After 4 months of observing the effects of Covid 19 on the Palm Coast Real Estate Market it becomes apparent that our local market is holding up extremely well compared to the same time frame in 2019. Home prices have increased year over year by 8.5%, and homes are sold close to the same rate as the year before, however, demand is still much higher than supply.
For the time period of May – July 2019, 551 Single Family Homes sold for an average Sq. Footage price of $127. The average time to sell a home was 77 days, for an average sold price of $248,200.
Absorption Rate above 20% is a Sellers’ Market
Absorption Rate of less than 15% is a Buyer’s Market
For the same time period in 2020 from May – July, 546 Single Family Homes sold, for a slightly increased average Sq. Footage price of $135. The average time to sell was slightly faster than in 2019 and it took only 70 days, for an average sold price of $271,290, which is an increase of 8.5%.
Homes currently for Sale: For all Palm Coast 554 homes are currently available for sale with an absorption rate of 43%, or 239 homes sold per month. Anything above 20% constitutes a sellers’ market, and the current rate for Palm Coast is twice as high.
The absorption rate for pool homes is even more impressive at 61%, with 118 homes available and 72 homes sold within the last 4 weeks. For homes located on our prestigious Salt Water Canals, the rate is 40%, with 44 homes currently available and 18 homes sold within the last month.
Oceanfront Condominiums: For the areas of Palm Coast and Flagler Beach area a total of 71 Condominium Units is available for sale, and 14 Units sold within the last month, which is an absorption rate of 19.7. A rate below 15% indicates a buyer’s market.
The average sold price in June/July for Oceanfront Condominiums was $544,804, the lowest price being $232,000, and the highest 1.475,000. The best buy is currently a 1 Bedroom unit, fully furnished at the Hammock Beach Resort for $225,000.
Summary: With a lot of uncertainty still swirling around due to the Covid 19 pandemic, I am pleased to conclude, based on my current research, that our local market did not implode, but is a healthy market, with a year over year price increase of 8.5% and a strong demand driven market.
Mortgage Rates: Conventional 30 year fixed 3.125% - 1 year ago 3.813%
FHA 30 year fixed 3.0%/3.982%
VA 30 year fixed 2.563%/2.736%
I have been living, investing and working in Palm Coast since 2002. I have extensive knowledge of our local market and continuously update my research to provide most accurate information to my customers.
For more specific information, please contact me today through my website, E-Mail, or through my business page on Facebook. I am happy to help!