Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Kristi L. Ross PA
Hawk Beach Realty
386-931-5822
http://www.Palm-Coast-Hot-Properties.com
Feel free to contact me with any questions or comments about Palm Coast/Flagler County Florida.

Real Estate is always changing. This site has been designed to keep you up to date on the Flagler County Real Estate market conditions.

There are three types of markets when it comes to real estate...

Buyers Market - Sellers Market and a market that is in relative equilibrium.

Most of the country is currently in a "Buyers Market" for those of you that did not know. The characteristics of a buyers market is the high inverntory available and the falling prices that go with it.

The Flagler County Real Estate market conditions seem to be improving as some of the inventory is slowly depleting. As short sales and foreclosures seem to represent most of the "active" listings today, most buyers are unaware of the complications that go along with making an offer on a short sale. With a short sale, nothing is guaranteed, they sometimes take 6-9 months just to get a direct answer back as to whether the offer is "good enough" for them to accept.

Here is a breakdown of the listings available on the market today in Flagler County(July 6th 2008)

ACTIVE LISTINGS

Residential Homes- 1,926

Condos- 588

Duplexes 62

Commercial 195

Palm Coast Lots 1,132

Lots/Acreage 1,193

PENDING LISTINGS

Residential Homes 205

Condos 13

Duplexes 10

Commercial 11

Palm Coast Lots 13

Lots/Acreage 11

SOLD SINCE MAY 08

Residential Homes 224

Condos 23

Duplexes 2

Commercial 5

Palm Coast Lots 31

Lots/Acreage 18

PLEASE FEEL FREE TO CHECK OUT OUR WEBSITE FOR OTHER BUYER/SELLER TIPS

www.palmcoastbrokers.com

Call us if you need immediate service: 386-793-3535 or email: palmcoastbroker@aol.com

By: Toby Tobin of www.gotoby.com

Palm Coast, Florida - July 4, 2008 - The first half of 2008 has passed. How did the Palm Coast, Flagler County, Florida housing market perform in the first six months? What's the prognosis for the months to come?

First, let's look at a few raw numbers for the first six months (single-family residential homes sold through MLS in Flagler County, Florida):
638 homes were sold in the first half of 2008 vs. 703 during the same period last year, a 9% decline.
The median selling price (median means half sold above and half below) so far this year is $169,250, down 23% from $219,900 for the same period last year and a full 35% from the $259,950 high reached in December '05.

There is no dispute that the Palm Coast/Flagler housing market has taken a big dive. But a closer look at the numbers reveals some encouraging news. With regard to single-family housing, the pendulum is starting to swing back the other way.

The 384 homes sold in the second quarter of '08 is 11% above the 347 homes sold in the second quarter of '07, the first time any quarter beat the previous year's quarter in over three years.
The number of homes available on the market now stands at 1,946, down more than 50 units from just a month ago and from 2,500 at the beginning of the year.
Lender-owned (foreclosure) and short sale transactions represented 35% of sales in June, down slightly from 40% in May.
The absorption rate for Flagler County homes under $200,000 dropped from 9.0 to 8.3 in a single month (it was 14.1 just 10 months ago). The rate for homes between $200,000 and $300,000 dropped from 20.9 to 17.14, also in one month (it was 23.5 10 months ago). Only for homes over $300,000 does the rate remain stubbornly high (42.61).
24% of MLS home sales in the first half of 2007 were attributable to builder inventory, corresponding to on 7% this year; a good indicator that the surplus of unsold builder inventory still prevalent in much of the country has mostly evaporated from the local market.
While sales activity of both condominiums and Palm Coast lots show encouraging signs, the transaction numbers are still too small to be statistically relevant. But Palm Coast lot prices have stabilized with the median selling price settling in just below $30,000. Another bit of encouraging news comes with the MLS posting of a pending contract for a lender-owned Conservatory lot, signaling the first potential resale of a lot in that Ginn Hammock Beach community in over two years.

In summary (looking forward):

As we enter the summer and fall months, traditionally a slow season for realtors, I expect single-family home prices to move sideways (with no increase in the number of transactions) as we continue to work through the continuing incoming inventory of lender-owned properties. But when the inventory of unsold homes falls below 1,500, I expect to see prices begin to climb slowly. Inventory dropped since the first of the year in part because discretionary sellers pulled out of the market, unwilling to drop their asking price to meet competitive lender-owned pricing. Once median prices reach the $190,000 to $200,000 range (where they were in December), discretionary sellers will begin to re-enter the market. This will lead to a flattening out of prices at that level for a while and a return to normalcy.

What event will signal the certainty that we are again in a bull housing market? Watch for construction starts of builder specs. The conditioned skepticism of both builders and their lenders will prevent spec building until well after the rest of the world has acknowledged the upturn. Then hold on for another ride as the pendulum gains momentum.

Fishkind and Associates highly regarded Econocast report predicts the Palm Coast MSA population will reach 104,068 by 2010. Fishkind further acknowledges that property tax, insurance issues, and rising housing prices will cause some retiring baby boomers to reject Florida as a retirement destination. But the sheer number of retiring boomers will insure that "Florida will remain the fastest growing state in the Southeast by a wide margin."