Monthly Flagler County Waterfront Sales Reports & Florida Realtors® News
U.S. Housing Supply Reaches All-Time Low
/Realtor.com: Housing inventory dropped 13.6% in Jan. – the steepest year-over-year decline in over four years. The current supply of for-sale homes in the U.S. is the lowest it’s been since realtor.com began tracking it in 2012. It’s down 10%-20% in the four Fla. cities tracked.
SANTA CLARA, Calif. – National housing inventory declined 13.6% in January – the steepest year-over-year decrease in more than 4 years – pushing the supply of for-sale homes in the U.S. to the lowest level ever since realtor.com began tracking the data in 2012.
Based on realtor.com’s analysis, January’s steep year-over-year decline amounted to a national loss of 164,000 listings that tightens the housing shortage plaguing the U.S.
And based on realtor.com’s data, a dearth of for-sale homes shows no signs of easing in the near future as the volume of newly listed properties also declined by 10.6% since last year.
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale,” says Danielle Hale, realtor.com’s chief economist. “With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
Hales calls it a “challenging sign for the large numbers of millennial and Gen Z buyers coming into the housing market this homebuying season, as it implies the potential for rising prices and fast-selling homes – a competitive market.”
The supply shortage is found at every price tier throughout the U.S., but it’s especially pronounced at the entry-level. In January, properties priced under $200,000 declined by 19%, an acceleration compared to December’s decline of 18.1%.
The decline in inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12% year-over-year, compared to December’s 10.2% decline. Even upper-tier properties priced at more than $750,000 declined by 5.9% year-over-year compared to December’s decline of 4.4%.
As inventory dropped, both listing prices and days-on-market reacted to the imbalance of supply and demand. The median U.S. listing price grew by 3.4% year-over-year, to $299,995 in January, while prices in 18 metros grew by more than 10%.
Of the 50 largest metros, 46 saw year-over-year gains in median listing prices, with Philadelphia as the nation’s standout with a 16.0% increase over last year. Additionally, with the lack of supply, homes are selling in an average of 86 days – two days more quickly than January of last year.
Florida housing markets’ year-to-year changes
Tampa-St. Petersburg-Clearwater: Active listings down 20.2%, with 4 fewer days on the market
Orlando-Kissimmee-Sanford: Active listings down 15.8%, with 6 fewer days on the market
Miami-Fort Lauderdale-West Palm Beach: Active listings down 11.2% with 3 fewer days on the market
Jacksonville: Active listings down 10.5% with 5 fewer days on the market
© 2020 Florida Realtors®
January 2020 - Flagler County Canal Home Sales Report
/Hello and thank you for checking out this months Saltwater Canal Home Sales Report for Flagler County. Below are saltwater canal property sales along with the addresses & selling prices of each property sold in January 2020.
If you’re looking to buy or sell a waterfront home feel free to browse the website and register yourself for free market updates. You can also give me a call or text directly at 386-793-1426 anytime!
12 Saltwater Canal Homes sold in the first month of 2020 in Flagler County.
The Top Sale was 3164 N Ocean Shore Blvd selling at $785,500. This property has 5BR 4BA with a total of 3,618 living square feet.
The Deal of the Month was 7 Cheyenne Court selling for $221,000. This property has 2BR 2BA with a total living square feet of 1645.
Here’s all the saltwater canal home sales for January 2020.
Northern Penninsula
3164 N Oceanshore Blvd - $785,500
Palm Coast - Palm Harbor
20 Cloverdale Ct. N - $515,000
24 Conley Court - $480,000
13 Crandon Court - $436,000
5 Chestnut Ct.- $390,000
8 Corning Court - $330,000
49 Cottonwood Court - $295,000
31 Cottonwood Court - $295,000
17 College Court - $284,000
241 Coral Reef Ct N - $239,000
34 Columbia Lane - $225,500
7 Cheyenne Court - $221,000
Thank you for checking out this months Saltwater Canal Home Sales Report in Flagler County. All information is believed to be true and accurate, but not guaranteed. The source for the information above is from the Flagler County MLS. This is not intended to be an estimate of any ones home value. To find your homes value in this market, give me a call and we will schedule a free valuation on your property give me a call or text at 386-793-1426.
