The housing market in Volusia County produced some big numbers in March, but then April said, “Hold my beer.”
Realtors in the Volusia-Flagler area sold 1,419 existing houses in April, up 51% from April 2020. The median price, where half sold for more and half for less, was $279,900, up 18.9%. Realtors sold 463 condos and townhouses, up 141.1%. Median price at $269,000, up 50.7%
Builders in the Volusia-Flagler area obtained permits for 455 housing units in April (402 single-family, 34 townhouses and 19 apartments), compared to 237 housing units (181 single-family, 18 townhouses and 38 apartments) in April 2020. About 75% of area reported to the U.S. Census Bureau for both years.
What all this means is we have a ridiculously hot housing market that will be difficult to sustain. However, there is nothing on the horizon that would slow it down. Building material supplies may cause occasional interruptions of homebuilding. The escalating prices will surely have a dampening effect on house sails eventually. But as the retirees continue pouring and job opportunities remain high, sales of new and used houses as well as construction of rental properties will remain super-charged.
So, belly up to the bar, your Realtor or home builder friend should be buying the beer.
There were a few commercial real estate deals worth mentioning. Florida and New Jersey investors bought the apartments at 2550 Tulane Ave. in Daytona Beach for $3.8 million. Saddle Creek Stables in Pierson sold for $1.45 million. Nancy Lohman, an area businesswoman and philanthropist, bought the townhouse site (and former church) at 100 N. Halifax Drive, Ormond Beach, for $800,000.
A couple of interesting plans hit the drawing board, including demolishing existing bank building at 1212 Providence Blvd. in Deltona and construct an O’Reilly Auto Parts store. Plans also were submitted for a car wash between Cumberland Farms and under construction Dairy Queen at 3807 Clyde Morris Blvd. in Port Orange.
One new business is going in and another is changing slightly. Terrific Tire is going into Mason West Plaza at 1102 Mason Ave. in Daytona Beach. CenterState Bank offices in Volusia County are converting to South State Bank, including one at 1950 W. International Speedway Blvd. in Daytona Beach.
On a final note, a couple of old buildings in Daytona Beach are coming down. An old nightclub building at 650 N. Beach St. (corner of Madison Ave.) will be demolished. Also, a 105-year-old house (used as an office building) at 221 S. Ridgewood Ave. in Daytona Beach will be demolished. I’m surprised none of the area historic preservation folks have stepped in on that one.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 24 years. Contact him at firstname.lastname@example.org (no hyphens) or follow him on Twitter @cecilbrumley.