Flagler County, FL - Real Estate Stats - Nov '09 - Jan '10

From time to time I will provide you with "snapshot" views of the Palm Coast, Flagler Beach, Flagler County, FL,  Multiple Listing Service (MLS) real estate listings and sales.  The following denotes activity for the previous 3 month Quarter (November, 2009 thru January, 2010).  I know it's only the 29th today, yet I'm doing this because we are about to do a changeover to an entirely new, web based MLS system on 2/1/10... and I don't want to take a chance on losing all or part of the database!... not that I'm worried...   For purposes of this report, a "residence" is a single family house, duplex, townhouse, or condo.  The data are for Flagler County, FL only and exclude listings in our local MLS from out of the area, St. Johns, Volusia, and Putnam Counties.


Currenty Active "For Sale" Residential Properties:  1,900 

• $1,000,000 and over = 87
• $500,000 - $999,999 = 257
• $400,000 - $499,999 = 142
• $300,000 - $399,999 = 219
• $200,000 - $299,999 = 382
• $100,000 - $199,999 = 685 (36% of total market)
• Under $100,000        = 128
• Foreclosures             = 36   (only 2% of total listings)
• Short Sales               = 492 (26% of total listings)
• Median "asking" price of non-Short Sales = $289,000
• Median "asking" price of Short Sales = $149,900
• "Median" is the value, where half of the prices are higher and half are lower.

Properties which have "Sold" and gone to closing this Quarter:  369

• Foreclosures sold = 64
• Short Sales sold   = 143
• "Normal" sold      = 162
• Median Short Sale Sold price = $127,000
• Median "Normal" Sold price  = $145,000

Inferences from these data:

• There are not as many foreclosures as people think.
• This lends credence to the rising number of bank owned "shadow inventory" homes.
• Foreclosures sell quickly... and Short sales do not.
• A large % of non-distressed properties are listed at prices too high for the current market, causing them not to sell... Because the median "Asking" price is $289,000, but the median "Sold" price is only $145,000!
• Our current "Absorption Rate" (the rate at which homes sell each month, relative to total inventory) is only about 6.5%.  
• That means if nothing else were listed from here on, it would take about 16 months to clear our inventory...  (And that can't consider those many homes which are listed at prices too high and will never sell)
• IT'S THE BEST TIME TO BUY A HOUSE IN THE PAST 40 YEARS!  INVENTORY IS HIGH.  MORTGAGE RATES ARE LOW.  PRICES ARE LOW.