March 2023 Shows Home Price Increases Subsiding, But What’s Next?
An analysis of local real estate data by the Palm Coast-Flagler Regional Chamber of Commerce shows Flagler County’s real estate cool down extending, despite moderate increases in property values and sales prices. See below for 5 additional data points that Flagler County property owners, buyers and sellers should be aware of.
“March saw home prices finally stabilize after nearly a year of significant increases,” said Greg Blosé, President & CEO of the Palm Coast-Flagler Regional Chamber of Commerce. “As we noted last month, the local real estate market seems to be at an inflection point; we will either hold on to the gains in prices we’ve experienced, and sales will return to normal levels over the usually busy spring and summer seasons, or the pressure of an increasingly competitive selling market will force a decrease in prices.”
Further analysis by the Chamber shows:
- The total number of closed sales has declined 6% year over year.
- The total dollar value of real estate transactions in March 2023 declined 4.5%, to approximately $135 million.
- The median sales price of single-family homes stabilized in March 2023 was $371,995, up less than one percent year-over-year.
- The “median time to contract,” which tracks how fast a home enters a sales contract from its listing date, remains at approximately two months (March 2023: 51 days). The “median time to sale” also held steady at approximately four months (March 2023: 112 days).
- The number of homes available to purchase remained at approximately 800 homes in March 2023, which represents a healthy 3.2-month supply of inventory. It also represents a 300% increase from March 2022.
The above analysis is supported by the Flagler County Association of Realtors March 2023 Report, which can be found, in part, below.
The Chamber will continue to provide facts and data to our members in the coming months. Tracking Flagler County’s real estate market is extremely important to the overall economic health of our communities and local governments.