Port Orange Market Update: A Year in Review

PORT ORANGE MARKET UPDATE: A YEAR IN REVIEW
by Tom Beechler

As we look back on 2021, there are many homeowners
itching to sell their homes, but at this time of year,
they find themselves asking a common question:
Do I want to sell my home this winter? With that
question brings others: Is a winter sale going to be
beneficial for me? And will I earn more if I wait until
spring? There’s only one way to get the best answer to these
common questions—let’s take a moment to look back at
the trends we’ve seen over the past year, as they are key to
gauging how the housing market will fare in the new year:
Despite the fact that many areas nationally have had
market setbacks caused by the pandemic, or experienced
a general “market cooling” in recent months, here in Port
Orange we are seeing the market grow stronger with every
passing week. The median listing price for the Port Orange
area is at $288,000. That’s 10.1 percent better than last
year’s numbers! Even though we historically have seen
minor drops in these numbers around the winter seasons,
our market has seen continual, overall growth over the past
several years.

2021 especially saw some of this impressive growth;
there has not been a single month this year where our
market did not outperform the previous year. January
and February showed small signs of improvement in the
range of 6-7 percent increases on median sale price, but
the real climb began in March 2021. With the year-over year
increase nearly doubling in March, many Realtors
and agents in our area had fingers crossed that the climb
would continue. And it did! April 2021 showed a dramatic
surge in sale price, boasting a 25.5 percent increase over
last year. May saw a slight dip but favorable figures carried
us all the way through the summer. June, July and August
saw dramatic surges in home prices and the frequency of
sales, with our area’s median sale price breaking above
$300,000. September, like May, saw a slight dip, but
October brought the price back above $300,000. As we
look again at where the figures sat in November/December
of 2021, the fact that we only dropped a small $12,000
in price—during months that normally see a more severe
drop in sales activity—is more than impressive. It’s a sign
of good fortune for the New Year.

As we can see, 2021 was a great year for homeowners
to sell—and though we have entered a new year, we are
bringing 2021’s market with us into 2022. Though it was
unusual to find that much buyer interest so late into the
year, it means that now is the time to make a move and sell
while the iron is hot. I can confidently say that these trends
will lead to a winter and early spring housing market that
experiences more demand than usual.

A major economic data analyst is predicting similar
‘fair weather’ for Florida, posing that prices will rise as
much as 12% year over year from July 2021 to July 2022.
She added, “we still have really strong growth, really high
numbers and things are still going up, but they are just
starting to slow down a little bit in that progression up.”

The fact that we are still seeing market growth, but
at a pace that continues to grow more relaxed, is a very
good sign. When prices and activity skyrocketed during
the early days of the pandemic, many professionals feared
that inflation and rising home prices would kill the market
from within. As we see continual growth at a consistently normalizing
rate, we are entering a market that thrives
healthily and without fear of setback. This is great news for
anyone looking to sell a home in Port Orange.
Now, as winter progresses, I expect to see year-over year
sale prices rise or hold steady, but the speed at which
things are moving will eventually begin to normalize.
Some sellers will fare better than others in 2022, because
buyer preferences are ever-changing. Sellers who follow a
strategic plan before and during listing are likely to enjoy
multiple offers and above-market sales, while sellers (or
their agents) who don’t adapt to the new trends will see
longer sales cycles and lower prices.

I’m happy to share these tips and am proud to have
years of experience maximizing the winter market for
sellers here in the Port Orange market. Please give me a
call at 386-405-1178 to discuss your options in this once in-
a-lifetime market.

 

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