September 2007 real estate market watch

September 2007 figures from the National Association of Realtors indicated sales or existing homes were down 8% from a year earlier. For Volusia & Flagler County, the median sales price was $192,700 for September, which was down from $207,000 in September 2006. These regional & national figures are interesting but they do give a true picture of the current market in Ormond By The Sea. National and regional statistics may be usefull for identifying overall trends. But how can you otherwise get anything from a number combining sales of a 1 bedroom cabin in Maine with a 25,000 square foot mansion and a 10 million dollar oceanfront home and with a ranch house in the mid west? The Florida Associstion of Realtors median sales price for Volusia & Flagler County for 2007 year to date is $202,222. That compares very favoravble to the $204,400 figure in 2005 except that anyone with experience in the real estate market will testify that values have decreased much more than the $2,000 indicated by these statistics. Overall I get the feeling we are at the bottom of the value decrease. All we need to do is get more sellers to understand that the 2005 high prices are no longer attainable. My quick look at September 2007 shows the average of $115,000 for Ormond By The Sea homes. For information about Ormond Beach and Ormond By The Sea homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/. Marion O’Connor is our sales specialist – ovforsale@aol.com Deanna Thomas is our rental specialist – ovrentals@aol.com Ocean View Realty Group 1350 Ocean shore Blvd. Suite A Ormond Beach, Fl 32176 386-441-8245 Fax 386-441-2407 Toll free USA & Canada 1-800-356-3409 Vacation rental information is at http://www.ormondbeachcondorentals.com/