2017 started off on the lighter side for local housing sales, but jumped back to life in March. Other than four months every month say decent positive gain over the same period last year. Median home price continues to rise rise as well. Let’s take a look at some key areas.
Number of Sales
With inventory levels remaining low and median sales prices continuing on an upward trend, demand remained strong for the year. The area closed out with 2,328 residential house sales which was about a 4% increase over 2016. Inventory continues to remain low and currently is slightly under 900 residential houses for sale in the area.
Median Sales Price
Price in the area continues to see strong gains. With inventory remaining low and demand continuing to grow we should see this trend continue. Median sales price for the 2,328 residential house sales that closed came in around $217,000 which is around a 9% increase over 2016.
Outlook For 2018
There are no indicators at this showing a dramatic change will occur in in the trends we have been seeing in the area. Demand continues to grow, and interest rates although slightly increasing are still very much on the low side. Selection remains light due to the low inventory which has spurred building in the area which is very positive. We are seeing construction in almost every community in the area. If you need assistance with guidance on building a new home in the area I am here to help and feel free to contact me today.
*Information based upon the Flagler County Association of Realtors MLS as of 1/20/2018 for Residential Houses. Information may be deemed reliable, but is not guaranteed