How did Palm Coast and Flagler County stack up against the state and national housing markets in November?
Palm Coast, FL – December 20, 2013 – In a welcome twist, Palm Coast and Flagler County’s housing market outperformed the national market in both number of homes sold and in median price increase compared to one year ago. The percentage of local homes sales that are distressed (either foreclosed or short sale) remains above the national average but has declined from last November.
The National Association of Realtors® (NAR) reported Thursday that November unit sales were 1.2% below November 2012, marking the first time in 29 months that sales were below year-ago levels.
The national median existing-home price for all housing types was $196,300 in November, up 9.4% from November 2012. Nationally, the median selling price for single-family homes was $196,200, up 9.4% from a year ago. Flagler’s median selling price for single-family homes was $149,003, up 14.7% year-over-year but 24.1% below the national median. Florida’s median selling price for single-family homes was$169,900. Florida single-family home sales declined 1.2% year-over-year.
Flagler homes sold in November fetched an average 95.5% of the asking price. Over all, Florida homes sold at 93.6% of the asking price.
Distressed homes accounted for 14% of November sales nationally, unchanged from October. They were 22 percent in November 2012. As usual, Flagler’s distressed market is higher at 33.5% but this represents a significant improvement from 52.4% a year ago.
Cash sales, an indication of investment interest as well as tight credit standards are telling. Nationally, cash sales accounted for 32% of all sales. In Flagler, cash was king, accounting for 41.5% of single-family home sales (down from 54.5% last year).
Palm Coast’s housing market continues to be priced well below both Florida and national levels. Combined with a great climate and life style, it remains relatively undiscovered.