Florida and U.S. Housing Sales Follow Palm Coast Lead

Both the State of Florida and the nation are following the same trends set in the Palm Coast/Flagler real estate market. The number of home sales is rising but at much lower prices.

Palm Coast, Florida – January 26, 2009 – GoToby.com has made note in the past that the Palm Coast, Flagler County, and Florida residential housing markets lead market trends elsewhere. Recent reports from the Florida Association of Realtors® (FAR) and the National Association of Realtors® (NAR) support this claim.
Here are some interesting numbers:
December ’07 to December ’08 comparisons
Existing home sales:
  • Palm Coast/Flagler number of homes sold – Up 28.75%
  • State of Florida number of homes sold – Up 27%
  • National number of units sold – Down 1.4%
  • All three markets showed healthy increases from November ’08
Median selling price:
  • Palm Coast/Flagler – $145,000, down from $190,000
  • State of Florida – $155,500, down from $213,600
  • National – $174,700, down from $193,000
December ’08 median selling price in other markets
  • Northeast – $235,000
  • Midwest – $140,800
  • South – $158,600
  • West – $213,100
The Palm Coast/Flagler housing market has shown year-over-year strength through the last three quarters of 2008, strength just becoming evident in the broader market. 
According to NAR analysts, there remains a significant downward distortion in the current median price due to many discounted sales, including the large number of foreclosures. NAR’s latest housing outlook noted a trend of increasing activity in Florida, California, Arizona, And Nevada markets. "Sales are rising in areas with large numbers of distressed properties as bargain hunters take advantage of discounted home prices," said NAR Chief Economist Lawrence Yun. Nationally, 45% of all December sales of existing homes were either lender owned (through foreclosure) or short sales. In Flagler County, the December number was 65%.
The Palm Coast/Flagler market continues to represent a great opportunity for potential buyers. Its median home selling price remains below that of the rest of the state as well as the rest of the nation. Not bad for a city with lots of sunshine, warm weather, beautiful beaches, the Intracoastal Waterway; Florida’s best schools, and expanding shopping and dining alternatives.
2 replies
  1. Charles Denise
    Charles Denise says:

    Palm Coast Lead

    Great article Toby! Positive news is good news! The Fed just released a positive number for housing sales nation wide for December… lower median price notwithstanding, we are witnessing a turnaround. GoToby.com is one dynamic site!! CPD

  2. George Meegan
    George Meegan says:

    Palm Coast the WalMart of Florida

    The buyers love the prices here in Palm Coast and the taxes are cheap too, Sam Walton would buy some too at these prices.Problem is things are still getting worse, so this may not be the bottom, do I here $129,000 for the Average price, it’s $148,900 now.

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