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Palm Coast State of the Market 7/10/2010

10 Jul

The common question today is how is ‘the market’ now that the tax credit for new contracts has expired?  Remember to qualify for the tax credit the buyer must have signed the contract by April 30, 2010 and closed by June 10, 2010 with the closing date date extended now to accomodate short sales.  Since most sales will close within 30 days, May was a real focus as an indicator of the impact of the tax credit and June to a point.  So how is the market?  Still holding strong in the area.  Let’s take a look at the Palm Coast Residential Home statistics:

Sales

June 2010          June 2009       %Difference

# of Closings                 135                 131                   +3%

Avg. Sold Price            $155,685           $164,479            -6%

Median Sold Price        $135,000           $138,000            -2%

So we are still seeing positive gains in the number of sales which is a continued trend over the last two years and that’s always a great sign.  The average and median prices, again, are seeing slight dips but the single digit drops are a very postive sign compared to the double digit drops from the last few years and indicate stabilization.

Pending sales have been getting a great deal of news as well.  Palm Coast currently has 130 pending home sales and this is about average for this time of year.  The average list price for these pending sales is $$185,803 and the median list price is $140,000.  Again, positive numbers for the area.

In terms of active homes for sale in Palm Coast, there are 1034 homes for sale with an average list price of $223,803 and a meidan list price of $169,000.  Short Sale comprise 36% of the homes for sale and foreclosures comprise 3%.  This has been the average for some time now and not much change in the area of actives.

So all in all we are seeing the market in the area stabilizing and positive response to all that Palm Coast has to offer.  It’s been a great year in the area and we’re only half way through!

Remember, you can easily search for properties in the Palm Coast area at www.PalmCoastHomeShow.com and even start your search in simple ways such as:

Create a PalmCoastHomeShow.com account and manage your property search with powerful features such as:

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  • Save multiple custom searches unqiue to you
  • Get email alerts for properties meeting your specific criteria
  • Easily set up showings or request more information on a property

Or call me today to get started on the road to your new dream home in Palm Coast, FL.

Kathleen West, Realtor
Trademark Realty Group of Palm Coast

2 Pine Lakes Parkway, Suite 1
Palm Coast, FL  32137
Office: (386) 446-5930
Email:  Kathleen@PalmCoastHomeShow.com
www.PalmCoastHomeShow.com
“Bringing Real Estate to Life”

Become a fan of the Palm coast Home Show on FacebookGet the Palm Coast Home Show on Your IPhone *After Downloading the MyAgent App,
enter ‘Agent Code’ 4082 and you’re set!

 
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Posted by on July 10, 2010 in Buyer Advice, General, Local Market Reports, Real Estate News, Seller Advice

 

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Palm Coast State of The Market 6/24/10

28 Jun

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:

Palm Coast Home Sales

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.

Kathleen West, Realtor

Trademark Realty Group of Palm Coast

2 Pine Lakes Parkway, Suite 1
Palm Coast, FL  32137
Office: (386) 446-5930
Email:  Kathleen@PalmCoastHomeShow.com
www.PalmCoastHomeShow.com
“Bringing Real Estate to Life”

Become a fan of the Palm coast Home Show on FacebookGet the Palm Coast Home Show on Your IPhone
*After Downloading the MyAgent App,
enter ‘Agent Code’ 4082 and you’re set!

 
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Posted by on June 28, 2010 in General, Local Market Reports

 

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2010 Flagler County Housing Market Sees 17% Gain

07 May

Through April of this year, the number of Flagler County residential homes sold has risen 17% compared to the same period in 2009.  This period in 2009 saw 378 homes sold with 2010 seeing 442.  83% of those sales were up to $209,000 compared to 81% in 2009.  Median price during these periods saw a decline 7% which was driven by the increase in the rise in the number of lower priced homes being sold. See the price bracket breakdown below.

