Prices Continue to Rise, Despite Fewer Homes Being Sold
An analysis of local real estate data by the Palm Coast-Flagler Regional Chamber of Commerce shows Flagler County’s real estate market continues cooling off, despite continued increases in property values and sales prices. See below for 5 additional data points that Flagler County property owners, buyers and sellers should all be aware of.
“Flagler County’s real estate activity continued to slow in December 2022, and many of the negative trends we have been tracking also continued,” said Greg Blosé, President & CEO of the Palm Coast-Flagler Regional Chamber of Commerce. “However, the one trend that is heading in the right direction is the continued increase in the price and value of local real estate. The median sales price of homes sold in December 2022 was $359,900, compared to $340,095 in December 2021.”
Further analysis by the Chamber shows Flagler’s real estate slowdown:
- The total number of closed sales, compared to last year, has declined significantly, with sales down 15.6% year-over-year and a whopping 36% in December 2022.
- Cash sales are down 29%, year-over-year.
- The market is forcing sellers to accept less than asking price every month, since July 2022. Last month, sellers achieved a median of 94.7% of their listing price, the lowest percentage in the past year.
- The “median time to contract,” which tracks how fast a home sells from its listing date, has grown from approximately two weeks in the summer of 2022, to more than two months (December 2022: 61 days).
- The number of homes available to purchase has dramatically increased every month since May 2022. This means more competition in the marketplace is forcing sellers to wait longer to find a buyer or reduce their home price. December 2022 saw an active listing inventory of over 800 homes, 134% higher than last year.
The above analysis is supported by the Flagler County Association of Realtors December 2022 Report, which can be found here.
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. Chamber President & CEO Greg Blosé, said, “It’s clear that Flagler’s real estate market continues to be adversely impacted by national economic headwinds, including both the rise of interest rates by the Federal Reserve and historically high inflation. The Chamber expects Flagler’s Real Estate slowdown to continue into 2023.”
For more information, contact Greg Blosé, President and CEO of the Palm Coast-Flagler Regional Chamber, at 386-846-1864 or via email at Greg@PalmCoastFlaglerRegionalChamber.com. Learn more about the Chamber by visiting our website, www.PCFChamber.com