Florida Real Estate News for Palm Coast and Flagler County Florida
Facebook | Twitter | LinkedIn | Contact      
Menu

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.

By Toby Tobin
Comments (1)   |    Add a Comment

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.

Flagler County homes sold and median prices

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.


Toby Tobin: REALTOR®, SRES®

I am a Florida licensed REALTOR®, SRES®, affiliated with Grand Living Realty in Palm Coast, Fla. I have years of experience and a treasure trove of relevant analytics. By consulting with me, developers, builders, homebuyers, and sellers achieve improved outcomes and reduced stress, knowing that their real estate decisions are fact-based.

Call me at (386) 931-7124 or email me at Toby@GoToby.com.

Listen to my radio show, Real Estate Mattersevery Saturday morning right after the 11:00 A.M. news break on WNZF News Radio 1550 AM or 94.9 FM. Download the Flagler Radio App from the App Store so you can hear Real Estate Matters anywhere in the world.

reader comments
New development behind Imagine school in Town Cent
Posted by John Kent
Dec 17, 2018, 9:55 pm
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?

 
add a comment
All fields are required.
Name:
Email: (not displayed)
Address: (not displayed)
Phone: (not displayed)
Comment Title:
Comments:
Security Word:
Not readable? Change text.

Please Note:
Comments are screened for appropriateness, delaying posting of your comment.
Comments containing hyperlinks are blocked.

   

 
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.