Let’s look at the Vacant Land Market for 2018. Data discussed below is gathered from
MyFlorida Regional Multiple Listing Services, the City of Deltona Construction Services Division, and the Bureau of Economic and Business Research Department at the University of Florida. Demand for land is on the rise in Deltona.

Vacant Land Sales

The average sales price for Deltona vacant land in Deltona increased 116% in 2018 and the number of sold properties was 268 up 38% from 194 in 2017. While these seem like incredible increases, they were due in large part to several large tracts of land being sold for development including three lots on Howland Blvd fetching more than $1.5 million combined.

The average price per square foot fell from $1.27 in 2017 to only $0.64 in 2018, that was a 49% decrease.

The demand for affordable building lots in Deltona continues to increase fed by the fury of new construction.

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 and these new home sales are fueling vacant land sales. These new homes are going up to help house the estimated 1,023 citizens who moved into Deltona in 2018.

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

This trand has more of an impact on people who currently own vacant lots in Deltona and new home buyers and builders than it has on most of the general population of 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.

©Allen Thompson 
Deltona Home Source. All rights reserved.