At the beginning of this year I had said it would be an interesting year for Real Estate in the area. It’s no secret that Real Estate has had it’s challenges in the area over the last few years, but this year has shown some great positives. First, ‘the market’ when it comes to Real Estate can not be lumped all into one category. ‘The market’ is broken into four main categories:
- Residential Homes
Each will perform differently. The primary segment that I focus on when posting local market data monthly on my website www.PalmCoastHomeShow.com is the Residential Housing market segment. This is often the best guage of performance in the area.
If we look at just Palm Coast alone, there are some great positives that have come out of this year:
- The total number of residential houses sold through 11/30/2009 were 1,180. In comparison to the same period in 2008, that number is +10%.
- The total number of residential houses for sale as of 12/11/2009 is 1,015. This is significantly lower to the last few years.
- The average number of closings for residential houses this year through 11/30/2009 is 107/month. This is also slightly higher than the last few years when we were averaging just below 100/month.
The big question always is . . . price. Average and median prices for sold properties in Palm Coast are down compared to last year at -15% and -16% respectively. The important things to keep in mind in regards to price is that price does not recover until number of sales increase/stabilize, inventories reduce, and price will react about a year a part from number of sales. All of which depends upon stabilization. Also, every house and property is unique and ‘market value’ depends on a variety of factors for each. If you are thinking of selling, feel free to call me for a personal property market analysis.
So what is the outlook for 2010 in the area? I’m not one for speculation to be honest. There is no ‘crystal ball’ even though we often wish their was. My outlook is positive based upon the steady increases in the number of sales and reduction of inventories. All of which points to signs of stabilization which can position the area for future steady gains. ‘Short Sale’ (selling where the property can only sell for less than what is owed) situations still account for about 30% of all residential houses for sale in Flagler County and about 36% for Palm Coast. These properties tend to take longer to close and are pre-foreclosure situations. Foreclosures are actually very low in terms of number for sale through local Realtors and have moved at a fraction of the time of normal sales (Days on the Market). In the event more foreclosures enter the market for sale, they are often very attractive to prospective buyers and move fairly quickly in the area.
Time will tell, and 2010 should be another very interesting year. National and state average interest rates still remain slightly below 5% and buyers are showing clear interest in the area. Flagler County & Palm Coast are very attractive areas for relocation and will be for years to come in my opinion. It’s a great area with so much to offer and whether it’s a move within the area or new residents, it’s always exciting and a great pleasure to be a part of such an exciting time in others’ lives and sharing our town with them.
Merry Christmas & Happy Holidays to all. Enjoy the season.
Kathleen West, Realtor – Trademark Realty Group of Palm Coast
*Disclaimer: Statistics based upon the Flagler County Association of Realtors MLS as of 12/11/2009 for Residential Houses. Information may be deemed reliable, but is not guaranteed