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PORT ORANGE FLORIDA REAL ESTATE MARKET ANALYSIS – JULY 13, 2012

FORECLOSURES

As you are likely aware, high foreclosure rates can negatively influence values and the stability of a neighborhood or city. According to Realtytrac.com, 1 in every 785 housing units in Volusia County are in some stage of foreclosure. Port Orange has much fewer foreclosures at 1 in every 1,307 housing units. Nationally, the rate is 1 in every 666 homes. This reflects well on the stability of Port Orange.

NUMBER OF SALES

These numbers reflect sales for the past 3 months – April 13 to July 13, 2012. Port Orange saw 262 homes sell as compared to 249 for the previous 3 months. This is an increase of 26%.  The same time period in 2011 compared to 2012 saw an increase in sales of 5% and year to date 2011 vs 2012 saw an increase of 6%.  These are positive signs of a stabilized market.

AVERAGE SALE PRICES

Average sale prices for the past 3 months were at $159,500. Compared to the previous 3 months, this number was flat with only 0.16% increase. Comparing the same time period from 2011 to 2012 shows a decrease in values of 2.3%. Keep in mind these are average sale prices and can be affected by how expensive the homes sold were in that time period and may or may not indicate a drop in value of individual homes. I usually do a search to look at price per square foot in individual neighborhoods to look for those trends.  These numbers are relatively small to the gains and losses we experienced from 2004 through 2008. Stability is desirable and I believe this area is stabilized.

TIME ON MARKET

Average days on market for the past 3 months was 123, compared to 127 just 3 months ago. A drop of 1.3%.  Year to date comp shows a drop of 3.4%. This is going in the direction we want it to.

RATE OF SALES/INVENTORY

Port Orange saw 71 sales per month from 1/13 to 4/13. The last 3 months saw 88 sales per month. This is an increase of about 24%. The supply of available homes went from 8.7 months to 6.7 months. This is a drop of 18%. Much of this is seasonal and may not necessarily indicate a strong market. Port Orange has traditionally seen spikes in sales during the summer months in a strong market. Over the past few years of a weakened market, these seasonal spikes have been less dramatic. I see the return of the spike as a good sign.

TYPES OF FINANCING BEING USED

CASH – 42.4%

CONVENTIONAL – 37.8%

VA/FHA  –  16.8%

OTHER  –  3%

SUMMARY

Port Orange is a well planned, and well governed city with excellent schools and great neighborhoods. This attracts great people. Port Orange has fared better than many areas of Florida and the USA. When the economy recovers, there will be nothing holding Port Orange Fl back.

Data from DABMLS was used in the compliation of this report.

RESOURCES TO HELP YOU FIND THE PERFECT PORT ORANGE HOME

Market Analysis site for Port Orange

http://www.findahomeinportorange.com/mimarket/zip/32128/

Community Information about Port Orange

http://www.findahomeinportorange.com/micommunity/zip/32128/

School Information

http://www.findahomeinportorange.com/mischool/zip/32128/

Compare Neighborhoods

http://www.findahomeinportorange.com/micompare/zip/32128/

Home Search Tools for Buyers

http://www.findahomeinportorange.com/search/

http://www.portorangeflhomesforsale.com/

Site for Sellers

http://www.findahomeinportorange.com/sell/

July 13, 2012 Posted by | Uncategorized | , , , , , | Leave a comment

Port Orange Florida Home Sales Market Analysis – 5/29/2012

ImageThe good the bad and the ugly.

Well, not much ugly here.

I looked at the average days on market for all areas of Port Orange (residential sales) from 2/1/2012 through 4/30/2012. i compared to the same time frame a year earlier.

TOTAL SALES – Overall sales of homes dropped by 3% from 215 sold in 2011 to 209 sold in 2012.  This means sales are pretty much stable.

PRICES – I looked at 3 bedroom homes for the time period. This was also pretty stable with a 3% drop. It went from $153K to $148K. Some neighborhoods have had an increase, but Port Orange as a whole is fairly flat.

