Distressed Sales Lead to Lower Median Sale Price

We are now half way through 2009 and the figures are in for Palm Coast, Florida.  The number of single family homes listed for sale has decreased from 1534 in the first six months of 2008 to 1007 for the first six months on 2009. That is a decrease in available inventory on the market of  55%....this is great news, but it comes at a very high cost to homeowners and sellers. Short sales and bank owned properties have now become a majority of the market.  See median sale price data below.

The chart below shows a major decline in median property values over the last 4 years with the median single family home price now coming in at a very affordable $137,000.  That is a decrease of 17% over the first half of 2008 and a decrease of 44% since the first half of 2006.  It does appear that the median sale price of Palm Coast condos is stabilizing after a staggering 40% loss in value since the first half of 2006.

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Kristi Ross - REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.

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Source: FLGMLS Multiple Listing Service.  Data is believed to be accurate but not guaranteed.