Palm Coast Real Estate- Saltwater Market Report
I have started to add the number of pending home sales and the number of pending sales that are “Short Sales” to the Palm Coast/ Flagler County Real Estate Market Reports. The reason for this is to better gage the market…you see, “Short Sales” have a very high fall through rate; homes that never make it to closing. In my opinion, there seems to be a very high number of currently pending saltwater canal homes..if all these homes sell, that will be great news, they will be removed from inventory and will reduce the number of short sales we must deal with. However, if these short sale homes do not close, there is a very good chance that they will continue to move through the foreclosure system and will once again be added back into the homes for sale inventory as bank owned or lender owned properties at discounted prices at a later date.
So to take a deeper look at the pending sales data for September, it is important to note that of the 23 homes currently pending sale on the Saltwater Canals in Palm Coast, only 5 of those were actually taken pending during the month of September. Also it is a little disheartening that 18 of the 23 pending homes are “Short Sales” and may not make it to closing at all prior to being turned over to the bank and then relisted as a foreclosure.
16 New Listings were added to the Palm Coast Saltwater Canal Homes For Sale Inventory in September and 3 properties came back on the market and did not sell. With a higher number of new listings versus pendings for September, it will be critical to watch these numbers as they indicate a return to larger inventories in upcoming months. Traditionally, higher inventory of homes available for purchase signal lower sale prices as sellers compete for buyers.
Flagler Beach Saltwater Canal Homes and Intracoastal Front homes are still making a poor showing in September for closings. This again tells me that sellers need to become very aggressive on pricing in order to get their homes sold…prices still need to come down to meet with what buyers are willing to pay.
One of the biggest shockers for the month of September was the sale of a Palm Coast Saltwater Canal Home with a pool that closed in September for only $59 a square foot…with a total of 3 Palm Coast Saltwater Canal Homes closing for under $100K per square foot…..YIKES!!!!
Below is a snapshot of the current real estate market in Palm Coast & Flagler County, FL
Palm Coast – Flagler County Homes for Sale Data – September 2009
Palm Coast Saltwater Canal & Intracoastal Properties Search
| ACTIVE LISTINGS | ||||
| Total # of Listings | 96 | 13 | 55 | 160 |
| #of New Listings | 16 | 1 | 4 | 11 |
| Low Price | $189,000 | $254,900 | $299,900 | $80,000 |
| Average Price | $424,636 | $451,131 | $1,309,525 | $316,383 |
| Median Price | $399,700 | $335,000 | $999,999 | $273,500 |
| High Price | $990,000 | $975,000 | $6,950,000 | $1,049,900 |
| # Bank Owned | 0 | 0 | 0 | 4 |
| % Bank Owned | 0 | 0 | 0 | 2.5% |
| # Short Sales | 12 | 0 | 4 | 17 |
| % Short Sales | 12.5% | 0 | 6.9% | 9.8% |
| #Pending Sales | 23 | 2 | 3 | 14 |
| # of Pending that are Short Sales | 18 | 2 | 0 | 8 |
| #Back on the Market | 3 | 1 | 2 | 3 |
Palm Coast – Flagler County Homes Sold Data – September 2009
Palm Coast Saltwater Canal & Intracoastal Properties Search
| SOLD LISTINGS | Palm Coast | Flagler Beach | Intracoastal | Vacant Lots |
| # of Solds | 11 | 0 | 2 | 1 |
| Low Price | $170,000 | No Sales | $535,000 | $159,500 |
| Average Price | $256,636 | No Sales | $542,500 | $159,500 |
| Median Price | $250,000 | No Sales | $542,500 | $159,500 |
| High Price | $355,000 | No Sale | $550,000 | $159,500 |
| # Bank Owned | 1 | No Sales | 0 | 1 |
| % Bank Owned | 9% | No Sales | 0% | 100% |
| # Short Sales | 3 | No Sales | 0 | 0 |
| % Short Sales | 27% | No Sales | 0% | 0% |
| Avg. Days On Market | 161 | 143 | 62 | |
| Absorption Rate | 10 Months | No Sales | 5 Years | 34 Months |
| Type of Market | Buyer’s Market | Strong Buyer’s Market | Very Strong Buyer’s Market | Very Strong Buyer’s Market |
Recently Sold Saltwater Canal Homes in Palm Coast, FL
| Address | Price | Beds | Baths | LivingSqFt | Pool | Type of Sale | YearBuilt | ppsqft |
| 2 COLUMBIA LANE | $170,000 | 4 | 3 | 2866 | Yes | Short Sale | 1988 | $59 |
| 27 N CLINTON CT | $210,000 | 3 | 2 | 2028 | No | 1984 | $104 | |
| 25 COLECHESTER LN | $340,000 | 3 | 2 | 2492 | No | 1996 | $136 | |
| 19 COMET COURT | $355,000 | 3 | 2 | 1995 | Yes | 1994 | $178 | |
| 64 CLUBHOUSE DR | $250,000 | 3 | 2 | 1865 | No | 1985 | $134 | |
| 25 FARRADAY LN | $170,000 | 3 | 3 | 2076 | No | Lender Owned | 1974 | $82 |
| 13 S CLINTON CT | $258,000 | 3 | 2 | 2129 | No | 1981 | $121 | |
| 12 CHESNEY COURT | $225,000 | 3 | 2 | 1836 | Yes | Short Sale | 1983 | $123 |
| 16 CRISTON COURT | $250,000 | 3 | 2 | 1780 | No | 1986 | $140 | |
| 2 N CLARENDON CT | $240,000 | 3 | 2 | 2490 | Yes | Short Sale | 1989 | $96 |
| 4 CALUSA CT | $355,000 | 3 | 3 | 2700 | Yes | 1986 | $131 |
Are you ready to start your search for your future home??
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Martin Collins – REALTOR – Florida Licensed in Real Estate since 2003 and over $40 Million in sales covering full range of properties, including: Short Sales, Commercial Property, High End Gated Communities, Vacant Land, Water Front Properties, Golf Communities, Rental Properties I have developed a broad customer base in both the U.S. and Internationally. My goal is to assist both buyers and sellers achieve their ideal goals in today’s diverse real estate market. For professional service and real estate representation with integrity…contact me today @ PalmCoastMLS@gmail.com
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 8 years and also a Licensed Colorado Broker....I have learned that information is power and I am an advocate for customer empowerment. Let my expertise with data analysis, information technology, proven negotiating strategies and a portfolio of hundreds of satisfied customers and closed real estate transactions benefit you when buying or selling real estate is Palm Coast & Flagler County, FL. I am also, sometimes unfortunately during these tough times, very seasoned and experienced with bank owned foreclosures and short sales….if you are looking for a REALTOR to handle your most important transactions….contact me today….@ PalmCoastMLS@gmail.com
*All Information is gathered from the FLGMLS and is deemed reliable but not guaranteed
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