June 2023 Real Estate Update – Flagler and Palm Coast

PALM COAST, FL – July 12, 2023 – The June 2023 real estate update shows robust home sales. Median prices remain in the narrow band between $360,000 and $377,000. This range has held for the entire first half of 2023. 

• 307 single-family homes were reported sold via the Flagler County MLS, up from 260 in June 2022. 
• The June median selling price was $360,000, down from $385,00 a year ago. The median selling price has dropped from its 2022 peak of $395,000 reached in July.
• Days on Market (DOM) rose from 10  days to 37 days year-over-year. 
• Single-family building permits were down to 114 from 169 a year earlier but they remain above pre-pandemic levels. Builders of new communities are running low on buildable lots, one of the reasons for the decline. DR Horton has increased the number of permits applied for as phase II of Sawmill Creek is now open. 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. 
• June ended with 814 single-family MLS listings, a sharp increase from 487 twelve months earlier. Homes under contract decreased from 566 to 391 over the same period.
• I’m hearing reports of builders increasing the listing price of their new spec homes and townhomes. While the number of single-family home building permits has dropped from last year (YTD), the total number of residential units permitted (including duplexes, townhomes, and apartments) has risen.

New homes in Grand Reserve

Interactive Map of June 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.

Florida is the new California

Many of you may not remember the 50’s and 60’s when California was the go-to place. Rising crime, homelessness, government restrictions, taxes, and drugs are driving people from California and other urban centers, primarily in the north. Florida is the largest beneficiary of this blue state to red state migration. California’s problems do not have easy short-term solutions. We are seeing only the beginning of a wave of new Florida residents that will continue for decades.

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.

Be sure to listen to my weekly radio show, Real Estate Matters on WNZF News Radio at 94.9FM or 1550AM on Saturdays at 11;00 AM. I just celebrated the beginning of our tenth year of the show. You can also listen on the FlaglerRadio Ap or find podcasts at https://flaglerbroadcasting.com/podcasts

Flagler/Palm Coast 2022 Home Sales with Interactive Maps

February 2023 Monthly Housing Market Trends Report – Realtor.com