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Home Sales in July 2012

Posted by on in Flagler County
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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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