Over the past 2 years we have seen a very dramatic, and very positive, change in local market conditions. The average number of days on the market is down below 100 days in Palm Coast and slightly over 100 in all of Flagler County year-to-date. We continue to see the number of residential home sales exceeding the previous year’s number, and are currently 3% above 2012 through September. And the number of homes for sale is way down with 839 in Flagler County and 599 in Palm Coast. And cash sales continue to dominate the market at about 54% of all residential home sales in Flagler County.
The most noticeable, and perhaps the biggest positive, is the disappearance of short sales. Short Sales have typically comprised over 35% of all homes for sales and all homes sold in the area over the last couple years. The large number were a clear sign of a distressed market. But that picture has changed with only 38 currently on the market in all of Flagler County.
So what’s the market look like going forward now in Flagler County? If conditions remain similar to today, very bright. And as much as many buyers hate hearing this phrase, it could not be more true than right now . . . now is the time to buy if you were planning to. Listing prices and median sales prices are creeping up and will most likely continue on that steady trend. With the average number of days on the market in 100 day range combined with the number of sales up and the inventory low, buyers truly can’t afford to wait to make offers if they find the home they are very interested in. There is the very likelihood that someone else is right behind you waiting to make an offer.
So what should sellers expect? The first thing sellers should always do is price the home right. Playing around with pricing and speculating typically ends up costing sellers quite a bit more in the long run because the home stays on the market far longer than it should have if priced correctly from the beginning. Just because prices are trending up, inventory is down, and demand is up doesn’t mean that sellers should expect to be able to get an unrealistic purchase price for their home. Buyers are far more savvy today and have a great deal more information available to them to make smart offers along with the fact that in financing situations the property must be able to appraise.
For more local market statistics, visit the Market Reports Page.
What questions do yo have about the local market?