Beach Area Association of Realtors.
“It’s a great time to buy.”
NATION: The National Association of Realtors reported sales of existing homes dropped by 3.8 percent in June to the slowest sales pace in 4 1/2 years. Median prices edged up slightly by .01 percent from the sales price a year ago.
The price for June was $230,000, up 0.3 percent from June last year.
JOBS FALLOUT: The housing slump continued to cost workers their jobs with Volusia County losing 200 jobs in construction in June and 300 jobs in financial activities.
In hard-hit Flagler County, officials are trying to diversify the economy so residents will not be as dependent on the Florida housing market.
“There tends to be a trickle-down effect,” said Byron Lalande at Enterprise Flagler. “Those folks not working in the housing market are not out buying as many groceries, eating at restaurants or going out in general.”
HOME PRICES: The following are the annual median sales price for existing houses sold by real estate agents in Volusia and Flagler County. The price for June was $197,100, down from $219,900 in May 2006.
- 2007: $203,600*
- 2006: $219,900
- 2005: $204,400
- 2004: $157,800
- 2003: $131,300
- 2002: $109,768
- 2001: $96,770
- 2000: $88,300
- 1999: $84,500
- 1998: $79,000
- 1997: $75,500
- 1996: $75,200
*Note: Through June, others are annual.
SOURCE: Daytona Beach News-Journal