The number of homes for sale today remains significantly lower than the level it has been over the last few years.  There are currently 1,318 homes active for sale in Flagler County which was typically up around 2,000 over the last few years.  Of the homes for sale on the market today, the average Days on the Market has been 214 days.  Interstingly enough, of the up-to-$209,000 price bracket (the largest price bracket sales contribution) represents only 48% of the homes listed for sale today. 

All of these are very positive indicators for the area housing market.  The increase in demand, coupled with slowing declines in median price, and decreases in the number of homes for sale all point towards stabilization.  Since 2009 we began seeing year-over-year increase in the number of homes sold and very low foreclosure contirbutions (about 1%) for both number listed and sold.  Short Sales remain considerbale and continue to comprise about 36% of the market for both sold and listed. 

2010 Breakdown of Homes Sold In Flagler County 1/1/10-4/30/10 

Price Range Count
   
$40,000 - $49,999 2
$50,000 - $59,999 2
$60,000 - $69,999 6
$70,000 - $79,999 12
$80,000 - $89,999 24
$90,000 - $99,999 26
$100,000 - $109,999 35
$110,000 - $119,999 50
$120,000 - $129,999 57
$130,000 - $139,999 37
$140,000 - $149,999 26
$150,000 - $159,999 28
$160,000 - $169,999 16
$170,000 - $179,999 17
$180,000 - $189,999 12
$190,000 - $199,999 7
$200,000 - $209,999 10
$210,000 - $219,999 9
$220,000 - $229,999 8
$230,000 - $239,999 1
$240,000 - $249,999 4
$250,000 - $259,999 7
$260,000 - $269,999 2
$270,000 - $279,999 5
$280,000 - $289,999 6
$290,000 - $299,999 5
$300,000 - $309,999 3
$310,000 - $319,999 2
$320,000 - $329,999 2
$330,000 - $339,999 1
$340,000 - $349,999 2
$380,000 - $389,999 1
$400,000 - $409,999 3
$410,000 - $419,999 1
$430,000 - $439,999 1
$500,000 - $509,999 1
$510,000 - $519,999 1
$550,000 - $559,999 2
$560,000 - $569,999 1
$570,000 - $579,999 1
$590,000 - $599,999 1
$650,000 - $659,999 1
$670,000 - $679,999 1
$710,000 - $719,999 1
$770,000 - $779,999 1
$980,000 - $989,999 1
   
Totals: 442

 

*Disclaimer: All statistics are from the Flagler County Association of Realtors MLS as of 5/6/2010.  Information may be deemed reliable but not guaranteed.

Kathleen West, Realtor

Trademark Realty Group of Palm Coast

2 Pine Lakes Parkway, Suite 1
Palm Coast, FL  32137
Office: (386) 446-5930
Email:  Kathleen@PalmCoastHomeShow.com
www.PalmCoastHomeShow.com
“Bringing Real Estate to Life”

Become a fan of the Palm coast Home Show on FacebookGet the Palm Coast Home Show on Your IPhone 

 
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Posted by on May 7, 2010 in Buyer Advice, General, Local Market Reports, Real Estate News, Seller Advice

 

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Last Month For the Home Buyer Tax Credit

03 Apr

For buyers searching for their next home, we are in the final stretch to take advantage of the Home Buyer Tax Credit.  To qualify for this credit, the contract must be signed by April 30th and close by June 30th or this year.  It’s important to understand that an offer made by April 30th does not qualify.  The offer must be accepted and signed off on (creating an binding sales contract) by April 30th.

What is the Tax Credit?  There are two types:

1.  First Time Home Buyers – This credit applies to buyers of a principal residence and have not purchased a property in the last 3 years.  The credit is equal to 10% of the purchase price up to a maximum of $8,000.

2.  Repeat Buyers – This credit applies to home buyers who has a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.  This credit is equal to 10% of the purchase price up to a maximum of $6,500.

