Like the rest of the country, Flagler County and Palm Coast saw a dip in the number of home sale closing in July to the tune of about 28%. 103 homes closed in July of this year compared to 142 in July of 2009. Year to date, the area still remains 7% above last year through August 25th in terms of the number of home sales. August through 8/25/10 has seen 82 closings and is slightly below the same period in August last year when 94 homes closed.
The dip in the number of closings in July this year was actually to be expected. The motivation of the homebuyer tax credit naturally shifted the selling season a bit. Most will tell you in the area, that July was quieter than normal inlcuding me. August on the other hand is looking strong and traffic in the area has definitely picked up.
What about price? Median price in the area for home sales is slightly under last year at $137,500 last year through 8/25 compared to $131,000 this year for the same period. This is about a 5% decline.
All in all, sales remain strong in the area. The expiration of the home buyer tax credit at this point seems to have caused more of a shift in the natural trends of the selling seasons in the area rather than to have impacted overall demand in a negative way. This is a very postive because it shows that people are very interested in the area and are continuing to buy here, but many were obviously motivated to buy earlier than usual due to the benefit of the tax credit. Then when you look outside of the tax credit, there are other great benefits such as amazing interest rates right now. Buyers are often able to get into a mortgage under 5% right now. Definitely a rate to take advantage of.
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