- November 25, 2024
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Palm Coast and Flagler County’s real estate market chugged along in October, demonstrating little change compared with recent months: 124 single-family homes were sold via the Multiple Listing Service in October; down by 11 from September, but up by one when compared to a year ago. October’s median selling price for existing residential homes was $124,450, up 8.9% from September but off by 2.8% from one year ago.
The underlying strength of the local market is shown by the year-to-date gains in both the number of homes sold and the total value of those sales: 1,230 homes were sold during the first 10 months of 2010 compared to 1,345 this year, a 9.3% increase. Even though median selling prices have been slightly lower than in 2010, the total value of sales in the first 10 months of 2011 was $212.5 million, compared to $202.5 million during the same period last year, an increase of 4.9%. Remember too, unlike last year, there were no artificial first-time homebuyer tax credits to stimulate this year’s sales.
Seasonal market
Signs of a slowdown are becoming apparent. Brokers and agents report that fewer prospects are walking through their doors. The inventory of homes listed for sale on MLS has risen slightly. It’s above 1,000 again for the first time since September. On the plus side, the number of homes under contract remains above 500.
The slowdown is not unexpected. Palm Coast’s real estate market is seasonal. In the past seven years, the month with the fewest homes reported sold in Flagler County has been January five times and February twice. MLS reports only closed sales. Sales close several weeks or months after the buyer and seller sign a sales contract. And don’t forget the time buyers spend looking before selecting a purchase. So the present slowdown in buyer activity fits in with the anticipated January and February lows.
Condominium market
In troubled condominium communities, each distressed (bank-owned or short sale) unit purchased helps the association become more fiscally sound, which reduces the risk to new buyers, resulting in increased demand. The cycle, once begun, tends to be self-generating and self-fulfilling.
Tidelands is experiencing a mini-boom. The number of unit owners not paying their association fee has dropped by one third since the first of the year. There are only 20 units listed for sale via MLS. That’s less than four months of sales inventory at current pricing.
At European Village, keyed access to elevators has reportedly eliminated the transient visitor problem. The courtyard has been newly landscaped and the exterior pressure washed.
The city of Palm Coast will host a free live concert at European Village featuring the acoustic rock sounds of Old Haw Creek 7-10 p.m. Friday, Nov. 18. This will be a great opportunity to see European Village’s new look.
