Make sure to check back for updates on
the Palm Coast - Flagler County Real Estate Market and Trends.
I believe that information is power and am an advocate for customer empowerment.
*I feel it is very important to disclose that I personally own property in this community.*
Please read more about this unique and wonderful community here
Here is a Market Update for August 2008 for Grand Haven
Total Active Grand Haven Homes:
124 in August vs 130 in July
Median List Price:
$452,579 in August vs $409,000 in July
Average Sale Price:
$335,318 in August vs $437,000 in July
Sold Homes:
4 Homes in August vs 7 Homes in July
Pending Homes:
11 Homes in August vs 11 Homes in July
Vacancies
49%
Average Days on Market:
222
List Price: Sale Price Ratio:
81.45%
The above numbers reflect an decrease in inventory by about 4% for the month of July. The median list price decreased significantly while the Average sale price dropped a concerning 24%from the previous month. Of the 11 homes currently pending in Grand Haven...50% of the homes are "short sales" The big question is...Will these homes actually ever make it to closing? Only time will tell....please take some time to become familiar and educated with the statistics regarding "Short Sales" One of the pending homes in Grand Haven has been pending for over a year...yes...you read that right...pending for over a year.* Another property has been pending since April 2008.*
Of the 50 homes sold in Grand Haven Since January 1, 2008....
4 Short Sales
2 Bank Owned
Of the 124 homes currently listed for sale in Grand Haven....
13 Short Sales
1 Bank Owned
View the 4 Intracoastal Front Homes currently for sale in Grand Haven.
With 124 Single Family Homes currently on the market for sale in Grand Haven and with 7 homes selling in July...we are still at an absorption rate that is clearly in a buyer's favor with inventory levels of Grand Haven Single Family homes being at a supply of 18.5 months.
Once we hit 6 months supply we will be back to a normalized inventory and anything under 6 months of supply is considered a seller's market...so you can see that the absorption rate is a very important number.
Total Active Grand Haven Vacant Lots - Non-Intracoastal Front: 125
Median List Price:
$172,051
Average Sale Price:
$85,000
( This sale was a Bank Owned lot on the lake in Wild Oaks and was over 1/2 acre)
Sold Lots:
1
Pending Lots:
4
Average Days on Market:
96
List Price: Sale Price Ratio:
67.74%
Digging into the data for lot sales in Grand Haven for 2008 year to date....it is interesting. A total of 6 lots have sold so far in 2008. Of those 6 lots...all but two of them were a Grand Haven Developer Lot. One lot that was not a Grand Haven Developer Lot was an Intracoastal lot that sold for $430,000 and that was a BANK OWNED LOT. That same lot sold for $725,000 in July of 2006...OUCH!!!!!! And was originally sold by the Grand Haven Developer for $497,000 in 2004. The other Non-Developer Lot was a lake lot in the new Wild Oaks Subdivision on the lake and over 1/2 acre in size. This was also a bank owned lot. The original price paid for the lot from the developer in 2006 for $256,000...another big OUCH!!!!!
I am not sure what will happen going forward - based on the sale of only 6 lots in 8 months and a current inventory of vacant lot listings in Grand Haven at 125...the absorption rate is a whopping 12 years...no not a mistake or typing error....12 years of vacant land inventory in the community of Grand Haven.
Now taking a look at the current inventory stats:
- The least expensive lot for sale in Grand Haven is $59,000.
- There are 18 Lots on the market under $100,000 in Grand Haven....Only one of them is a "Short Sale"
- There are 8 Intracoastal Front Lots for sale ranging in price from $325,000 - $725,000.
- There are 3 "Short Sales" & Zero bank Owned Lots currently listed in Grand Haven.
- I received a letter in the mail recently advising me that there are now 6 preferred builders in Grand Haven (many of which were not on the original preferred builder list for the community). When I purchased my lot in Grand Haven, there were Ten preferred builders to choose from.
Total Active Grand Haven Townhomes & Condos: 19
Median List Price:
$342,645 in August vs $329,000 in July
Average Sale Price:
$240,000
Sold Townhomes & Condos:
1
Pending Townhomes & Condos:
1 (It is a short sale)
Vacancies:
83%
Average Days on Market:
19
List Price: Sale Price Ratio:
100%
Kristi Ross - REALTOR - With over 12 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years come this October....I have learned that information is power and I am an advocate for customer empowerment.
Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
*DISCLAIMER: The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
**Disclaimer: The search homes information is provided through IDX. Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
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