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By Toby Tobin
Palm Coast, FL â€“ January 21, 2015 â€“ 2014 was a good year. By all measures, the Palm Coast and Flagler County housing market is rebounding steadily from the effects of the Great Recession. Here are the highlights of year-over-year improvements.
How did the different communities compare? In the following table, Iâ€™ve separated Palm Harbor into two sections because the â€œcâ€ section and â€œFâ€ section are quite different.
Flagler County 2014 Single-family Home Sales Comparison by Community
The most significant change during 2014 was a steady decline in distressed sales, particularly short sales. Distressed sales accounted for 30.2% of all home sales during the year and 28.0% during the last quarter compared to over 50% during 2009 through 2011. Only 9.8% of current listing is distressed.
The condominium market is more difficult to analyze. GoToby.com looks at the condominium market as having two segments: those within the Hammock Dunes CDD (Yacht Harbor, Hammock Dunes, Hammock Beach and Cinnamon Beach) and those that are not. The HD CDD is beachside and private. Condominiums and homes within the HD CDD are generally larger and more expensive.
Based on unit sales, condominium sales in Flagler County were off 17% in 2014. The decline was most apparent in the HD CDD sector where volume dropped 38.3%, but median prices there still managed a 11.5% increase. The other sector dipped 8.1% in unit volume while median prices rose 12.5%.
Financing for condominiums is more problematic than for homes. Cash sales accounted for 71.2% of all sales in the HD CDD and for 72.3% in the other sector. Distressed sales have dropped significantly, reaching 24.3% in the HD CDD and 19.4% for units outside the HD CDD. There are fewer bargains, so the bargain hunters have exited the market, perhaps accounting for some of the slowdown in sales.
A â€œstructural defectsâ€ lawsuit between the Cinnamon Beach Condo Association and developer Centex/Pulte continued through most of the year. The uncertainties associated with the lawsuit dampened Cinnamon Beach sales. The suit was settled at the end of 2014 with a result interpreted as positive by the condo Association Board. Cinnamon Beach sales have already perked up.