Palm Coast, Florida, Housing Market Bottoms Out as Inventory Shrinks and Sales Contracts Increase
Tuesday, April 8th, 2008Palm Coast, FL - The City of Palm Coast in Flagler County, northeast Florida, was the fastest growing city in the country from 2000 to 2007. Flagler was the second fastest growing county for the same period. The housing bubble was very apparent, as was the following slump. The market peaked in December 2005 when the median selling price for single-family homes reached $259,950. By January 2008, it had dropped to $161,500, a level that has attracted the attention of buyers.
Median prices in Palm Coast are not only lower than the Florida median, they are lower than the national median, making the area the least expensive warm climate location on the east coast.
In its March newsletter, the popular on-line source for real estate news and information, GoToby.com, suggested that the market might be hitting bottom based on the declining inventory of unsold homes and increase in the number of pending sales. “In the supply and demand world of residential real estate, decreasing inventory and increasing sales signal a turnaround,” says real estate commentator Toby Tobin.