Palm Coast Flagler Home Sales Post Healthy Gains

Palm Coast, FL – December 2, 2009 – The Palm Coast and Flagler County real estate market is definitely showing signs of strengthening. 118 homes sold via MLS in November, up 42.2% from the 83 homes sold in November ’08. The total sales volume was also up; to $20.7 million vs. $14.7 million during the same month last year. Through the first eleven months of ’08, November had the lowest median selling price for single-family residential homes. The $143,250 November ’09 median is the highest so far this year.

The first-time homebuyer tax credit certainly had something to do with recent real estate sales activity. Originally set to expire at the end of November, the credit has been extended into next year (contract by April 30 and close by June 30). The new expiration date coincides with the annual peak in Palm Coast real estate sales activity. The market should be self-sustaining by that time.

Distressed Properties

Distressed properties (lender-owned via foreclosure and short sales) continue to hold prices at a depressed level. Short sales constituted 40.7% of total single-family home sales. Lender-owned (foreclosed) homes made up 11.9%. Even the condo market has been hit with distressed inventory. Of 515 condominiums listed for sale in Flagler County, 25 are lender-owned. 112 are short sales.
 

Palm Coast/Flagler Distressed Condominium for Sale

Condominium	Short Sales	Lender-owned
Canopy Walk	6	0
Cinnamon Beach	9	1
European Village	7	4
Grand Haven Riverview	4	1
Hammock Beach Club	8	1
Hammock Beach Villas	6	1
Hammock Dunes	8	0
Oceanside @ Beverly Beach	2	14
Tidelands	22	0
Waterside	1	2
Yacht Harbor Village	5	0

 

Palm Coast Lots

I’ve always tracked the standard Palm Coast Lots; the one’s originally platted by ITT when Palm Coast was planned. Excluding salt water canal lots, they represent the closest thing to a commodity in the Palm Coast real estate market. Since PCL prices peaked in January ’06 at $77 thousand (median price) prices have slipped to the ’09 median of $15 thousand. The number of lots selling, however, is on the increase. 162 were sold in the first 11 months of ’09 vs. 122 during the same months of ’08. Median prices are $15 thousand this year to date vs. $26 thousand in ’08.

Real estate practitioners tell me they are definitely seeing more activity. I’ve noticed an uptick in referral requests and consulting activity as well. There is an increasing number of savy buyers coming into the market.

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