Palm Coast State of The Market 6/24/10

Everyone is continuing to keep an eye on the housing market nationally and locally to see the effect of the Tax Credit program which ended in April.  The terms of the program were that contracts needed to be signed by 4/30/10 and closing occur no later than 6/30/10.  Realistically, many of those closings would have occurred in May for contracts signed in April.  So June and July are key months to look at in reagrds to impacts.  We are still seeing strong numbers in the area compared to 2009 in Palm Coast which comprises the majority of the activity in the Flagler County area.  Here’s a breakdown through 6/24/10 for Palm Coast Residential Home Sales:

Year-to-Date

2010            2009        Difference

# of Sales: 621              553            +12%

Median Sold $ $129,000      $136,000        -6%

Avg DOM 206              205             —

June 2010

2010            2009         Difference

# of Sales 110                92             +19%

Median Sold $ $135,755      $136,000       —–

Avg DOM 192              241             -20%

As you can see, we are seeing very positive gains in terms of the number of home sales in the area both this year and for June so far.  One notable point that many look at is the median home sold price to base prices.  This number is derived from the ‘in between’ of the number of the highest and lowest sold.  What is driving this number is the change in the price area customers are buying at which has changed from last year.  Take a look at the graph below:

As you can see there has been a significant shift in the number of sales by price bracket.  In 2009, the peak was at the up to $140,000 range and has shifted downward to the up to $120,000 range for 2010 so far.

This will continue to be an interesting summer for Real Estate in the area.  We are continuing to see very positive signs in the area which I believe will continue. Again, we are seeing minimal foreclosures offered for sale through our MLS and the double-digit increases in the number of home sales is always a great sign.

Disclaimer: Statistics based upon the Flagler County Association of Realtors MLS through 6/24/2010.  Information is deemed reliable but not guarnteed.