Obviously this is a great opportunity for buyers today.  There are few questions I’ve been asked about this program that I wanted  to touch on:

Q: Will the program be extended?

A:  There is no indication at this time that the Federal Government will extend this historic program.

Q: What are my options if I don’t find a property and have a contract by April 30th?

A:  First, no one should make a ‘rash decision’ when buying a home.   Homes will obviously still be available for sale and the goal is to find the house the meets your lifestyle and financial needs while insuring you get the best financial benefit for your investment.  The Tax Credit has been an added ‘bonus’.

Q: What will this mean if my house is listed for sale?

A:  Some sellers have expressed concern that the ending of the tax credit will impact the list price and/or length of time to sell.  This concern comes from speculation that the growing demand we’ve seen lately will decline or disappear all together.  First, it is difficult to say exactly how much of a motivator the tax credit has had on the buying decision as of late.  I’m sure it has had some impact on buyers who have purchased and we may see some decline in demand, but time will tell.  Keep in mind that buying a home is a big decision for someone and one that people do not take lightly.  They consider a great number of factors when making the buying decision.  Selling a home is a process (the formula I use is ‘Priced Right + Great Presentation to the Widest Possible Buyer Audience =>Showing => Offers and Negotiation => Sold’) and you ‘stay the course’ in the sales process.

Q: What will this mean for the overall market?

A: Local real estate markets are all different and perform vastly different based upon a variety of local economic factors.  We have been fortunate to see a significant increase in demand and a reduction in the number of homes for sale which in turn has slowed the decline in median sales prices significantly from the double-digit declines we were seeing over the last few years.  Demand and levels of inventory are the most important factors to continuing on the ‘stabilization’ path and the ‘road’ back to more normal market performances.  This does not mean a V-shaped recovery of median prices.  We look for a return to the normal (and healthy) single digit appreciations year to year.

All in all, the ending of the tax credit will likely have an impact on real estate markets.  The extent of which is yet to be seen.  The Palm Coast and Flagler County area has the benefit of being a relocation area which many are attracted to.  We are a growing area and I personally do not see that changing.  We are somewhat dependent on other markets and their performance (the ability for outsiders to buy here that are dependent on selling elsewhere), and again time will tell how that factor plays out.  For me it’s time to ‘stay the course’.

 
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Posted by on April 3, 2010 in Buyer Advice, Real Estate News, Seller Advice

 

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Palm Coast & Flagler County Real Estate Outlook For 2010

18 Jan

I am often asked what I think will happen over the next year in Real Estate in the area.  We all wish we had a crystal ball to see into the future.  This is especially true in the Real Estate word over the last few years.  The only thing we can do is look at the data, activities, and trends to get a perspective on the upcoming year.  My outlook based upon these areas is very positive for the area when it comes to residential home sales.  Let’s take a look:

Number of Sales of Residential Homes

2009 finished at about 10% higher than 2008 for the number of residential homes sold, and finished at about 107 sold/month (closed).  2008 was right around 100/month sold.  2008 was also slightly higher than 2007 in the total number of homes sold.  So we are seeing a positive upward trend in the quantity of homes sold in the area.  As of January 16, 2010 we have 29 residential homes closed in Palm Coast and 33 for Flagler County.  This slightly up from the same period last year when there were 25 and 28 closings respectively for the area.  Seeing as though many closings occur at the end of the month, January stands to be a good start to the beginning of the year.

Will we see an increase in demand in the area?  Again, all indicators are positive.  Our area is primarily a relocation area and we are impacted by the ability and desire of people throughout the country to move here.  I can tell you that calls are already coming in by those out-of-state interested in relocating to the area especially after the weather they were impacted with this winter.

