![]() and Halifax Media Holdings LLC announced on Friday the finalization of the sale of 16 newspapers, including the Times-News.ĭaytona Beach, Fla.-based Halifax Media purchased the New York Times Regional Media Group for $143 million in cash. WHAT'S DRIVING LUXURY SALES: Volusia, Flagler sales of million-dollar homes jump, despite overall decline. Said Falb: "The (housing) market right now is still a sellers' market." The steady influx of newcomers to Florida is another factor keeping home prices high. The months supply of available homes, meaning how long it would take to completely deplete the inventory if no new listings are added, currently stands at 3.6 months in Flagler County and 2.5 months in Volusia County, according to Realtor association reports. Of the 1,833 listings of homes on the market in Volusia County as of the end of June, only 131 had asking prices under $250,000, according to Florida Realtors. Of the 848 available listings by members of the Flagler County Association of Realtors as of the end of June, only 16 had asking prices below $250,000. Slim pickings for available homes is also a factor in slowing home sales, especially for those looking to buy a house in the lower price ranges. "We have some (prospective) homebuyers that would traditionally qualify for a mortgage loan that are being priced out of the market." Inventory levels remain tight "We've seen some (homeowners) insurance policies go up 100 to 120%. "Farmers (Insurance) pulling out of Florida and AAA (Auto Club) dropping homeowners coverage has had an effect because it is causing there to be less of a pool of insurers," said Falb. June's local home numbers aside, rising interest rates have caused an overall decline in sales in recent months in both counties, according to Realtors.Īnother factor that's causing home sales to close is the rising cost of homeowners insurance. It was the highest sale price recorded in June for single-family homes sold in the combined Volusia-Flagler area as well as the top price in Flagler County Rising interest, insurance rates pricing some buyers out This oceanfront home at 510 Cinnamon Beach Lane in Palm Coast sold on June, 26, 2023 for $3.1 million. "Rising interest rates (which have caused home sales to fall nationally) don't affect you if you're paying in cash." "A lot of the million-dollar-plus sales we saw in June were sold for cash," said Tobin. Of the homes sold in Flagler in June, 19 were for $1 million or more, including the oceanfront luxury home at 510 Cinnamon Beach Lane in Palm Coast, which went for just over $3.1 million, the most paid for a home in the combined Volusia-Flagler area last month. Tobin writes a blog on the Flagler County real estate market called and also hosts a weekly radio show on the topic. The actual number of home sales recorded in the MLS system for Flagler County was 308, a big jump over the 260 sales recorded in June 2022, according to Realtor Toby Tobin of Grand Living Commercial Realty in Palm Coast. The Flagler County Association of Realtors reported 310 closed sales of single-family homes in June, down 38.2% from 502 a year ago, but the Multiple Listing Service data for the month told a different story. Nationally, existing home sales for the first half of this year were down 23% compared with the first half of 2022, according to the National Association of Realtors. Of the sales recorded last month in Volusia County as a whole, 23 were for $1 million or higher, according to the Florida Realtors report. The statewide Florida Realtors association's June report for Volusia County, which was provided to The Daytona Beach News-Journal by the West Volusia Association of Realtors, showed 866 closed sales of single-family homes countywide, down slightly from 898 the same month last year. Some real estate agents belong to multiple Realtors association which can further skew the numbers as some sales could potentially be claimed by each of the associations. ![]() The 28 million-dollar-plus sales by DBAAR members for example included some in Flagler County. Realtor associations report sales made by its members, which can include sales outside their primary area. Realtor reports contain some overlapping numbers It was the second-highest sale price recorded in June for single-family homes sold in the combined Volusia-Flagler area and was the top price in Volusia County. ![]() in Daytona Beach sold on June 14, 2023, for $2.2 million. ![]()
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