The New Smyrna Beach Board of REALTORS (NSBBOR) has published the October 2019 market detail report. The report describes member activity in the MLS for southeast Volusia county across all inventory.
Summary of Statistics:
New Smyrna Beach real estate is HOT! I am receiving calls from homeowners wanting to know what their homes are worth now. As the report shows, single family home inventory has increased and prices are up 15% compared to this time last year. Condo price points are skyrocketing as the report shows a 25% increase compared to 2018.
I am working with buyers that are relocating to live the beach life, families that are downsizing and want walkable neighborhoods. Some buyers are looking for a second home/rental on beachside. I have some contacts that are young professionals shopping for their first home.
Overall, the inventory has improved and prices are up. Cash sales are slightly down compared to 2018. Buyers are submitting offers, with financing, and the contracts are closing. In some cases, financing process is less than 45 days. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.69% in October 2019, down from 4.83% averaged during the same month a year earlier.