All I can say is WOW!!! Poinciana is down to 648 active listings. Considering there were almost 1100 in January this is incredible. That’s a decline in inventory of 59%. Yowsers!!! Inventory is flying off the shelves.
Here’s another goodie. There were 132 closings in May. To put that in perspective, last year from January through May, there were 162 sales TOTAL for the 5 month period.
This year for the same 5 month period there have been 559 sales. That’s an increase of 345%
AND…..values are UP!!! Not much. But they are up. 2.5% from April to May of this year.
Now folks, I personally feel this change, while very positive, is temporary. My opinion is that another huge wave of foreclosures will be hitting the market after the summer. I truly hope I’m wrong.
Anyway, lets enjoy a little positive news while we can.
Here’s the lowest priced home in Poinciana Florida today.
3 bedroom 2 bath built in 1989 with 1274 sq ft of living area. It’s a bank owned property priced at $24,900. It came on the market this morning.
The most expensive home is this 2658 sq ft home built in 2002 with 4 bedrooms, 3 baths ands a pool. This is a Short Sale priced at $350,000!!! Yikes!
OK that’s it for me. See ya!!!
***All data was pulled from the Mid-Florida Regional Multiple Listing Service and covers the Poinciana Neighborhoods excluding Cypress Woods and Lake Marion.
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TLW....where are you?
Hi Bryant. Quite a bit of range on those prices for sure and things MUST be turning around if the inventory available has changed that much. Good luck with the road paved smoothly ahead for you.
Right here Hun :)
I visited a builder today to collect a brochure to an out of town buyer and they are . . . . hold you hat, raising their prices and have already lowered the incentive.
This in response to selling a few homes over the past couple of months.
I expect this will all be reversed when the summer doldrums come.
Bryant,
Your market can use some good news.
Bill
Bryant, That's really good news but I hope your prediction for future foreclosures does not come to pass.
Bryant, TLW is falling down on the job, she wasn't the first one to comment ...... LOL
This is the type of Market Report I like to see, all the numbers going in the righ direction :)
BB, well, that is good news. Lets not think of the other thing you mentioned. Good news is good news!
I hope you're wrong about the next wave of foreclosures, too, Bryant, but all indications are that you're right. While I'm not a Realtor myself, as a virtual assistant who works with Realtors, when business is good for you guys, business is good for me. What great sales statistics, though.
BB- wow! The statistics are amazing! I hope you are wrong about the huge next foreclosure wave-- meteor out there moving toward planet earth
Bryant - I don't follow the Florida market very closely but only $24,900 for a house just 25 miles from the Happiest Place on Earth??? Are there lots of houses in that range in Poinciana?
WOW is exactly right! That is a huge drop in inventory. Things are weird (lol) around here as I have been looking at the stats the last two days. We are down in many areas in # of sales for the year, last month picked up and now pendings are down again... strange winds blowing. ~Rita
Bryant- That is some great and like you said, temporary news! Unfortunately the new wave is about to be unleashed on all of us here in good old Florida. What a low price for the lowest price, that would still only get you a shed here:) But in West Palm you could get a 1/1 condo for that right about now and your HOA would be higher than your mortgage payment! How do you like them apples!
BB, Poinciana's numbers look good. I agree with you that we will be seeing a second wave later in the year - and not just in Florida.
Wow, BB, those are some significant changes. Wonder if it will become a trend or just a passing fancy. We keep hearing about more REOs being released but as of yet are not seeing much in our area. Time will tell. If they are hopefully it will be more gradual.
Jeff
BB - We can all use some good news - short lived or not - it is still good news. What is the percentage of REO's sold vs. regular sale?
Bryant, great stats. And very impressive. Our inventory is down also, but I don't see values going up as of yet and I feel a huge latent market getting ready to come live.
That is great news. We are feeling the change here in Orlando as well. I do agree with you that the change may only be temporary. When the banks lifted their moratoriums in April, we had about 8 listings that got lis pendens filed against them. Another huge wave of foreclosures are coming. Sign up with the REO companies now.
Temporary or not, that's some positivity in your market relative to previous posts of yours. Glad to hear it!
BB, following your blogs over the years has been nothing short of amazing- it's like seeing everything that might be coming (NY) in advance. The bonus? Watching someone navigate it so well.
Good News Indeed! With prices this tempting who could resist?
$24,900!!!! What a bargain! It's great houses are starting to sell well again in your area!