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Florida & Local Market Looking Up: The Bigger Picture

18 Jan

As I’ve said on several occasions it’s been an exciting last few years in Real Estate both locally and for Florida. Yes, I said “exciting”.  It has been because there are a great deal of positives.  All “markets” will naturally have their ups and downs.  Real Estate is no different.  What happened a few years ago was unprecedented that’s for sure.  But the good news is that we are seeing “market correction” here in Florida.  Don’t believe me?  Let’s take a look at residential house sales for Florida going back to 1994 through 2010  (stats provided by the Florida Association of Realtors):

Number of House Sales For Florida 1994 to 2010

2011 totals and are waiting on December numbers, but the state and local markets exceeded last year in terms of quantity of sales.  Notice that rise towards the end and then take a look at the level it’s getting back to.  Market correction.  Demand is important because if people aren’t buying then price can not recover.

In terms of the local market we are seeing a similar month-to-month trend in activity with slight increases each year.  2009 appears a bit strange graphically, but this was due to the expiring Home Buyer tax credit that pushed activity up during that year and number of sales finishing about 1% higher than the year before.  Let’s take a look (Information based upon the Flagler County Association of Realtors MLS. Information is deemed reliable but not guaranteed):

Number of Residential House Sales For Flagler County Month-to-Month

The positive thing here is activity trends remaining similar.  This is key to knowing the better times to plan if you are thinking of selling.  For example if you place your house on the market for sale in January or February, your expectation should be that you will most likely see lower levels of activity.  The reason really isn’t “the market” but rather the normalcy or the local trends in activity.  Likewise, contrary to common assumptions . . . December is actually an active month for Real Estate locally.  Look at the consistent upticks for December each of the last 3 years.

Things are looking up, and we are seeing some great positives locally and at state level.  The numbers tell the story.

 
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Posted by on January 18, 2012 in Buyer Advice, General, Local Market Reports, Real Estate News, Seller Advice

 

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2011 Palm Coast/Flagler County Market Recap

12 Jan

So how did the local market do for 2011?  Very well, and here’s just a few highlishgts on the Residential Housing sales in the area:

  • A total of 1,665 houses closed from January 1st to December 31, 2011
  • The total number of sales was up 14% compared to 2010 when 1,460 houses closed
  • 82% of all houses sold were in the price range up to $199,999
  • The luxury market ($500k+) also saw a slight uptick as well making up 3% of the area houses sold compared to 2% for 2010
  • 3 bedroom homes were the most popular making up 62% of all houses sold, and 30% were 4 or more bedrooms
Palm Coast/Flager County Houses Sold By Bedroom 2011
Palm Coast/Flagler County Houses Sold by Price Range
Financing Type

This is where the statistics get really interesting and often very surprising for people, because 54% of all residential house sales in 2011 in the area were cash.  Here’s some highlights for financing:
  • Again, 54% of all residential houses sold in 2011 were cash sales compared to the number of cash sales in 2010 which contrbuted 47%
  • Conventional loans contributed 31%
  • FHA and VA loans made up 10%
Palm Coast/Flagler County Sold By Financing Type
2012 Outlook

I am confident the area will see another solid year.  For the past couple of years we have seen slight rises in the number of residential house sales.  We are currently at much lower inventory levels than the past several years (1038 houses litsed for sale in Flagler County as of 1/11/12) and there is continued activity in the area.
Disclaimer: Information based upon the Flagler County Association of Realtors MLS as of  1/11/2012 for Residential Houses.  Information may be deemed reliable, but is not guaranteed
 
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Posted by on January 12, 2012 in Local Market Reports

 

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Looking Up: Palm Coast/Flagler County Real Estate Recap

15 Nov
Looking Up: Palm Coast/Flagler County Real Estate Recap

We’re through October and the local real estate market has been another year of some real positives.  It’s also been a year of interesting

developments too.

Highlights through October (Click here for a full market report):

