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Office Update

RE/MAX Flagstaff continues to be in the top 15 in the Flagler County Association of Realtors with 116 transactions and $13,714,013 in sales volume. Productivity per agent is an outstanding $2,742,800

Way to go RE/MAX Flagstaff Team!!!

Flagler County Real Estate Update


 

Single Family Residential

There were 153 Single Family Residential sold in September with a Median Price of $150,000. The number of sales has declined over the past 5 months while total inventory has increased during the same time frame. The good news is Median Price has held and even increased. The Median Price for the past three quarters 1st quarter – Median Price $132,670 2nd quarter – Median Price $141,750 3rd quarter Median Price $150,000. A 12% increase in the first 9 months of the year.

The majority or 59% of single family residential sold were between $100,000 and $199,999. The next largest group was the $200,000 to $299,999 range with 15% of the total number sold. In the luxury market, $500,000 and higher, there were a total of 3 sold in September and a total of 46 for the year or less than 3% of the total market.

Distress sales made up 31% of the total sold for single family residential. That number has been declining through-out the year with most of the decline coming from short sales. (see chart below) Currently there are only 38 short sale single family residential currently on the market. Most of the short sales are in a pending status, under contract, awaiting bank approval.


Condos

Sales dipped again this month with 28 sales, but continue to be steady with an average of 29 units sold a month. Median Price jumped to $270,750 due to the 5 sales over $700,000 one being $1.6 million. The Median Price is the price in the middle of the least expensive and the most expensive of the properties sold. The average price of condos sold was $342,740.

The low sales price was in The Village that sold at $48,800. This unit originally sold for $40,900 in 1985.

The high sales price was in Hammock Dunes - Le Jardi which sold for $1.6 million, cash sale! The unit original sold for $1.3 million in 2009.

Every month I scan the sold properties looking for the least disirable and most disirable home sold. I dubbed them the DOG of the month and the PEACH of the month.

Jimmy's Picks of the Month!

DOG of the Month


The dog of the month is 32 Farragut Dr. A 2 bedroom, 2 bath with 1162 living square feet and 1 car garage. It sold on June 1, 1996 for $60,000. The last sale was on Sept 30, 2013 when it sold for $50,000 as a bank owned property.

PEACH of the Month


The peach the month is 26 Ocean View Circle. 4 bedrooms, 3.5 bath rooms, 2 car garage, with 2,480 living square feet built in 2005. It sold for $566,000 on 9/17/2013.

Whether you are thinking of buying your dream home or that investment property think of us, RE/MAX Flagstaff, your preferred RE/MAX office. www.RMFlagstaff.com


 

Jimmy & Annette


 

Snap shot for September 2013 Month over Month for all sales

Listings

Aug

Sept

% Difference

Residential

800

849

+ 6%

Condos

227

239

+ 6%

    

Sales

Aug

Sept

% Difference

Residential

173

152

-13%

Condos

34

28

-18%

    

Medium Price

Aug

Sept

% Difference

Residential

$145,000

$149,950

+ 4%

Condos

$174,750

$270,750

+ 36%

    

Days on Market

Aug

Sept

% Difference

Residential

89

88

- 1.5%

Condos

120

187

+ 36%


 

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2011, 2012 and 2013.

Median prices are Fair Market Prices, distressed properties removed. 

 

2013

 

2012

2011

2013

over

2012

2013

over

2012

 

Total Sales/ Non-Distressed

Median Price

Total Sales/ Non-Distressed

Median Price

Total Sales/ Non-Distressed

Median Price

Sales

Year over Year

Median Price

Year over year

January

115/65

$178,125

123/52

$139,500

80/37

$155,000

-7%

+22%

February

150/84

$150,000

145/74

$146,000

94/37

$122,250

+3%

+3%

March

191/112

$147,250

187/93

$128,000

119/48

$161,500

+2%

+13%

April

203/124

$165,000

183/79

$162,900

153/56

$147,500

+10%

+1%

May

181/123

$178,000

209/115

$153,900

153/70

$154,750

-13%

+13%

June

173/111

$169,900

194/90

$135,000

183/82

$147,750

-11%

+21%

July

220/143

$173,000

188/96

$143,500

167/86

$143,750

+15%

+18%

August

173/118

$157,250

171/101

$150,000

131/72

$149,500

+2%

+5%

September

153/105

$165,000

151/93

$150,000

141/59

$128,000

+1%

+10%

 

October

  

157/78

$158,750

127/61

$146,000

  

November

  

143/68

$146,000

129/61

$140,000

  

December

  

160/82

$138,500

141/59

$160,000

  


 

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Posted by on in Flagler County

Welcome to 2013!  All of us with RE/MAX Flagstaff are wishing you and yours a Happy, Healthy and Prosperous year for 2013.

