February 2023 Real Estate Update – Flagler and Palm Coast

PALM COAST, FL – February 4, 2023 – Mixed signals continue in the February 2023 real estate update but there is a sense of optimism growing. This is an ongoing story and data will be updated as late transactions are reported.

  • Only 193 single-family homes were reported sold via the Flagler County MLS, down 14.6% from February 2022. 
  • The February median selling price was $365,000, up 4.6% from a year earlier.  But the median selling price has dropped from its 2022 peak of $395,000 reached in July, a 7.6% drop.
  • Days on Market (DOM) rose from 16 days to 59 year-over-year.
  • Single-family building permits were down to 126 from 198 a year earlier, but they remain above pre-pandemic levels. Meanwhile, multi-family construction activity continues to be on the rise with 274 townhomes coming out of the ground at The Trails on N Belle Terre, 300 apartment units at Pointe Grand on N Pine Lakes Pkwy and The Preserve Apartments with 240 units on Roberts Road near SR 100.
  • February ended with 772 single-family MLS listings, a decided increase from 164 twelve months earlier. Homes under contract decreased from 633 to 439 over the same period.
  • Builder sentiment is rising. A recent sales event at Veranda Bay on John Anderson (Formerly the Hammock Beach River Club) yielded 38 lot sales totaling $12M in sales. The initial phase of 122 lots is now 75% sold out. Veranda Bay includes lots on the Intracoastal Waterway.
New home construction in Flagler County, Fla.

New homes in Grand Reserve

Interactive Map of January 2023 Flagler County MLS home sales featuring:

  • Full Screen – maps can be expanded to full screen.
  • Zoom in and out.
  • Click on the panel in the upper left side, then expand the layer to see individual addresses
  • Clicking on an address or a home’s map symbol brings up the sales details including the sale date, full address, living square feet, selling price, $/SF, and subdivision name.

Comparing the Current Market Correction with the Previous Correction

The previous cycle was driven by rampant speculation, loose credit, and a lack of end-user buyers.

This cycle is occurring amid a lack of speculation, tight credit, and predominately end-user buyers. Price increases have been fueled by an imbalance between buyers and inventory for sale. While prices have moderated slightly, the number of homes listed for sale remains below pre-pandemic levels. A strong migratory wave headed toward Florida will continue to moderate the effects of inflation and higher interest rates.

There are no signs of an increase in foreclosure activity.

Florida will continue to outpace the rest of the nation, led by growth in the Tampa, Orlando, and Jacksonville crescent, including Flagler County and Palm Coast. Home prices will remain well above pre-pandemic levels.

Flagler/Palm Coast 2022 Home Sales with Interactive Maps

February 2023 Monthly Housing Market Trends Report – Realtor.com 

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