2016 was the first year since 2009 that Flagler County did not see homes flat or exceed the previous year’s performance. The area saw about a 3% decline with a total of 2,240 homes sold versus the 2,318 in 2015. Only 5 months saw sales out performance the same month the previous year. Median home price of residential house sales rose around 15% compared to 2015 and this rapid escalation of prices most likely played a significant role in edging the number of sales down for the year.
There are some positives as we move forward. Inventories remain significantly low and the number of distressed inventory is virtually non-existent. We should expect to see some flattening in regards to the rise in price and values. Double-digit gains are very difficult to support long-term and it’s typically clear sign of a slow-down on that front once demand slows.Check Out The Latest Market Stats
For sellers, this means in order to have a successful sale you will want to be realistic about selling price. It is often very easy to fall into the trap of times when prices rise quickly to price to high. Speculating over-pricing is almost always a major contributor to a property remaining on the market for a lengthy period of time which can be a costly situation.Find Out How Much Your Home Is Worth
For buyers, low inventories and the fact interest rates are rising means you should be ready to act fast. It is a time to be ready and have your finances sured-up as other buyers are also motivated. Waiting could be costly in terms of home price and interest rates that are both on the rise.Start Your Home Search