- November 25, 2024
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November Flagler County home sales were up 29.9% over one year ago. The dollar value of sales was up 22.9% over the same period. But the $112,500 median selling price was down 9.2% from last November.
Over half of all homes sold were distressed properties — lender-owned or short sales. The median selling price of nondistressed homes was $140,000. Nondistressed sales are more representative of intrinsic value. In a “normal” market, distressed sales represent only a small fraction of all sales.
The percentage of distressed properties varies from community to community. The tables above show a correlation between the number of distressed properties and the level of sales activity.
The higher the percentage of distressed properties, the higher the sales activity.
Absorption rate is derived by dividing the number of properties listed for sale (inventory) by the number sold per month. It’s generally believed that the absorption rate tells us if we are in a sellers’ market, a buyers’ market, or a normal market.
A sellers’ market has an absorption rate of 1 to 4; normal is 5 to 6; and a buyers’ market is 7 or greater. All sales data reported is from Flagler County MLS. Overall, the absorption rate for Flagler homes is 8.2.