NEW LISTING! 326 N 12th St. Flagler Beach, Fl 32136
/Checkout the Video Tour Below on this one of a kind listing! Boaters Paradise! Reach the deep water Intracoastal Waterway in just seconds. Private, no homes behind subject property. Call or text Robert “Bobby” Keith for more info 386-793-1426
Congress Votes to Extend National Flood Insurance
/No lapse in NFIP yet: Congress passed an extension to keep it going until Nov. 21 – the 13th time it’s been extended. President Trump is expected to sign the bill.
WASHINGTON – Don’t expect a lapse – not yet anyway – in the National Flood Insurance Program, the country’s largest flood insurer. The program has been set to expire on Sept. 30, but the U.S. Senate recently passed an extension that would keep the program afloat until Nov. 21. The House had previously passed the extension.
The bill is expected to be signed by President Donald Trump.
This extension will mark the 13th time the program – which is billions of dollars in debt – has been rescued by lawmakers with extensions. The NFIP provides flood insurance coverage to 22,000 communities nationwide and protects property owners against loss from flooding, the most common and costly natural disaster in the U.S.
Federal law requires the purchase of flood insurance for a federally backed mortgage in special flood hazard areas designated by FEMA. Private flood insurance is also available in many high-risk areas, but the NFIP may be the only option for some homeowners.
Any lapse in NFIP funding could jeopardize up to 40,000 home sales a month, the National Association of Realtors® has warned in the past. NAR has long called on long-term reforms to the program. NAR supports reforms to the National Flood Insurance Program, including calls to strengthen flood mapping and mitigation and the development of more private-market flood insurance options.
Meteorologists warn that rising sea levels and increasingly powerful storms will continue to threaten more areas with flooding.
Source: REALTOR® Magazine
© 2019 Florida Realtors®
SOLD! 3 Floyd Court Palm Coast, FL 32137
/3 Floyd Court is SOLD! 9/27/19
NAR: Pending Home Sales Rose 1.6% in August
/Pending sales went up 1.6%, reversing the prior month’s decrease, and year-over-year contract signings jumped 2.5%. NAR economist calls it “very encouraging.”
WASHINGTON – Pending home sales reversed course in August after a prior month of declines, according to the National Association of Realtors® (NAR). Each of the four major regions in the study reported both month-over-month growth and year-over-year gains in contract activity.
The Pending Home Sales Index (PHSI) – a forward-looking indicator based on contract signings – climbed 1.6% to 107.3 in August, reversing the prior month’s decrease. Year-over-year contract signings jumped 2.5%. An index of 100 is equal to the average level of contract activity.
“It is very encouraging that buyers are responding to exceptionally low interest rates,” says Lawrence Yun, NAR chief economist. “The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply.
Regional breakdown: All regional indices were up compared to July, with the highest gain in the West region. The PHSI in the Northeast rose 1.4% to 94.3 and is now 0.7% higher than a year ago. In the Midwest, the index increased 0.6% to 101.7 in August, 0.2% higher than August 2018.
Pending home sales in the South increased 1.4% to an index of 124.4 in August, a 1.8% bump from last August. The index in the West grew 3.1% to 96.4, an increase of 8.0% from a year ago.
Yun says that historically low interest rates will affect economic growth, especially home buying, going forward.
“With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020,” says Yun. “Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity.”
NAR forecasts home sales to rise 0.6% in 2019 and another 3.4% in 2020. Housing starts are predicted to increase by 2.0% in 2019 and jump an additional 10.6% in 2020, which in turn raises GDP to growth at 2.0% in 2020.
© 2019 Florida Realtors®
September Builder Confidence Hits High for Year
/The index gauging builders’ attitudes hit 68 this month. Readings above 50 are considered positive territory, and they’ve been in the mid- to upper 60s since May.
WASHINGTON – Builder confidence in the market for newly built single-family homes rose one point to 68 in September from an upwardly revised August reading of 67, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading above 50 is considered positive territory, and sentiment levels have held in the mid- to upper 60s since May.