Price

Prices remains a big focus for buyers and sellers alike.  Average and median prices saw about a 15% drop in 2009 for residential houses in the area compared to 2008.  Price is an area that gets confusing when it comes to individual homes.  Do those numbers mean that every home in Flagler County and Palm Coast dropped 15% in value?  No.  ’Value’ of individual homes fluctuate over time and that value is impacted by factors that are unique to each home.  For example, if we break down specific neighborhoods in the area for activity you will see those average and median prices can be vastly different in performance.  There are also other factors which include things such as size, age, frontage (i.e. water), upgrades, condition, etc. which play into the value of an individual home.  It is always important to NOT ASSUME and get aComparable Market Analysis for your particular home if you are interested in selling.

Short Sales

Short sales are the situation where the property can only sell for an amount lower than what is owed and is a pre-foreclosure situation.  Right now they comprise about 35% of all homes listed for sale in Palm Coast and therefore are a significant amount in terms of the homes for sale.  These closings tend to take more time because of the review process and the goal of the lender to reduce the loss and resolve how the difference will be handled with the owner.  Currently there is new legislation (HAFA) which is designed to standardize the process with lenders and ‘speed-up’ the approval times.  This is right now in it’s ‘infancy’ and this year should tell whether it will have the desired results or not.

Again, Short Sales are pre-foreclosure situations and if these properties are unable to be sold then they could add to the number of foreclosures for sale in the area.  The positive is that although Short Sale scenarios contribute about 35% all of all homes for sale, they contributed 43% of homes sold in Palm Coast in 2009.

Foreclosures

Foreclosures are obviously a hot topic when it comes to Real Estate.  Foreclosures when it came to residential home sales in the Flagler county and Palm Coast area were actually very minimal in 2009.  Of the 1,414 homes which sold in 2009 through local Realtors in Flagler County only 15% of those were Foreclosures.  They also sold at an average of 53 days on the market compared to 149 days for all homes.  Currently there are only 19 foreclosure homes available for sale through local Realtors.

The question remains what that will look like this coming year?  Do banks have inventory of foreclosure homes that they have not posted for sale?  The answers are not really clear and there is anticipation that the number offered for sale will increase this year.  As the area’s past performance has shown, any increases should sell through rather quickly if so.

Although foreclosures tend to be great buys for buyers they have a downside to the overall market.  For one they create competition for other sellers who are left competing against properties which are typically priced below market value. Foreclosures can also dampen the ability for overall price to recover in the area since again they typically sell for a much lower amount compared to more normal market climates.  There is also the question of how many of the 30-some percent of short sale homes for sale would possibly become foreclosures.  The bottom line to foreclosures is that if they do increase in the area, the goal is to sell through them quickly and we have seen great performance in the area in that regard.

Click here to view an up-to-date list of foreclosure homes for sale in the area.

To sum it all up, I see 2010 being a very positive time in Real Estate in the Flagler County and Palm Coast areas.  Many may say that I would cite the positives just because I am a Realtor, but you really just have to look at the numbers to see that we are seeing some great overall trends.  Steady increases in the total number of sales year-over-year and steady reductions in overall inventory are always positives.  There are some challenges still ahead in terms of Short Sales especially and time will tell in terms of the impact of recent legislation and it’s ability to streamline and/or improve he process there.  As I said at the beginning of 2009 and the same is true fro 2010, it will be an interesting year for Real Estate in the area.

Click here for the latest Market Report for Flagler County and Palm Coast, FL.

Kathleen West, Realtor

Trademark Realty Group of Palm Coast

2 Pine Lakes Parkway, Suite 1
Palm Coast, FL  32137
Office: (386) 446-5930
Email:  Kathleen@PalmCoastHomeShow.com
www.PalmCoastHomeShow.com
“Bringing Real Estate to Life”

Become a fan of the Palm coast Home Show on FacebookGet the Palm Coast Home Show on Your IPhone
*After Downloading the MyAgent App,
enter ‘Agent Code’ 4082 and you’re set!

 
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Posted by on January 18, 2010 in Buyer Advice, Local Market Reports, Real Estate News, Seller Advice

 

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