- November 23, 2024
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Palm Coast and Flagler County home sales in July continued the same pattern seen since the beginning of the year, according to statistics from the Flagler Multiple Listing Service. Single-family Flagler County home sales, buoyed by an abundance of distressed properties (short sales and lender owned sales) outpaced July 2011, rising 8.2% to 185 sold. This was the 15th consecutive month of increased year-over-year sales. 2012 year-to-date sales are 1,222, up 28.8% from the same period a year ago.
The total value of home sales is also increasing consistently. July single-family home sales totaled $28.96 million, compared to $27.08 million last July. Year-to-date sales were $187.14 million, up 22% year-over-year.
Other market indicators point to a strong housing market. The inventory of homes available for sale remains low; only 712. This represents less than four months’ worth of sales at current prices. A “normal” market is represented by about six months of inventory. By this measure alone, we are in a “seller’s market.” The median days on market for July was only 61.5 days, another sign of a seller’s market.
Yet home prices remain stubbornly stuck. Median selling prices vary from month to month, but the median selling price for single-family Flagler County homes through the first seven months was $120,000, unchanged from the first seven months of the prior year.
There is simply too much price competition from the abundance of distressed homes in the market: 48.6% of the 185 single-family homes sold were either short sales (46) or foreclosed lender-owned properties (44).
In spite of misleading media reports to the contrary, Flagler County is not the epicenter of foreclosures in the state. The clerk of court reports 104 foreclosure filings in July, the lowest number of filings in seven months. Eighty certificates of title resulting from foreclosure sales were issued during the month.
There are other bright lights, too. Palm Coast and Flagler County residents will no longer have to drive to Daytona Beach or St. Augustine to enjoy dining at Carrabba’s Italian Grill. Palm Coast has issued a development order permitting the construction of a new Carrabba’s in Cobblestone Village, next door to the new medical building (and across from Golden Corral). A site development permit was issued Aug. 6. The Palm Coast Carrabba’s will seat 234 diners within its 6,930-square-foot building and outdoor patio.
Zaxby’s, a chicken specialty restaurant chain, has submitted a site plan to the city of Palm Coast. If approved, the new restaurant will be located next door to Carrabba’s. As submitted, Zaxby’s will seat 217 diners and feature a drive thru window in a 6,392 square foot building.
