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Grand Haven Home Sales Evidence Decline in Distressed Properties

Of 62 homes listed, only five are short sales. There are no lender-owned listings. The result; median prices are up.

By Toby Tobin
Comments (8)   |    Add a Comment
Palm Coast, FL – March 29, 2012 – As home sales in the Palm Coast golf course community of Grand Haven shift to fewer distressed properties, the median selling price is rising. Sixty-two Grand Haven single-family homes are listed for sale (MLS). Only five are listed as short sales. None are lender-owned. Only 11 are listed below the 2011 median selling price. The median price of Grand Haven homes sold (closed) so far this year is $338,750, up 35.5 % from 2011's median.
Median price represents a value where half of all sales are above and half below. Standing alone, it indicates changes in value to some extent, but median price is sensitive to changes in the selling mix as well. We need look to other measures too. The average selling price was up, but only 6.8%. And the average price/square foot increased 5.7%.
So what does it all mean? Everything is pointing in the right direction. Median price, average price and price per square foot are all on the rise. The number of distressed properties is on the decline. It appears that Grand Haven is moving into positive territory. So long as distressed inventory does not increase, values should continue to rise.
reader comments
Reply to Golf 1
Posted by Toby
Nov 16, 2013, 3:23 pm
There have been 16 sales so far this year.
Reply to Ron
Posted by Toby
Nov 16, 2013, 3:23 pm
You are right. The absorption rate has remained roughly the same over the past year+. That is discouraging, but the fact that the distressed inventory is being flushed is a positive.
Reply to Karen
Posted by Toby
Nov 16, 2013, 3:23 pm
Grand Haven's absorption rate is roughly 10. Most real estate analysts consider 7 or greater to be a buyers' market and 4 or less to be a sellers' market. Flagler County's overall absorption rate is roughly 6. But Grand Haven compares favorably to Ocean Hammock, which has 25 listings and is averaging only one sale per month absorption rate = 25. Palm Coast Plantation has 12 listings with only one sale this year to date.

Within the more upscale market, Grand Haven is doing quite well
Shadow Inventory
Posted by Lewis Roberts
Mar 30, 2012, 7:17 am
What about shadow inventory?

What about people who are 3 months, 13 months, 33 months behind on their mortgage where no foreclosure has been filed yet?

The lenders aren't even half way through getting rid of the distressed properties.

Grand Haven, Palm Coast, and all of Florida.
absorption rate
Posted by Karen Kull
Mar 29, 2012, 5:07 pm
Toby, In response to the gentleman regarding the absorption rate. In 2011, there were 69 single family homes sold in Grand Haven, per MLS. I would say currently having only 62 on the market (single family homes) is a very healthy number.
level of inverntory
Posted by ron davis
Mar 29, 2012, 2:57 pm
it there have been 16 sales and there are 60+ on the market....it will take 4 years to sell em off if no new listings....is that good or bad...
Nice work
Posted by John Boback
Mar 29, 2012, 12:43 pm
Toby,

Nice work on the Grand Haven info, and basically on everything you provide us at no cost. You have interesting, thought provoking, timely, pertinent and intimate knowledge of the Flagler County market. I've always appreciated your work and I wanted to tell you.

Sincerely,

John
GH Median Selling Price
Posted by Golf I
Mar 29, 2012, 11:01 am
$338M+ seems a little high. How many home sales were included in this calculation?

 
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Don "Toby" Tobin is a licensed real estate professional affiliated with Take Action Properties LLC. Toby is a member of the Flagler County Association of Realtors®, the Florida Association of Realtors, Enterprise Flagler, Flagler Home Builders Association, and the National Association of Realtors.

GoToby.com proivdes real estate news, commentary, and analysis for Palm Coast and Flagler Country Florida, as well as Realtor® referrals and consultation to buyers, sellers, and developers.