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Palm Coast, FL – November 11, 2014 – Palm Coast and Flagler County will remember 2014 as marking the end of the foreclosure crisis. While there are still 851 open foreclosure cases to deal with, the number of new foreclosure filings has returned to normal levels. Thirty new foreclosure filings in October represent the lowest number of new filings in the county since June 2006.
YTD results (through October):
National home sales have shown some weakness in recent months with both volumes and prices pulling back slightly. The metro Palm Coast market (which includes all of Flagler County) showed healthy year-over-year price gains throughout 2013 and through the first half of 2014. The local market has reached a plateau. I don’t expect much to change until after the holidays. November and December are traditionally slow months.
Short sales quickly became irrelevant when lenders figured out the REO market. During the next six to nine months, the REO market will also become less significant as this segment becomes statistically less relevant.
Distressed sales YTD have a median selling price of only $125,000. That’s a 27.3% discount from the non-distressed median price ($172,000). There will be fewer bargains and fewer misleading low comps. The market will be dominated by non-distressed properties.
Be sure to listen to my weekly radio show, “Real Estate Matters” Sunday mornings at 9:00 A.M. My co-host, David Alfin and I cover a wide range of real estate related topics and always have interesting guests. Find us on WNZF News Radio (1550 AM or 106.3 FM).