The first month of the New Year is nearly over and it’s time to look back on the real estate market. 

Our sales have been climbing since 2007, with a low of 1,223 single family residents sold.  To a high in 2012 with 2,011 single family residential sold.  That is a 41% increase in sales over the past 5 years. 

Can’t say the same with median price, in 2007 the median price for the year was $213,950.  In 2011 the median price was $119,000, a 44% drop over those 4 years.  At the end of 2012 the median price was $122,200 a 3% increase over 2011. 

The overall housing market for 2012 was better than 2011, with Single Family Homes leading the way.  Condo/Townhouses are still lagging behind and should level out in 2013.  Inventory has been a big factor for both of these sectors. Single Family Homes declined from over 1,000 in January 2012 to less than 840 in December 2012. Condo/Townhouses saw the same drop with close to 400 in January to just over 200 in December 2012.  The low inventory sparked an increase of new construction permits for the year with 240 single family homes permits pulled in the county in 2012.

Single Family Homes

  • Number of Sales of Single Family Homes up 19%
  • Average Sales Price of Single Family Homes down less than 1%
  • Median Price of Single Family Homes up 3%
  • Average Days on Market down 48%

Condos/Townhouses

  • Number of Sales of Condo/Townhouses up 17%
  • Average Sales Price of Condo/Townhouses down 15%
  • Median Price of Condo/Townhouses down 6%
  • Average Days on Market of Condo/Townhouses down 51%

With the positive ending of 2012 we anticipate 2013 to much of the same if not better.  We’ll keep you posted on the real estate trends in Flagler County.  If you hear anything or have a question don’t hesitate to call or email.

When you think of buying, selling or investing think of us, RE/MAX Flagstaff, your preferred RE/MAX office.

Jimmy & Annette

Broker/Owners

386-931-0487 - Jimmy

386-931-0485 - Annette

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Posted by on in Flagler County

July continued with single family residential units selling at record affordability, low prices and low mortgage rates. The snap shot below shows positive movement for most of the major categories of the resale housing market - Inventory down, sales up, median price (MP) up, and days on market down, all good signs but not the increase of MP that should be warranted. Shrinking inventory with increased sales should bring higher prices. I have seen stable prices and in a few market areas small increases, but not the increases one would expect.

Snap shot for July Year over Year

Listings 2012 2011 %   Difference
Residential 1197 1635 -27
Condos 396 595 -30
       
Sales 2012 2011 %   Difference
Residential 192 164 +15
Condos 23 23 0
       
Medium   Price 2012 2011 %   Difference
Residential $128,000 $124,750 +2
Condos $92,000 $228,000 -61
       
Days   on Market 2012 2011 %   Difference
Residential 104 188 -45
Condos 189 411 -55


Distressed properties still make up approximately 50% of sales. That number is split fairly even between short sales and banked owned (REO), 42 short sales and 48 REO. REOs are seeing multiple offers on a regular basis with a number selling for more than list price. County records show 111 Lis Pendens filed for the month, with 104 of those residential. With the trend of fillings continuing we’ll see REO property for the years ahead.

The condo market is still not moving as well as I would like, but it is better than what it was, primarily inventory is down. See table above. Our MP for condos is a moving target due to our difference in price points. July sales had a low of $41,000 and a high of $1.5 mill. Eleven of the condos were under $92,000 and eleven were over $92,000 and 3 those were over $600,000. The average price was $237,200.

Vacant land is selling throughout the county with 26 sales of non- Palm Coast lots and 12 Palm Coast lots. Values have not increased and in some cases they have decreased. Palm Coast Plantation Intracoastal lots started 2012 hovering around $140,000 and have dipped below $100,000 for several sales and now back to $120,000. The Conservatory at Hammock Beach is another subdivision that has seen the values increase slightly from MP of $18,000 for July through December 2011 to a MP of $22,300 for January to July 2012. Palm Coast lots are maintaining a MP of $10,000 with a low of $4,000 and a high of $105,000.

For answers to your real estate questions contact me at 386-246-8585 or via email This email address is being protected from spambots. You need JavaScript enabled to view it. Visit our office web site at www.RMFlagstaff.com for all your real estate needs.

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2010, 2011 and 2012. Median prices are with distressed properties removed.

