New Construction in Deltona Sees Dramatic Changes From 2017 to 2018.
Let’s look at the Deltona New Home Market for 2018. Data discussed below is gathered from the City of Deltona Construction Services Division, Bureau of Economic and Business Research Department at the University of Florida, and MyFlorida Regional Multiple Listing Services. New construction is on the rise, introducing a plethora of new inventory to the Deltona market.
Market & Population
With the average sales price of homes in Deltona increasing more than 10% from 2017 to 2018, it should come as no surprise that new home construction is on the rise. It would seem there are new homes going up on every street. These new homes are not only fueling an existing shortage, but also going to help house the estimated 1,023 citizens who moved into Deltona in 2018.
New Home Permits Issued
In 2017, 152 permits were issued for new single-family homes in Deltona, that number increased 58% in 2018 to 240 new homes. Since Lake Baton Estates and Arbor Ridge, both DR Horton Communities, were completed in 2017, all the permits pulled in 2018 were built on spot lots.
New Home Valuation
The new homes that are being built in Deltona appear to be getting more affordable according to the information provided during the permitting process. The average valuation of a new home dropped 3% in 2018 to $266,217 from $274,942.
What Does This Mean if You Are Buying a Home in Deltona
If you are buying a home in Deltona, you are going to see a little more inventory available. However, according to the builders many of these homes are sold months before completion, so keep in mind that new homes are moving quickly.
If you are on the fence about a property, now is the time to decide. Waiting can cost you in the form of a higher monthly payment or seeing the home you want sold.
Because there is an increase in available inventory on the market, this is the perfect time to sign up and receive notifications when a new home is listed the the Deltona real estate market. Email notifications and instant alerts give you an advantage over other buyers looking for homes.
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