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.
May 12, 2014 – For the second consecutive month, both the number of Flagler County homes sales (as reported by MLS) and the total value of those sales fell below levels of one year ago. But the March/April median selling price of $151,000, was 8.4% higher than for the same two month period last year. For this year through April, fewer Flagler County homes have sold than during the same period one year ago.
April 7, 2014 – The steady increase in the number of homes sold via MLS in Flagler County year-over-year has apparently come to an end. The number of homes sold during the quarter ending March 31, 2014 was down 6.7% from the same period last year. But the median selling price this past quarter was up 29.8% from 2013.The average price paid per square foot was also up, increasing by 13.1%. Aggregate sales increased 10.7%.
March 10, 2014 – Short sales are quickly becoming a non-factor, representing only 4.7% of Flagler County February home sales and 5.7% of active home listings. Foreclosed sales (sold by lenders after taking them back through a foreclosure sale – also commonly referred to as REO), however, remain brisk.
February 14, 2014 – Palm Coast and Flagler county home sales plummeted 26.5% from December to January. So what? Fewer homes were sold in January than in the previous December in each of the past seven years. Actually, home sales remain positive. 6.1% more homes were sold in January than during the same month a year ago. The aggregate value of those sales rose 11.1%.
January 24, 2014 – National and Florida Realtors® have published their December residential sales results. How does the Flagler/Palm Coast market stack up? You might be surprised to learn that Flagler County continues to be a lower cost place to buy a single-family home when compared to the overall Florida and national markets.
January 10, 2014 – 2013 was a positive year for both realtors and their clients. The inventory of distressed properties continued to shrink throughout the year. For the first time since 2005, prices are on the rise. Single-family building permits doubled from the previous year and builders are complaining about shortages in both materials and skilled labor. Buyers and sellers realized that it was no longer a buyers’ market. That realization fueled competition for desirable (well priced) homes and condos which, in turn, led to price appreciation.
November 21, 2013 –Non-distressed sales continue to make up a higher percentage of local home sales and are beginning to dominate in aggregate sales volume as the Palm Coast and Flagler County real estate market slows during its slow season (November, December and January as measured by MLS closings).