Palm Coast Unplugged: Quick Real Estate Stats

Saturday, January 29, 2011

Quick Real Estate Stats - January, 2011


Call Frank Zedar for Accurate Real Estate Information	: 386-931-1987

Quick Stats: (Extracted from Flagler County Association of Realtors MLS)

Statistics (65 listings)
	Low	High	Average	Median	Total
List Price	$52,900	$2,299,000	$204,705	$149,000	$13,305,816
Selling Price	$42,000	$1,800,000	$182,235	$135,170	$11,845,290
Sold/List(%)	66.42%	106.32%	92.61%	93.43%	--
Price/SqFt ($)	$30.43	$294.21	$81.94	$68.10	--
Price/Acre ($)	$0.00	$3,159,905.66	$208,647.00	$0.00	--
Days on Market	29	928	207	148	--

I know that the first month's sales don't tell the whole story, but it is a useful snapshot. We sold 65 homes this month in Palm Coast and Flagler Beach (to include Bunnell, The Hammock, and the more rural areas of Flagler County), from $42,000 to $1,800,000. Granted, there was only one sale over $1M, and the next highest was at $530,000. It's taking about 5 months to get a sale at a Median price of $68/square foot.

SHORT SALES = 50 to 60% of the Market!

   Keep in mind that these stats are all over the map and can vary wildly, by neighborhood.   These sales represent only 5% of available homes, of which there are now 1,263. At this rate, that's 20 months of inventory. About 35% of this inventory (436 homes) are "distressed" listings (foreclosures, short sales, etc.), however 50% of this month's closings were distressed sales. THAT"S GOOD NEWS, because it indicates that the bottom of the market may be starting to clear out.

   Condos are another world. Lots of legal wrangling going on. It's harder to get a mortgage too, because if 15% are behind in condo/association fees, they are dropped from the eligibility list. There are loads of bargains... and Cash is King! As an example, I know of a condo in one of the magnificent Ginn projects that sold for $680,000 in 2007 and today is offered as a $180,000 short sale.

   Don't be fooled into thinking that if it's a "short sale" or bank property, you'll automatically get a better deal. That is surely not so. Everything depends on the seller's motivation... And Joe and Marry Seller may want to get sold and move back to New Jersey for family/personal reasons with greater need than a bank!