Salt Water Canals
Palm Coast, Florida
(Park your boat in your back yard)
Palm Coast Saltwater Canal Market update for June 2009
Homes for Sale
Active Listings: June (110) vs. April (107)
Lowest Priced Home: $ 189,900 $ 199,900
Highest Price Home: $1,099,999 $1,099,000
Average List Price: $ 420,420 $ 419,548
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# of Listings Bank Owned: 1
% of Listings Bank Owned: 0.9%
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# of Listings Short Sale: 15 18
% of Listings Short Sale: 14% 18%
Sold Homes Data
Homes Sold 6 in May 11 in June
Lowest Sale: $177,000 $165,000
Highest Sale: $975,000 $ 407,000
Average Sale Price: $327,524 $250,913
Absorption Rate: 10 MONTHS!!! 1year & 3 Months
Type of Market: Still a very strong buyer's market !
Average Sales Price Per Sq Ft: $149 $123
Sale Price/List Price Ratio: 88.19% 88.01%
Sale Price/Original List Price Ratio: 71.38% 70.21%
After reviewing the sales data for Palm Coast Saltwater Canal Homes, it is clear that a seasonal increase in sales volume has occurred....however the inventory of available SWC homes is still increasing. The average sold price went up substantially to $327,524 (up 27%), also up to $149 per square foot (up 20%), but the Median Price looks more realistic at $284,760 (still up a strong 13%). A good sign that water front property on the canals in Palm Coast is at least “seasonably stable” and the worst may be over… it may also be a good sign that more Short Sales were closed, than came on the market, in May & June. However, the average listed price is still $93,000 more than the average sold price… are only the least expensive homes selling, or do prices still need to come down?
I still agree with the April commentary: “This is an excellent time for Buyers interested in Saltwater Canal Homes in Palm Coast, the prices are finally getting back to attractive and affordable levels. Based on the vacant lot listings...these homes cannot be reproduced for these prices.”
Area Information about the Saltwater Canals
When designing Palm Coast in 1969, ITT development group put in a unique 23 mile navigable Saltwater Canal system with access to the Intracoastal Waterway. The saltwater canal neighborhoods are divided up into sections and most of the street names begin with the letter "C". Most of the saltwater canals are 80' wide and can accommodate large boats. The Saltwater Canals are all within the City limits of Palm Coast and do not have HOA fees or boat dock fees.
You can just pull your boat up behind your home at your own private dock.
Because of the real estate downturn of home and vacant land prices in Northern Florida...you can now find affordable saltwater canal that sold for hundreds of thousands more just a few short years ago.
A significant decrease is prices has again occurred just within the last 6 months...making the prices of saltwater canal homes very attractive
Kristi Ross - REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
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The above statistical data was gathered from the Flagler County MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
The search homes information is provided through IDX. Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
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