  2012   2011 2010
  Total Sales/ Non-Distressed Median   Price Total   Sales/ Non-Distressed Median   Price Total Sales/ Non-Distressed Median   Price
January

119/50


$145,500


80/37


$155,000


84/40


$160,000

February

143/72


$146,250


94/37


$122,250


68/32


$189,750

March

183/92


$126,500


119/48


$161,500


135/76


$150,000

April

178/79


$162,900


153/56


$147,500


156/74


$161,250

May

208/113


$155,000


153/70


$154,750


120/50


$155,000

June

179/84


$135,000


183/82


$147,750


145/75


$165,000

July

192/99


$145,000


167/86

$143,750

101/45


$178,280

August    

131/72


$149,500


120/51


$185,000

September    

141/59


$128,000


124/56


$167,750

October    

127/61


$146,000


122/57


$145,000

November    

129/61


$140,000


94/48


$145,000

December    

141/59


$160,000


96/42


$166,250

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Posted by on in Flagler County
Joe Roy of the Palm Coast Business Action Center presented to the Leads to the Future group at Hancock Bank in Palm Coast this morning.  Joe provided lots of good and pertinent information for small businesses to the group of approximately 30 members in attendance.

One good idea was the Small Business Saturday the BAC has championed.  The first Saturday of the month the BAC will advertise in local print and on radio to encourage shoppers to stay in Flagler County and buy at small businesses.  The businesses bundle a bargain for the shoppers and get free advertisement.  Visit the BAC web site for more info http://palmcoastbac.com/.  The center also provides assistants in business planning, budgeting and marketing.  Services are free but they are priceless.

Joe also went on the say the BAC is part of the Small Business Development Center (SBDC) with University of Central Florida (UCF) and that his office is a Satellite Service Center.  His office is located at 160 Cypress Point Pkwy, Suite B-105, in Palm Coast City Hall. Although he is in Palm Coast city hall he is not a city employee.

For more information on how the center can help your business contact Danielle Anderson, Program Assistant at 386-986-4765, This email address is being protected from spambots. You need JavaScript enabled to view it.

Joe - thanks for the presentation.  It is always beneficial hearing you speak.
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Posted by on in Flagler County
Palm Coast BAC
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Posted by on in Flagler County
Flagler County's economic turn-around is still in a very fragile position. We are too depended on the residential housing industry for employment and property taxes. Although home sales have been steady they have been our only source of economic revenue, outside of retail. With every home sold approximately $6,000 in spent in the local economy as reported by the National Association of REALTORS.

Home sales are a good problem to have, however our local unemployment in May 2012 was 11.7%, still the highest in the state.  Getting the unemployed back to work in an industry other than the housing industry should be the goal of every elected official in the county.

To get them to work in an industry outside the housing industry will accomplish several goals but two that that will show immediate results.

1.Getting people back to work

2.Expanding our tax base

Our current property tax base relies heavily on our residential sector.   Over 80% of our tax base is depended on residential property and only 1.3% is industrial. This imbalance needs to be correct.

As a county we need to look at relieving impact fees or tax breaks on industrial companies that would bring manufacturing jobs into our area. Waiting for the company to come to our county and then letting them know about our incentives isn't good enough. We need to be advertising the fact we are open for business and these incentives are available.

The city council for Palm Beach Gardens is adverting they are open for business by letting everyone know they are considering incentives. To read more go to the article below. To read more click on the link News Article.

As a 12 year resident of Flagler County and a small business owner I have seen a lot of changes here, some good, some questionable. While we have multiple identities working to improve our community and bring in those jobs, our county needs to pull together, act as one body to bring those companies that will diversify our job market. To secure our county's economic future and to relive the pressure of property taxes off the residential sector. To make Flagler County a place where I can afford to retire and continue to take pride in our community.
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Posted by on in Flagler County
Georgia Turner Vice President of the Flagler County Tourism Development Council (TDC) spoke this morning in front of the Leads to the Future Group.  Georgia had a lot of great information about the direction of the TDC and where our visitors are coming from. Georgia also had a fun update on a TDC contests going on.  The first one Hidden Flagler photo contest is wrapping tonight at 6:00 pm at the Palm Coast Community Center, located at 305 Palm Cost Pkwy.

YOUR Flagler Favorites starts today! Enter our two contests for your chance to win prizes. Contest #1 is the Hidden Flagler photo contest. How well do you know the Flagler County area? Just type your answer in the comment section and for every correct guess your name will be entered in the drawing that will take place July 10 at 6:00 p.m. at the Palm Coast Community Center. And the best part is you get to pick your prize based on "Your Flagler Favorite." Some of the choices are a Touch and Feed at Marineland, horseback riding tour, kayaking tour, rounds of golf, paddleboard or surfboard rental and restaurant certificates. The choice will be YOURS!!! So here's the first Hidden Flagler photo. Good luck because some photos might be easier than other!!!

Check out the TDC’s home page and enjoy the, partner spotlights, list of events, get trip ideas, find out where Fido can play at the beach or join you for a cool one, and local specials.  The TDC web site also has a calendar of events that will keep you busy all summer long!

Leads to the Future is an open leads group the meets Tuesday at 9:00 am at Hancock Bank, located at the Palm Harbor Shopping Center, next to Publix.

