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Newsletter: Foreclosures and Foreclosure Inventory Falling in Flagler County

Thirty new foreclosure filings during October represent the lowest number of new filings since June 2006. Eighty-six foreclosures were completed in October. There are 851 open cases in the county.

By Toby Tobin

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.

October results:

  • 168 single-family Flagler County homes sales were reported closed through Flagler MLS during October. This represents a nominal 3.7% increase over October 2013.
  • The median selling price for single-family homes was $154,871, essentially the same as one year ago ($156,500).
  • 88 homes were sold for all cash, up 18.9% from one year ago.
  • Short sales, at ten, represented only 6.0% of all sales vs. 9.3% one year ago. The median selling price for short sales was $115,000.
  • Foreclosed sales (REO) rose from 37 in October 2013 to 45. They represented 26.8% of all sales compared to 22.8% one year ago. The median selling price for REO sales was $122,500.
  • Non-distressed sales accounted for 67.3% of all sales, essentially equal to 67.9% one year ago. The median selling price for non-distressed sales was $170,600 vs. $180,000 in October 2013.

YTD results (through October):

  • 1,795 homes were sold this year through October, up an insignificant 1.2% from 1,774 sold through the same period last year.
  • The median selling price rose 7.4% to $155,000 this year from $144,300 one year ago.
  • Cash sales in 2014 YTD are down 9.9% from one year ago.
  • Short sales YTD have decreased 62.4% year-over-year.
  • YTD REO sales have increased 21.1%.
  • Non-distressed sales are up 9.5% year-over-year. The median selling price has risen 4.2% from $165,000 to $172,000.

Conclusions:

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.

Good news:

  • The new Long Creek Nature Preserve has opened. The November 3rd ribbon cutting was attended by about 100 people.
  • Demolition and site development work have begun at both the new Chick fil A site at the corner of Palm Coast Pkwy and Boulder Rock Drive and at Island Walk (replacing the Palm Harbor Shopping Center).
  • Building permits were issued for the Apartments on Landing Blvd, behind Target in Town Center.
  • 56 single-family building permits were issued during October. SFR building permits are up 25.2% YTD over the same period a year ago.
  • A large crowd turned out at Town Center October 29th for the ground breaking for Palm Coast’s new city hall.

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).

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Don "Toby" Tobin is a licensed real estate professional affiliated with Grand Living Realty. 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.