December 14, 2015 – Year end housing market statistics will be warped this year. The Consumer Financial Protection Bureau’s new “Know Before You Owe” TILA-RESPA Integrated Disclosures Rule (TRID), mandated by the Dodd-Frank Bill, has increased the time for loan initiations and closings by an estimated 15 days. Delayed closings involving mortgages during the final months of the year will artificially lower reported housing sales.
Aside from the TILA-RESPA induced slowdown in closings, the Palm
November 16, 2015 – The Palm Coast and Flagler County housing market is doing very well. So too is the local economy. As in previous months, all indicators are positive.
September 14, 2015 – The health of Flagler County’s housing market is revealed by the accelerating drop in the number of distressed (REO and short sales) home sales. Distressed sales accounted for more than half of Flagler County’s single-family residential home sales (as reported through MLS) for three years running (2009 to 2011). In 2015 year-to-date through August, that percentage has dropped to 22.3%.
August 18, 2015 – The total value of single-family Flagler MLS home sales in July exceeded $50M, the highest level since June 2006 and 502% above the January 2008 low. Still, the July total remains 41% below the June 2005 peak. How so?
July 8, 2015 – The Palm Coast and Flagler County real estate market is in full recovery mode. That fact is undeniable. The numbers are simply too good. Every indicator is headed in the right direction and the “buzz on the street” indicates no slowing down.
June 17, 2015 – The positive trend in the Flagler County real estate market continues with fewer distressed sales. Short sales comprised 41.5% of all local single-family home sales in 2009. That measure dropped to 1.9% in May. May was very positive with slightly more homes sold, higher median prices, fewer distressed sales, fewer new foreclosures, fewer foreclosure completions and more building permits for new homes.
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.
January 21, 2015 – 2014 was a good year. By all measures, the Palm Coast and Flagler County housing market is rebounding steadily from the effects of the Great Recession.
December 15, 2014 – For the first time since 2007, the percentage of Flagler County home sales comprised of distressed properties (lender-owned via foreclosure or short sale) dropped below 25%. During the depth of the Great Recession (2009 to 202), distressed properties contributed more than half of all home sales. 2007 was the first year that the Flagler MLS began to report short sales and REOs separately.
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 10, 2014 – Home prices in some areas of the country have recovered to pre-recession levels. The medial home selling price in metro Palm Coast, which includes all of Flagler County, remains nearly 40 percent below peak prices of eight years ago.
September 15, 2014 – The Palm Coast Metro (all of Flagler County) housing market continues to become more healthy. The number of homes sold remains flat year-over-year, but there are fewer distressed sales, fewer cash sales, higher gross sales, more single-family building permits, and fewer new foreclosures.
August 14, 2014 – Palm Coast’s metro housing market continues to normalize; healthy, but not too hot. Non-distressed median home selling prices are up 13.4% year-over-year to $195,000, but remain 25% below housing bubble prices. Economic news continues to improve locally. (The Palm Coast metro area comprises all of Flagler County.)
July 13, 2014 – The Palm Coast and Flagler County looks robust. The median selling price of single-family Flagler homes through MLS in June rose 13.3% to $162,500 from $144,500 one year ago. But the increase is largely due to a decline in the percentage of sales comprised of distressed properties. The number of homes selling remains essentially unchanged from a year ago. It appears that the market is getting healthier rather than stronger.
June 10, 2014 – The number of single-family Flagler County homes sold through the Multiple Listing Service, both in May and year-to-date, remained essentially unchanged from one year ago, but the market’s internal dynamics are considerably changed; the most notable being the sudden decline in short sales.