Some of the best news is SUPPLY – We had an 11.6 month supply in 2011. That has dropped by 27% to 8.4 months.

If a property is priced properly – it will sell. Over half of all homes are selling in less than 90 days. (112/209). Days on market for sold homes is trending down.

SHOW ME THE MONEY – 47.8% are cash, 33.5% are conventional, 16% VA/FHA, 3% other.

If you want to sell your home on your timeline and for top dollar. Contact Lucy or me. We are the Hanner Team.

Phil & Lucy Hanner

Experienced Short Sales Agent

Accredited REO Agent™

www.findahomeinportorange.com

www.portorangeflhomesforsale.com

Keller Williams Realty Florida Partners

3510 S. Nova Road, Suite 112

Port Orange, FL 32129

Licensed Realtor

Cell: 386-214-7745  Lucy Cell: 386-214-6220

Fax: 386-944-2808

email: PHILHANNER@GMAIL.COM

  “Wait long. Strike fast.”

Member South Daytona/Port Orange Chamber of Commerce

Member Central Florida Realty Investors

May 29, 2012 Posted by | Uncategorized | , , , | Leave a comment

The New Website is up

Looking for a great place to search for homes in Port Orange, Florida? Then check out http://portorangeflhomesforsale.com/ .

We have added this awesome site to our original site, www.findahomeinportorange.com.

It is also an excellent place to showcase homes for sale.

What do these sites offer?  An easy way to search by subdivision, bank owned, price, pool or no pool – you name it and it will find it. They also have great information about schools and neighborhoods.

Give them a try and you will be searching and learning like a pro.

 

April 15, 2012 Posted by | Uncategorized | Leave a comment

Port Orange Real Estate Market Analysis – focus on Sanctuary on Spruce Creek and Sabal Creek – March 2012

Image        As a real estate professional, it is important to stay current with home values. On a regular basis I research neighborhoods in my area of expertise. When I list or get ready to make an offer, I complete even more target specific research into the values.

The 32128 ZIP code has the highest income and education attainment levels in the area. The Sanctuary on Spruce Creek and Sabal Creek neighborhoods are two of the most desirable in 32128.

Let’s look at two 6 month periods. The past 6 months, and the 6 months before that. For consistency we will look at larger pool homes – 2400 to 3300 living square feet (LSF).

From 03/2011 to 09/2011

Sanctuary on Spruce Creek averaged $97 per LSF

Sabal Creek averaged $99 per LSF

 

From 09/2011 and 03/2012

Sanctuary on Spruce Creek averaged $115 per LSF

Sabal Creek averaged $114 per LSF

The consistency in values between The Sanctuary on Spruce Creek and Sabal Creek shows they compete directly with each other. Sellers and buyers need to be aware of this when structuring offers and counter-offers.

For an overview of all of Volusia County, please contact me and I will send to you a Power Point slide show that was released by the Volusia County Property Appraiser in February 2012. It concluded more Residential Real Estate is selling. Sales Prices are declining, but showing some stability. Rates of decline are less than last year. Sales Prices are back to 2002-2003 levels. Local Government spending is back to 2002-2005 levels, depending on jurisdiction.

If you or anyone you know are interested in buying or selling, please contact me right away.

Phil Hanner

Experienced Short Sales Agent

Accredited REO Agent™

www.findahomeinportorange.com

Keller Williams Realty Florida Partners

3510 S. Nova Road, Suite 112

Port Orange, FL 32129

Licensed Realtor

Cell: 386-214-7745  Lucy Cell: 386-214-6220

Fax: 386-944-2808

email: PHILHANNER@GMAIL.COM

Member South Daytona/Port Orange Chamber of Commerce

Member Central Florida Realty Investors

March 6, 2012 Posted by | Uncategorized | Leave a comment

Can a Condotel Be Homesteaded?

