SOLD – # of Flagler County MLS listed homes per Year and Price Range
“Luxury” Home Prices – (Average SOLD prices for Gated Communities in Flagler County, Florida)
Although the volume of homes sold in Flagler County, Florida for 2009 is on track to match the increase in sales volume that we saw in 2008, prices are still falling in most areas. Sellers that sold in the first half of 2009 had to decrease their average Original List Price by 20% or more in all price ranges to find a buyer. The majority of homes sold in Flagler County in 2006 sold for between $200,000 to $300,000. In 2009 the majority of homes are now selling in the range of $100,000 to $200,000. To make matters worse, the “Luxury Home” owners can’t seem to get a buyer at any price. The volume of homes sold over $500,000 has decreased 79% in just 2 years, and only 1 home over $1,000,000 has sold this year. While during the same period, the volume of homes listed over $500,000 has more than DOUBLED.
It’s clearly still a STRONG BUYER’S MARKET for Luxury Homes, especially for CASH BUYERS.
A rebound in prices for Luxury Homes is unlikely until there are more affordable loans available to buyers. The FHA loan limit in Flagler County is currently only $287,500, one of the lowest FHA limits in Florida. (FL limits are currently between $271,500 and $531,250 in FL) Anything above this is considered a Jumbo loan. Even if you are a Luxury Home buyer fortunate enough to find a Jumbo loan, you can currently expect to pay about 2% more per year in interest over a conventional loan. That’s over $10,000 MORE in interest payments PER YEAR on a $500,000 loan! Its no wonder why most Luxury Home buyers are still sitting on the sidelines.
Kristi Ross - REALTOR - With over 13 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 over 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
* all data was collected from the Flagler County MLS.
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