Flagler Co. and Palm Coast November Real Estate Wrap-up
While the U.S. real estate market is slowing down, our local market continues to show strength.
PALM COAST, FL – December 10, 2018 — While the U.S. real estate market is slowing down, our local market continues to show strength. The number of U.S. single-family homes sold in 2018 has been less than the number sold in 2017 in all but one of the past seven months. Locally, home sales have exceeded comparable 2017 sales in all but one of the past 11 months.
Most active markets in the country have met or surpassed levels reached in 2016 at the peak of the bubble. Flagler County prices remain below their peak, reached in December 2005, months before the market in the rest of the country tanked. Keep in mind that Flagler County and Palm Coast were at the epicenter of the real estate bubble as the fastest growing county and city respectively for two years in a row. We had a much deeper hole out of which to climb.
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One of the characteristics of the bubble was the dominance in the market of speculators, those with only one goal, to flip the 100%-financed property (or even a contract to purchase) to the like-minded speculator behind them in line. Today’s market consists of end-users. The rare Flagler flipper is now different, buying distressed or depressed homes with cash, improving them to meet current market standards, then selling them or renting them long-term.
One month does not make a trend. Flagler’s total market of about 200 home sales per month is not statistically significant. Having said that, let’s look at November stats. Source: Flagler County MLS – Flagler addresses only.
November 2018 vs 2017
Homes Sold
- 2017 – 158
- 2018 – 191 – Up 20.9%
Median Price
- 2017 – $209,450
- 2018 – $218,000 – Up 4.1%
Price/Square Foot
- 2017 – $123.23
- 2018 – $135.55 – Up 10.0%
Total Sales
- 2017 – $39,363,001
- 2018 – $52,586,267 – Up 33.6%
Single-family Building Permits
- 2017 – 96
- 2018 – 75 – Down 21.8%
Duplex Building Permits
- 2017 – 6
- 2018 – 4 – Down 33.3%
New Foreclosures
- 2017 – 13
- 2018 – 26 – Up 100%
Foreclosure Completions
- 2017 – 5
- 2018 – 16 – Up 320%
Year to Date Through November
Home Sales
- 2017 – 2,124
- 2018 – 2,300 – Up 8.3%
Median Price
- 2017 – $215,000
- 2018 – $226,750 – Up 5.5%
Price/Square Foot
- 2017 – $125.59
- 2018 – $131.63 – Up 4.8%
Total Sales
- 2017 – $548,058,179
- 2018 – $621,268,886 – Up 13.6%
Single-family Building Permits
- 20017 – 877
- 2018 – 1,073 – Up 22.3%
Duplex Building Permits
- 2017 – 28
- 2018 – 79 – Up 82.1%
New Foreclosures
- 2017 – 236
- 2018 – 239 – Up 1.3%
Foreclosure Completions
- 2017 – 182
- 2018 – 134 – Down 26.4%
Coming Soon?
There are three apartment complexes totaling more than 500 units in the planning/permitting stages; one in Bunnell on SR 100 and two in Town Center.
Look for a new Storquest Express Self-storage facility on Old Kings Road north of Matanzas High School
Look for a new Circle K in the Shoppes at Palm Coast (next to Aldi on SR 100). Gate Petroleum once planned to build here but pulled out.
New development behind Imagine school in Town Cent
Do you know what is it being in works on the field right behind Imagine school in Town Center? The trucks have been bringing fill dirt last week but neither fence nor sign was put up there.
That school wasn’t permitted properly, not sufficient road access, almost every parent brings child to and picks from school creates a mess on the road. Once that field is being developed for whatever homes what they are going to do about that school?