HOMESTEADING A CONDOTEL

The question as to whether a condotel may be homesteaded came up in reference to a listing I have. I went to Charlie Lyons of Volusia COunty for the answer and thought I would share this information. Here is his reply:

“The definitive answer to your question is that the Property Appraiser’s Office accepts applications on all condo/hotel units although some condo declarations specifically do not allow permanent residence. Some city ordinances may also prohibit permanent residence in the smaller units due to their size. This issue was decided based on a court decision to allow a homestead in a Volusia County condo/hotel whose declaration said only transient, residential use was allowed. The court ruled that homestead was allowed, and this is case law that we are obligated to follow.

I hope this clarifies the situation for you. Please don’t hesitate to contact me if I can be of further assistance.”

Sincerely,

Charlie Lyons, C.F.E.
District Appraisal Director
Condominium/Timeshare Division
Volusia County Property Appraisers Office

Phil Hanner
Experienced Short Sales Agent
Accredited REO Agent™
http://www.findahomeinportorange.com
Keller Williams Realty Florida Partners
3510 S. Nova Road, Suite 112
Port Orange, FL 32129
Licensed Realtor
Cell: 386-214-7745
Fax: 386-944-2808
email: PHILHANNER@GMAIL.COM

“Wait long. Strike fast.”
Member South Daytona/Port Orange Chamber of Commerce
Member Central Florida Realty Investors

October 27, 2011 Posted by | Uncategorized | , | Leave a comment

Over 3 acres and a newer home (built in 2001)

Beautiful home in between Port Orange and New Smyrna Beach.  Looking for a home with acreage?  This is it. Quiet cul-de-sac but close to civilization. Sellers family has been on this land for many years and says it is high and dry.  Close to Pioneer Trail and Turnbull Bay Roads.

Sand Woods

October 4, 2011 Posted by | Uncategorized | Leave a comment

The Sanctuary on Spruce Creek in Port Orange is HOT!!!

Until a few days ago, less than 1% of homes in the Sanctuary on Spruce Creek (SOSC) in Port Orange were for sale. The Hanner Team just listed an awesome Preakness Model for under $300K. For the last 6 months, 3 properties per month are selling in the SOSC and research is indicating that values are stabilizing in this area. Small wonder – 32128 has the highest education attainment leels, and the highest income levels in the county. With a relatively low distressed property rate and excellent schools, it is a very desirable place to call home. Demand is devouring supply right now.

The Sanctuary on Spruce Creek is a gated community with lakes, lush landscaping, and a well run and affordable association. Schools include Cypress Creek Elementary, Creekside Middle School, and nationally ranked Spruce Creek High School. It is nice and quiet yet close to everything the area has to offer. It is a great place to raise a family or retire to. 1309 Osprey Nest Lane is the address of the newest listing in the Sanctuary.

If you are thinking about purchasing real estate in Daytona Beach area or Port Orange, check out this excellent tool you can easily use to compare different areas. http://www.findahomeinportorange.com/micompare/zip/32128/comparezip/32129/

Preakness

Here is another excellent resource for buyers and a reason sellers should pick the Hanner Team. We have the best search tool for finding a home in central Florida. http://www.findahomeinportorange.com/search/

 Click here to see all 22 photos of this beautiful home. http://www.findahomeinportorange.com/viewallimages/mlsid/461/propertyid/522340/

Click here to see the virtual tour:                                                                 http://tour.previsite.com/9519FED1-F814-A0B4-62FA-6BF6EA237EF2

 

 

 

 

 

 

 

Phil and Lucy Hanner

Experienced Short Sales Agents

Accredited REO Agent™

www.findahomeinportorange.com

Keller Williams Realty Florida Partners

3510 S. Nova Road, Suite 112

Port Orange, FL 32129

Licensed Realtor

Cell: 386-214-7745

Fax: 386-944-2808

email: PHILHANNER@GMAIL.COM

 “Wait long. Strike fast.”

Member South Daytona/Port Orange Chamber of Commerce

Member Central Florida Realty Investors

 

 

August 23, 2011 Posted by | Uncategorized | , , , , | Leave a comment

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August 11, 2011 Posted by | Uncategorized | 1 Comment