How cool is that?
Let's jump right in to my Poinciana Market Report for March 2009.
*****This report will encompass Poinciana Florida zip codes 34758 and 34759 excluding Solivita, Lake Marion Shores and Cypress Woods. This data was pulled form the Mid-Florida Regional Multiple Listing Service on 3-13-09.
Check it out. Inventory is DOWN to 812 properties. Thirty days ago there were 932 properties on the market. That's a decrease of 15%.
Now here's the biggie. There were 152 closings in March 2009. That's the highest amount of resale closings in a month.....EVER! That's EVER as in "We have NEVER had that many closings in any 30 day period since Poinciana was established in 1973".
Folks this is huge. Inventory is down and sales are way up. This is actually right in line with what you hear on the National news.
But let's look a little closer. Of the 152 sales last month, 121 were either REOs or Short Sales. That's 80%.
Of the 385 closings thus far for 2009, 315 were distressed properties. That's 82%.
In December 2008 the average home sale was for $85,023. In March 2009 it was $70,620!! So, even though inventory is way down and sales are at an all time high, values have still declined by 17% in Q1 2009.
Why is that? Usually declining inventory and increased sales cause prices to go up. Well that would be true except.......80% of the sales are distressed properties. Lenders and pre-foreclosure Sellers are not concerned with maximizing price they are concerned with selling their property quickly. The way to do that is to be the best priced property on the market.
In order to be the best priced property on the market listing agents keep "leap frogging" their listings ahead of the others. If you price your listing at $50,000 I'm going to price mine at $49,000 and so on and so on. Make sense?
I did further research today to try and find out when the absolute peak of the market was in Poinciana Florida. I found it. It was May 2006. In May 2006 there were 102 sales in the Poinciana neighborhoods. Of these there were NO distressed sales. The average price was $220,206 or $136.28 per sq ft.
The average price for March 2009 was $70,620 or $41.24 per sq ft. Folks that's a decrease of 70% since the peak of the market a little less than 3 years ago.
What does all of this mean? It means that Poinciana is getting very, very close to hitting the bottom. If you are waiting for this......now is the time to start looking for a place to buy. Now I by no means believe prices will start going way up but I do believe they are going to level out and slowly start increasing. Don't wait too long to get back into the market.
So how's your market?
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