Vist RE/MAX Flagstaff for all your real estate needs
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Posted by on in Flagler County

Opportunities are where you find them.  If you  are in the real estate business you can find them at RE/MAX Flagstaff.


What are the components that make up today's opportunities?



  • Customer Satisfaction

  • Consumer Confidence

  • Low Interest Rates

  • Affordable Prices

  • Population Growth

  • Immigration

  • RE/MAX Brand

  • Renter Demand

  • Investors

  • Property Management


If you are looking for a Real Estate office for your real estate needs, look no further, RE/MAX Flagstaff can help you.
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Posted by on in Flagler County

Median Price for non-distressed Single Family Residential (SFR) had a 13% decrease from May 2012 to June 2012, which was a similar trend for the same period last year. However it was only a 6% drop from June 2011.  Price point for SFR sales is $200,000 and below with 155 of the 179 sales making up this market.  This in part makes up the large number of cash sales, nearly 50% of all single family residential sales are cash.  However, not all cash sales are under the $200,000 price, an Island Estate home sold for $1.195 million was a cash transaction.  See image below.



Distressed property sales are still a big part of our market making up 53% of single family residential sales.  Bank owned properties had 34% of the 179 SFR with 60 units sold, sales and short sales had 34 units or 17% of sales.  Most banked owned properties saw multiple contracts with the final sales price at or above the list price. The Sold to List Price ratio was 100% as an average and 155% for the high.  Short sales are still a slow process and some banks are holding firm to their pricing and fewer sales are going through with the first or second buyer.

Distressed property will be with for the foreseeable future. Read more from CoreLogic;  Foreclosures Remain High but Improving Yearly: CoreLogic

One big factor for the foreclosure decline is due in part to; First Mortgage Delinquencies on Decline.  Our county clerk recorded 114 Lis Pendes (LP) filed for June.  The Lis Pendes (LP) is the first step in the foreclosure process in Florida, which is a judicial foreclosure state.  This year we had an average monthly filing of 127 LP’s, which on par with 2007 (127) and below 2008 (232), 2009 (223), 2010 (147) in 2011 (81) there was the moratorium which saw fewer filings.

Residential inventory continues to decline, we have just over 6 month’s supply on the market.  May 2012 inventory was 1227 and June 2012 inventory was 1206 whereas June 2011 we had 1700.  Even with the drop in inventory we are not seeing the median prices increase as some national reports indicate.  Low Inventory Boosting Prices, Says HousingPulse.  Our local pricing is still being held down by distressed properties and by the rapid raise we experienced in our prices during 2005 through 2007 when we were seeing increases of over 25% a month in some quarters.  Looking at my 2005 sales records – only 1 single family residential sold for under $100,000, excluding manufacture homes which had an average sales price of $95,200. In 2006 there were 4 SFR, 2007 there were 5SFR.  Now our median price for all SFR is averaging around $118,000 for the year.

Condo inventory continues to decline as well, however it still has over a 15 month supply on the market.  Cash accounted for 81% of condo sales. Slow sales can be attributed to lack of financing options and financial instability in some of the associations.  If you are thinking about buying a condo ensure you vet the associations financials closely.

Snap shot for June Year over Year

Listings 2012 2011 %   Difference
Residential 1206 1700 -30%
Condos 422 607 -31%
Sales 2012 2011 %   Difference
Residential 179 183 -3%
Condos 27 32 -16%
Medium   Price 2012 2011 %   Difference
Residential $112,500 $119,000 -6%
Days on Market 104 188 -45%
Condos $90,000 $150,000 -40%
Days on Market 130 173 -35%


For answers to your real estate questions contact me at 386-246-8585 or via email This email address is being protected from spambots. You need JavaScript enabled to view it.

Visit our office web site at www.RMFlagstaff.com for all your real estate needs.

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2010, 2011 and 2012.

Median prices are with distressed properties removed. 

  2012   2011 2010  
  Total   Sales/ Non-Distressed Median   Price Total   Sales/ Non-Distressed Median   Price Total   Sales/ Non-Distressed Median   Price  
January

119/50


$145,500


80/37


$155,000


84/40


$160,000

 
February

143/72


$146,250


94/37


$122,250


68/32


$189,750

 
March

183/92


$126,500


119/48


$161,500


135/76


$150,000

 
April

178/79


$162,900


153/56


$147,500


156/74


$161,250

 
May

208/113


$155,000


153/70


$154,750


120/50


$155,000

 
June

179/84


$135,000


183/82


$147,750


145/75


$165,000

 
July    

167/86

$143,750

101/45


$178,280

 
August    

131/72


$149,500


120/51


$185,000

 
September    

141/59


$128,000


124/56


$167,750

 
October    

127/61


$146,000


122/57


$145,000

 
November    

129/61


$140,000


94/48


$145,000

 
December    

141/59


$160,000


96/42


$166,250

 
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