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Palm Coast and Flagler 1stQ Real Estate Analysis

Short sales no longer a factor. REOs are declining as a percentage of all sales. Cash sales are down slightly. Inventory is down 8.9%. Generally, the market continues to get healthier.

By Toby Tobin

Palm Coast, FL – April 21, 2015 – As some parts of the country are talking about a housing market slowdown, the Flagler County and Palm Coast housing market continues to plug along in positive territory by all measures.

Single-family Homes

  • The first quarter of 2015 saw 483 Flagler County single-family homes sold through Flagler’s Multiple Listing Service (MLS). That’s a 9.0% increase from 2014’s first quarter.
  • The median selling price of homes sold in the first quarter of 2015 was $160,000, up 9.6% from one year ago.
  • 46.6% of homes sold in the first quarter of 2015 were cash sales, down from 49.4% one year ago.
  • Only 20 first quarter home sales were short sales, representing 4.1% of all sales. They sold at a median price of $120,000 and made up only 2.3% of the aggregate sales value. Only one short sale closing has been reported during April (through mid-month).
  • REO (or lender-owned) sales are gradually declining, representing 23.4% of homes sold vs. 30.5% in the first quarter of 2014.  REO median selling prices are discounted 21.6% from non-distressed median selling prices.
  • Distressed homes comprise only 9.1% of all current listings.
  • Non-distressed home sales (350) were up 29.2% in the first quarter compared to 271 non-distressed sales last year (1stQ). Yet the median selling price for non-distresses rose only 1.2% year-over-year. This indicates that most of the overall 9.6% median price increase was caused by the shift in sales mix. Non-distressed sales were up and distressed sales down.
  • While non-distressed homes comprised only 72.5% of the homes sold in the 1stQ, they accounted for 80.3% of the dollar volume.
  • 131 single-family home building permits were issued 1stQ, up a mere 3.1% from one year ago.
  • The inventory of single-family homes listed for sale is down 8.9% year-over-year. Based on the average number of sales over the quarter, today’s inventory represent slightly less than 6 months of sales. This number is also referred to as the absorption rate. This is generally considered a healthy normal market.

Segmenting the market gives a truer picture. The real action is at the lower segment of the market; homes under $200,000. Only 313 homes are listed for less than $200,000, but an average 111 per month are sold for less than $200,000. The absorption rate in that segment is a very low 2.8.

Median home price vs number of homes sold - Flagler County

Foreclosures

  • All measures of foreclosure activity are headed in the right direction.
  • 119 new foreclosures were filed in the 1stQ, down 39.6% year-over-year.
  • 133 foreclosures were completed, compared to 239 in the same period one year ago representing a 44.4% decrease.
  • There are 685 open foreclosure cases in Flagler County, down from 997 only eight months ago.

foreclosures - Flagler County

 

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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.