“Low interest rates and solid demand continue to fuel builders’ sentiments even as they continue to grapple with ongoing supply-side challenges that hinder housing affordability, including a shortage of lots and labor,” says National Association of Home Builders (NAHB) Chairman Greg Ugalde.
“Solid household formations and attractive mortgage rates are contributing to a positive builder outlook,” adds NAHB Chief Economist Robert Dietz. “However, builders are expressing growing concerns regarding uncertainty stemming from the trade dispute with China. NAHB’s Home Building Geography Index indicates that the slowdown in the manufacturing sector is holding back home construction in some parts of the nation, although there is growth in rural and exurban areas.”
The HMI index gauging current sales conditions increased two points to 75 and the component measuring traffic of prospective buyers held steady at 50. The measure charting sales expectations in the next six months fell one point to 70.
Looking at the three-month moving averages for regional HMI scores, the Northeast posted a two-point gain to 59, the West was up two points to 75, and the South moved one point higher to 70. The Midwest was unchanged at 57.
© 2019 Florida Realtors®
Federal Reserve Cuts Interest Rates by Quarter Point
/The Fed cut rates for the second time this year and said it would keep doing what it deems necessary to sustain the U.S. economic expansion. Interest rate cuts have a direct impact on adjustable-rate mortgages and an indirect effect on fixed-rate loans.
WASHINGTON – The Fed cut rates for the second time this year and said it would keep doing what it deems necessary to sustain the U.S. economic expansion. Interest rate cuts have a direct impact on adjustable-rate mortgages and an indirect effect on fixed-rate loans.
In a statement accompanying the announcement, the Fed said the labor market “remains strong,” economic activity has been “rising at a moderate rate,” and household spending “has been rising at a strong pace.”
However, it also noted economic challenges, including “business fixed investment and exports have weakened.”
While Federal Reserve members often unanimously agree on rate changes, the vote this time was 7-3, the largest number of dissents in three years. Two Fed officials voted to keep rates unchanged, while one member argued for a larger half-point cut.
It’s not clear if the Fed will continue to cut rates later this year or not as some have predicted. While a number of Fed officials favor another rate cut soon, at least two officials expect a rate hike.
© 2019 Florida Realtors®
Florida Housing Market: Median Prices & Pending Inventory Up in August
/August’s statewide single-family home median price up 4.2% to $265K, sales up 3.2% year-to-year. Condo median price up 2.7% to $190K, sales down 2.9%.
ORLANDO, Fla. – Florida’s housing market reported rising median prices and more pending inventory in August compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 27,107 last month, up 3.2% from August 2018.
Pending inventory for single-family existing homes increased 4.5% last month compared to a year ago, while condo-townhouse pending inventory rose 4.8%. Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
“Florida’s favorable jobs outlook, latest low unemployment rate of 3.3% (in July) and strong economy are positive trends for the state’s housing market,” says 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “Meanwhile, low mortgage interest rates are continuing to spark homebuyers’ interest in entering the market.
“Because local housing markets are unique, consumers should turn to a local Realtor to find out more about trends and conditions in their area. Your local Realtor can offer expert advice and guidance during the complex homebuying or selling process.”
In August, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 92 months in a row. The statewide median sales price for single-family existing homes was $265,000, up 4.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $190,000, up 2.7% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in July 2019 was $284,000, up 4.5% from the previous year; the national median existing condo price was $254,300. In California, the statewide median sales price for single-family existing homes in July was $607,990; in Massachusetts, it was $439,900; in Maryland, it was $315,000; and in New York, it was $299,950.
Looking at Florida’s condo-townhouse market in August, statewide closed sales totaled 10,062, down 2.9% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“On a statewide basis, sales and price growth was pretty much in line with what we’ve seen throughout the year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “There’s no real relief in sight for the inventory shortage, either, so it looks like this downward trend is going to continue, as well. Interest rates remain a wild card. We’re near record lows on the 30-year fixed mortgage rate, but there’s no guarantee we're going to stay down here for any significant length of time.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.62% in August 2019, down significantly from the 4.55% averaged during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics sectionon floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website.
© 2019 Florida Realtors®