  • Inventory levels remain lower.
    • As of 11/14/2011 there are 1024 houses for sale in Flagler County and 762 in Palm Coast.  Palm Coast alone has typically remained above 900 for the last few years.
  • The number of house sales has increased 10% compared to this period last year.
    • There have been 1,345 houses that have closed through October 31st.  Palm Coast has contributed 1,170 of those.  This is an average of 134 closings per month for the area which has typically been about 100/month over the last few years.
  • The percentage of Short Sale houses for sale has dropped to about 26% for Flagler County and 30% for Palm Coast as of 11/14.
    • This has averaged about 36% pretty consistently
  • What about price?
    • Median and Average sale prices are slightly below last year.
    • Taking into account lower inventory levels and increased demand, next year will be one to watch.  We could see positive gains next year.
  • Foreclosures (“Lender Owned”, “REO”, “Government Owned”) all remain at low levels for sale in the area and move at very quick paces.
    • There are currently 55 houses for sale that are “Foreclosures”.
    • Average days on the market for this category this year has been 80 days compared to 188 days for all house sales.
There’s also been some nice and interesting surprises as well.
  • Cash sales for houses has contributed about 53% of the 1,345 houses closed through October.  The highest of which was $1.8M.  The average cash sale has been $157,483 for the area.
  • The Luxury housing market ($500k and above) has seen an uptick this year as well.  50 houses listed $500K and above have closed through October compared to 31 during the same period last year.  Likewise, last year the highest sale was $1M during this period and this year it is $1.8M.
So, yes, it’s been an exciting year with some nice surprises.  We are in our “traditional” slower period right now.  Decembers are typically an up month and there are a decent number of pending house sales which should contribute to a good end of the year.
If you are planning on buying, now is a good time to get serious as inventory levels are lower and demand is trending up (as it has been over the last few years).  If you are looking to sell, it’s also the perfect time to start planning.  On either side it’s very important to be open to reasonable negotiation to get to your goals especially with these market conditions.  Low offers initial offers as a buyer can lead to the house not being available as another offer comes in while the seller is contemplating what they should do.  Sellers not pricing realistically can cost you dearly in the long run as the house sees little or no activity (# of showings can be an indicator that you are priced too high).
Don’t forget to visit www.PalmCoastHomeShow.com for your local real estate needs whether it being shopping all area houses for sale through a custom feed of our local MLS or getting started to offer your house for sale.

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”

Add me to your contactsBecome 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 November 15, 2011 in General, Local Market Reports

 

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Why Interest Rates Can Be a Better Benefit Than a Tax Credit

17 Sep

The national average interest rate on a 30-year fixed mortgage is an astonshing 4.29%. Many buyers were obviously motivated by the tax credits last year and unfortunately the record-low interest rates get overshadowed. Are these rates a better benefit to make the decision to buy now if you are considering purchasing a home? Well let’s do the math and you’ll see that the truth is that these rates are the better benefit.

Let’s take a $100,000 loan at 30 years fixed today at 4.50%.

* Payment would be $506.69 (principal and interest)
* Total interest over the life of the loan would be $82,406.71 or $2,746.89 per year

That same loan of $100,000 at 30 years fixed just 1% higher at 5.50% would be:

* Payment of $567.79 (principal and interest) or $733.20 more per year
* Total interest over the life of the loan would be $104,404.04 or $3,480.13 per year

The difference in the cost of the two loans year over year would be $4,213.33 combining the additional payment amount and interest. Over the life of the loan the savings in interest is an whopping $21,997.33! So are these interest rates a better benefit to buyers today? Absolutely.

Start your Palm Coast or Flagler County, FL home search today at PalmCoastHomeShow.com or contact me so we can get your custom plan today.

 
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Posted by on September 17, 2010 in Buyer Advice, Local Market Reports, Mortgage Information & Advice, Real Estate News

 

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Flagler County Sees Soft July But Still Up For The Year

27 Aug

Like the rest of the country, Flagler County and Palm Coast saw a dip in the number of home sale closing in July to the tune of about 28%.  103 homes closed in July of this year compared to 142 in July of 2009.  Year to date, the area still remains 7% above last year through August 25th in terms of the number of home sales.  August through 8/25/10 has seen 82 closings and is slightly below the same period in August last year when 94 homes closed.

The dip in the number of closings in July this year was actually to be expected.  The motivation of the homebuyer tax credit naturally shifted the selling season a bit.  Most will tell you in the area, that July was quieter than normal inlcuding me.  August on the other hand is looking strong and traffic in the area has definitely picked up.

What about price?  Median price in the area for home sales is slightly under last year at $137,500 last year through 8/25 compared to $131,000 this year for the same period.  This is about a 5% decline.

All in all, sales remain strong in the area.  The expiration of the home buyer tax credit at this point seems to have caused more of a shift in the natural trends of the selling seasons in the area rather than to have impacted overall demand in a negative way.  This is a very postive because it shows that people are very interested in the area and are continuing to buy here, but many were obviously motivated to buy earlier than usual due to the benefit of the tax credit.  Then when you look outside of the tax credit, there are other great benefits such as amazing interest rates right now.  Buyers are often able to get into a mortgage under 5% right now.  Definitely a rate to take advantage of.

Looking to buy a home in the area, start your search at PalmCoastHomeShow.com.  The most powerful and easy property search in the area!

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 August 27, 2010 in Buyer Advice, Local Market Reports, Real Estate News, Seller Advice

 

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