Though slowly, the real estate market in New Smyrna is surely improving and already greatly improved after the housing bubble. While properties are not as inflated as they used to be pre-recession, they are certainly going back up, so that it is still a great market for both buyers and sellers.
According to 2018 New Smyrna Beach real estate market statistics estimates, prices of properties are on the rise, but at the same time, the value of existing homes are also gaining. Sellers are less likely to get a lot less money for their properties, and buyers do not have to shell out too much for something on sale.
In 2017, a growth of 2.6% has been reported, and it is estimated that in 2018, a growth of 2.3% will be seen. While this is not necessarily stellar growth or while the real estate market is not necessarily on fire as in other areas in Florida, this is good growth that would benefit everyone, from developers to buyers, sellers, and the community itself as it attracts new residents. Given that inventory is low, this is a great sign that there are very few uninhabited or abandoned properties in town.
Here are some other key points to be observed in the recent reports on New Smyrna Beach real estate statistics.
1. Home Values Are Back To Pre-recession Levels
Median home values have dipped from almost $280k in 2007 to almost as low as $156k in 2011. From 2013, it has been slowly rising and pre-recession levels might be reached within the next year.
While the low prices have been perfect for investors and for those want to buy and flip properties, homeowners have greatly suffered due to the dramatic sinking of their home’s value.
2. Less People Find The Town Too Expensive
Property owners are not finding it difficult to afford their homes in New Smyrna, so much that only 1.1%, as opposed to a national average of 1.6%, are actually delinquent on their mortgages. There are also only 5.9% of homes in this town (US average is at 10.4%) that have negative equity.
3. Rental Costs Are Rising
Costs of renting a condo or house are much steeper than it used to be. From a low of a little over $1k monthly, it is now almost $1.7k monthly for rental places in Miami. On the contrary, there is a growth in the number of properties that are searching for tenants.
4. Sales Are Not As Strong
Sales have been seesawing for years, which is also influenced by the lack of inventory in the area. While the dips are temporary, this might be attributed to low inventory as well.
In conclusion, New Smyrna Beach is certainly a great place for both investors and those looking for a brand-new home. Slow and steady growth has prevented the town from forcing out its locals due to escalating home values. Should 2018 also follow in the footsteps of 2017, then the real estate market here will remain neutral, not totally positive and not totally negative.