Prices begin to stabilize as local market reaches inflection point.
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.
“February saw the continuance of the following trends, said Greg Blosé, President & CEO of the Palm Coast-Flagler Regional Chamber of Commerce. “Sales prices are stabilizing; buyers are negotiating on price and the number/dollar amount of sales are declining. 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, compared to February 2022, has declined 15% in February 2023.
- The total dollar value of real estate transactions in February 2023 declined 16%, approximately $82 million.
- The median sales price of single-family homes in February 2023 was $368,348, up 5.5% year-over-year.
- The “median time to contract,” which tracks how fast a home enters a sales contract from its listing date, has grown to more than two months (February 2023: 61 days). The “median time to sale” is now four months (February 2023: 120 days).
- The number of homes available to purchase remained over 800 homes in February 2023, which represents a healthy 3.3-month supply of inventory. It also represents a 242% increase from February 2022.
The above analysis is supported by the Flagler County Association of Realtors February 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.