Don’t be fooled by the Numbers. They tell two stories; the median selling price is rising and the percentage of distressed sales is falling. We are getting closer to a regular market.
PALM COAST, FL – June 7, 2015 – Most of May’s Multiple Listing Service (MLS) sales of Flagler County single-family homes have been reported. Each month there are some stragglers who exceed the MLS reporting rules. On Friday, a February 25th closing was posted. Having gotten that off my chest, let’s get to down to the May and year-to-date numbers.
- The total number of Flagler County home sales reported through MLS in My was 206, up only 1.5% from one year ago.
- The median price of 2015 May home sales was $163,500, up 3.5% from May 2014 (but down from $170,000 in April).
- Short sales accounted for only 1.5% of the homes sold in May. With a median price of only $138,000, short sales made up less than 1.0% of the total market value.
- REO (bank-owned) sales totaled 40 homes in May 2015, 24.5% fewer than in May 2014, although the median selling price of REOs is essentially unchanged year-over-year.
- Normal (non-distressed) continue to be on the increase. The 163 normal sales comprised 79.1% of all homes sold and 85.7% of total market value vs. only 69.0% and 77.8% respectively in May last year. The median selling price of normal sales was $180,000, up only 2.9% from May 2014 and down from $190,000 in April.
To summarize, May numbers look OK. We should not be troubled by the decrease in median price from April, at least not yet. I think April was a blip. May compares well with the other months this year. I’ll look at 2015 vs. 2014 year-to-date in my next newsletter coming soon. That will give us a truer picture of what is happening.