Flagler County & Palm Coast Market Update Through May 2014

By
Real Estate Agent with Trademark Realty Group of Palm Coast

After a somewhat weaker March this year, residential home sales picked up in April and May coming in almost “flat” compared to last year’s sales.  Visit my “Market reports” section for more stats.  Let’s take a look at some highlights:

Sales

There were about 199 residential houses sold in May 2014 which is about 2% higher compared to the 196 for May 2013.

The total number of sales still remain down about 4% with 843 residential houses sold January through May in 2014 compared to the same period in 2013.

Values

Most news has been speaking to values recovering and that is very true.  Sellers like this news, but buyers aren’t typically so happy.  We’ve actually seen values recovering for some time in the area.  We’ve seen a nice gain in median sales price so far this year coming in at about $151, 824 which is up about 12% compared to the $135,000 the same period last year.

The biggest question here for buyers is often “Should I wait?”  And my answer is “No!”  Not because I want to be the “cheerleader” for more sales, but because the data is showing that this trend is not going to stop.  Inventory remains lower, demand continues to grow, and that only means that prices are going to continue to grow.  Waiting just doesn’t make sense if you are thinking that prices are going to drop.

Financing Types

 

Cash took a step backwards this year.  For the past few years sales with cash have been between 55% to almost 60%, but this year cash sales are coming in around 49%.   Mortgages are still very attractive with interest rates continuing to hover around 4.5% for a 30-year fixed loan.

For more in-depth stats and breakdowns by area (Flagler County and just Palm Coast) and sales types (i.e. Foreclosures, Short Sales, etc.) visit my Market Reports section at PalmCoastHomeShow.com.

What questions do you have about the local market?

 

Disclaimer: Information based upon the Flagler County Association of Realtors MLS as of  6/15/2014  for Residential Houses.  Information may be deemed reliable, but is not guaranteed

 

Posted by

Kathleen West, Realtor
Trademark Realty Group of Palm Coast

416 South Central Ave Flagler Beach, FL  32136 | Office: (386) 446-5930 
Email:  Kathleen@PalmCoastHomeShow.com
www.PalmCoastHomeShow.com

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Rainmaker
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Bruce Swedal
Denver, CO
Denver Real Estate

A great read on the real estate in your market place. It sounds like a good neighborhood that is very active.

Jun 16, 2014 11:09 PM #1
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Rainmaker
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Kathleen West

Flagler County & Palm Coast Realtor
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