PORT ORANGE, Fla. --- Stirling Sotheby’s International Realty reports that sales of luxury homes at Spruce Creek Fly-In in Port Orange are increasing but prices on mid-level homes – those valued at under $500,000 – are increasing even faster as demand grows.
Roger Soderstrom, founder and owner of the firm, said from January through May 31, the Stirling Sotheby’s International Realty team of Associates Debbie Keilin and Rachel McGrath had 26 total sales for some $11.6 million. The average sale price of the homes they sold totaled $446,000, he added.
The team is on target to reach $30 million in home sales this year, Soderstrom said.
During the same period Keilin and McGrath have logged 14 listing assignments that average $520,000.
The flurry of activity is producing a backlog in some areas. Keilin reports that real estate appraisals have slowed.
"We are having appraisal problems because there is more demand than supply,” Keilin explained.
Keilin added that many buyers are willing to pay over appraisal.
“We are seeing prices increase faster on properties valued under $500,000 in Volusia County than luxury homes valued at $750,000 and up,” Keilin reported.
Keilin said the summer months should slow sales a little.
“Sales at Spruce Creek Fly-In are historically slower in the summer months,” Keilin said. “We project a big increase in sales starting in the fall,” she said.