January 2023’s “total dollar volume of sales” of $63m is lowest since May 2020
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.
“January was a historically slow month for Flagler County single-family homes real estate,” said Greg Blosé, President & CEO of the Palm Coast-Flagler Regional Chamber of Commerce. “With $63 million in total dollar volume in January 2023, we haven’t seen a month this slow since May 2020, over two-and-a-half years ago.”
Further analysis by the Chamber shows Flagler’s real estate slowdown:
- The total number of closed sales, compared to January 2022, has declined over 40% in January 2023.
- The total dollar value of real estate transactions in January 2023 was approximately $63 million; the lowest mark since May 2020.
- The median sales price of single-family homes in January 2023 was $366,848, up 7% 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 one month (January 2023: 38 days). The “median time to sale” is now over 90 days (January 2023: 95 days).
- The number of homes available to purchase eclipsed 800 homes in January 2023, which represents a healthy 3.1-month supply of inventory. It also represents approximately 200% increase from January 2022.
The above analysis is supported by the Flagler County Association of Realtors January 2022 Report, which can be found on the following page or 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, “The national economic headwinds continue, and there’s clearly a real estate slow down, both nationally, statewide and locally. January is a historically slow month for real estate, but there is a worrisome trend of a declining Flagler County real estate market since Summer of 2022.”
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