Property values set new record in Volusia. Here's how much they rose.

Property values in Volusia County soared to $97.7 billion in 2023, a new record high for the fourth year in a row.

Realtor Shatawna Evans represents clients who hope to benefit from the increase.

Evans' clients recently put their 19-year-old three-bed, two-bath home with an enclosed pool up for sale in Port Orange's Waters Edge community. Their $535,000 asking price is double what they paid to buy it in 2015, according to Volusia County property records.

A similar, same-age house with a pool two doors over across the street sold last year for $530,000.

"They're encouraged by what other homes are selling for in the area," the Exit Real Estate Property Solutions agent said of her clients. "They bought their home nine years ago. Look at what's happened since then. The Florida (real estate) market has gotten stronger. Prices in general have risen significantly."

How much did property values rise?

Recent data reported by the Volusia County Property Appraiser's Office bear out Evans' observations.

In 2023, the total "just value" for properties in Volusia County, both residential and commercial, rose to $97.7 billion, a 15.2% increase over the previous record of $84.8 billion set in 2022.

Since 2015, when Evans' clients bought their Port Orange house for $263,000, property values for Volusia County have risen 127.7%, according to Property Appraiser's Office data.

"It's amazing, but not a surprise," said John Adams, president of Adams, Cameron & Co. Realtors of the latest increase in local property values. "Just think of all the apartment buildings that now line Williamson and LPGA (boulevards) that weren't there before. Every time they build a new house, it increases the property value."

Volusia added nearly 5,000 new parcels

Rising prices for existing homes is not the only factor for the latest increase in property values.

The number of taxable land parcels in Volusia County rose to 357,491 in 2023, a 4,695 increase from 352,796 the previous year.

And no, it's not because the county grew in size geographically.

According to the Census Bureau, Volusia County covers 1,101.1 square miles, making it Florida's 10th largest county. It's bigger than the entire state of Rhode Island, whose land mass adds up to 1,033.6 square miles.

While that size hasn't changed, what did change this past year was an increase in subdivided parcels, according to Mark Wright, the newly promoted chief deputy for the Volusia County Property Appraiser's Office.

Parcels are typically subdivided to accommodate new homes, apartments, condominiums and/or commercial real estate development projects.

"We saw increases (in parcel splits) across the board," said Wright. "It shows that Volusia County remains a place people want to move to."

Daytona's Margaritaville on track sell its last new home this year

Case in point: Minto Communities last year began its eighth development phase at its fast-growing Latitude Margaritaville 55-and-older community along LPGA Boulevard, west of Interstate 95, in Daytona Beach.

Phase 8 had 295 new homes under construction in early December, according to Minto spokeswoman Paula Robertson.

All told, Minto sold 600 new homes at the Jimmy Buffett-themed active adult community in Daytona Beach in 2023, according to Bill Bullock, president of the real estate development company's Latitude Margaritaville division.

Bullock said he expects Minto to sell its 3,900th and final new home at Latitude Margaritaville Daytona Beach in either mid or late 2024.

Since welcoming its first residents in March 2018, Daytona Beach's Latitude Margaritaville has been consistently ranked among the nation's fastest-growing master-planned communities.

"New phases of homesites are available for sale and walk-in contracts are currently available," said Robertson.

More new homes, commercial projects coming

Wright expects the county's growth trend to continue this year.

"We're still seeing a lot of new residential subdivisions and apartment projects (in 2024). It seems like there's more in the pipeline," he said. "We are not anticipating a slowdown this year."

Despite rise in home prices, area 'still a bargain,' say Realtors

The median sale price for existing single-family homes in Volusia County rose to $356,500 in December, up 1.9% from $350,000 the same month the previous year, according to county-wide Florida Realtors data provided by the West Volusia Association of Realtors.

Since December 2015, the median sale price for homes sold in Volusia County, which stood at $160,000 that month, has risen 122.8%, according to Realtor association data.

"Property values for existing homes have continued to rise," said Adams. "It's good for people who've been here, yet we're still a bargain compared to the rest of coastal Florida."

Hopeful sign

Evans said she is encouraged by the fact that her listing in Port Orange has already had several showings to interested buyers in the two weeks since the home went on the market.

"That tells us that the asking price is not far off," said Scott Steger, the broker/owner of Exit Real Estate Property Solutions in New Smyrna Beach. "It's close enough that prospective buyers are thinking they can make an offer that the sellers would consider."

This article originally appeared on The Daytona Beach News-Journal: Rising home prices, growth push Volusia property values to new record