I know you guys have been sitting on pins and needles waiting for this month's market report. So here you are......Poinciana Florida's market report for July 2008.
***This data was pulled form the Mid-Florida Regional MLS on 8-7-08 and is deemed reliable. It includes Poinciana neighborhoods in zip codes 34759 and 34758 but does not include Solivita, Cypress Woods and Lake Marion Shores.***
For the month of July there were 62 single family homes that closed with an average property having 3 bedrooms, 2 baths, 1812 sq ft of living area. Most were built in 2000 or later. The average selling price was $118,175 and the median selling price was $118,250.
51 of these 62 sales were either bank owned (REOs) or Short Sales. That's 83%!!!
There are currently 1196 homes on the market and 130 under contract (pending).
The lowest priced home on the market is a 3/2 with 967 sq ft built in 1996. This is a REO property and is priced at $55,900. It's been on the market for 114 days and has had several price reductions.
The highest priced home on the market is a 4/2.5, with a pool, 2162 sq ft and was built in 2003. It's a privately owned home and has been on the market for 684 days!!! It's currently priced at $369,000 after a couple of price reductions. I guess they're in no hurry to sell this one.
OK let's look at a table showing the last 7 months of sales activity to see if there is a trend developing.
|
MONTH |
CLOSINGS |
MEDIAN PRICE |
% CHANGE |
AVE PRICE PER SQ FT |
% CHANGE |
|
JAN |
20 |
$ 137,000 |
|
$ 86.34 |
|
|
FEB |
24 |
$ 146,000 |
+6% |
$ 81.67 |
- 5% |
|
MAR |
35 |
$ 131,230 |
-10% |
$ 74.27 |
- 9% |
|
APR |
31 |
$ 120,000 |
- 9% |
$ 78.53 |
+ 5% |
|
MAY |
50 |
$ 126,750 |
+ 5% |
$ 68.82 |
-12% |
|
JUN |
55 |
$ 117,500 |
- 7% |
$ 65.54 |
- 5% |
|
JUL |
62 |
$ 118,250 |
+ 1% |
$ 64.63 |
- 1% |
What this table shows me is that monthly sales have increased quite a bit since January. Of course this could be a seasonal thing. Let's wait and see if this trend continues. The median sales price has decreased 14% and the price per sq footage has decreased 25%.
These figures line up with the fact that 83% of the sales in July were REOs or short sales. These distressed sales are bringing values down even though sales volume is up.
What this means is, there are Buyers out there, and they are buying if the price is right. Also, the declining values, stress how important it is to price your property in front of the curve. This is no time to test the market. With an average of 44 homes selling each month, out of almost 1200 that are available, you MUST have the best priced house on the market or you are dead in the water. You will NOT get lucky.
We are not experiencing a Buyer problem we are experiencing an inventory problem. Too many homes to choose from. The way to attract Buyers is..... pricing. But you knew that.
So, that's my report for this month. As always, let me know if you have any questions. Any thoughts?
MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE
Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved
Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Blog Boy...
Looks like I can go shopping now. Ooops. Never mind. I already did and it appears I can't spend it fast enough :)
Please forgive me...I'm getting while the getting is good. Don't forget what's mine is mine and whats yours is mine.
Shall I now discuss the fact I believe shopping is a sport? Or should I just shut up now? :)
TLW...ROAR!
Bryant, the percentage of REO and short sales is just amazing to me. I guess they will have to be all flushed out until a "normal" market returns. It does correlate with the declining avg $ per sqft.
Here too in the BIG city MIAMI, FL we are saturated with pre-foreclosure, foreclosures, REO'S and short-sales. Naturally, prices are dropping and just about every buyer I have contact with is looking for that unbelievable low price.
The age of the bottom feeder is here.
Seems to me that if the banks would get on these home sales quicker, they would avoid the loss of value.
TOTOH, the reason it takes so long to get an answer around here could be that the banks are focused on loss mitigation in Poinciana.
We are just under 50% and I thought that was a lot. Good luck.
Those are some pretty frightening statistics. I can't believe how many foreclosures are out there right now.
Bryant, geez! you guys are sort of the epicenter of all this funky mortgage stuff. These are scary numbers - unless you're a buyer.
Bryant now that your market report has come out I can once again sleep well at night ........ LOL
Nice job with lots of local info.
BB - ya know even your market reports are entertaining, and those are BOOOORRRRINNG to most of us Realtors... not yours!
Katrina
I guess this explains the pins and needles. These numbers are still painful! (Yes, I'm quite proud of myself for this whitty retort.) =P
I like the table you include in your market report. I may have to add one of those to mine.
Market reports that look great are hard work. Nice job.....I heard through the grapevine that you paid a visit but I didn't get the comment because of a server glitch.....you could always come back....nice to hear from you and TLW...I always look forward to getting your perspectives on all things. You are just so cool and no I don't have a comment about "Bertha" or "Crap". That was for TLW!
BB,
I am so lucky I found you when I did! These are some UGLY numbers!!!! I know if anyone can make it in this market it will be you...
Thanks again for everything you did for us!!
Caligal, There is no doubt we got you guys out in the nick of time.
I hope everything is going well with you. Can I borrow a dollar? :) OK it's not that bad. I am now transforming myself into a short sale expert! I must be weird because I'm starting to like it.
It's really good to see you still reading my blog. I need to make you a video :) Tell Mr Caligal I said "howdy"
What a beautiful beautiful market report BB! Poinciana is so lucky to have you as the best Broker in town!
BB - certainly not a great time for sellers especially if they bought when the market was red hot. A great opportunity for buyers if they can get financing.
Bryant,
Thanks for the post. Hands down Florida has some spectacular opportunities
BB,
As an advocate for market reports in our area, I applaud you on your format. Great job!
Wow. There are definitely some deals to be had out there. Out of curiosity, in your area, if you were to buy a home for about 100K with 20% down, any idea what insurance would run you? I have two investment homes in FL, and this is what keeps me from buying a third. I do belive in investing in FL however, you need to do so with a long term strategy in mind. And I wish they would figure out the insurance situation.
What a great looking market report! I've seen a lot of them and this is so easy to read!
Bryant,
Ouch. That is a painful report. My July report was pretty bad. I am noticing more activity, though, and not just investor's. I'm seeing a lot of buyers who are looking for a retirement home out of the heat.