Hi folks, buckle up, it's time for a new market report. I do have some good news this month. The number of properties that have sold has increased quite drastically over the last 3 months. To be exact, sales have increased 35%!!
Inventory has also remained steady with there currently being 1,172 single family homes on the market. This number has been roughly the same for about a year now. However, prices have continued to decline with values dropping 15% since the end of July.
You can also see from the table below that Bank owned (REO) and short sale properties make up from 80% to 84% of the properties that have sold. This of course is what's causing the prices to continue to drop.
***This report is for Poinciana Florida neighborhoods and includes zip codes 34758 and 34759 but excludes Solivita, Lake Marion Golf Resort and Cypress Woods. The data was pulled from the Mid-Florida Regional Multiple Listing Service (MFRMLS) on 11-11-2008***
|
|
TOTAL CLOSINGS |
DISTRESSED CLOSINGS (% Total) |
MEDIAN PRICE |
MEDIAN DISTRESSED PRICE |
|
AUGUST |
55 |
44 (80%) |
$105,600 |
$105,000 |
|
SEPTEMBER |
66 |
52 (79%) |
$105,000 |
$99,250 |
|
OCTOBER |
85 |
71 (84%) |
$90,000 |
$89,900 |
|
% CHANGE AUG to OCT |
+35% |
+38% |
-15% |
-15% |
Of the 1,172 homes on the market, 765 of them are distressed properties. That's 65% if you are keeping track. AND there are currently 214 properties under contract (pending) of which 174 (81%) are distressed properties.
The average home that is selling in Poinciana is a 3 bedroom, 2 bath, 2 car garage with 1,769 sq ft of living area and was built in 2000 or later. The asking price was $99,000 and it sold for 96% of asking price ($94,500) at $55 per sq ft.
Now folks, I am certainly not a soothsayer but I just can't see prices going much lower. Here's a comparison for you. In January of 2001 there were 22 sales in Poinciana Florida. The average house was 3 bedroom, 2 bath, 2 car garage with 1,495 sq ft living area. The asking price was $84,668 and it sold for 98% of asking price ($83,632) at $54.50 per sq ft. That was 7 ½ years ago!!!
What does all this mean? First, unless you absolutely have to sell......don't. It is a terrible time to be a Seller. On the other hand, if you are a Buyer, this could be an excellent time to buy a property. Prices are down and you can still get 100% financing in Poinciana Florida.
So there you have it, Broker Bryant's Poinciana Florida Market Report for November 2008. Any questions?
POINCIANA FLORIDA REAL ESTATE SHORT SALE INFORMATION
POINCIANA FLORIDA REAL ESTATE MARKET REPORTS
CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES
MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE
Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
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This must be what is described as a "distressed market".
Shucks, folks who buy now and live in their home for a few years should have some value.
I heard one "expert" on TV today who said the real estate market will recover in about 5 years.
Geez!
BB- I am SOOO close to an actual closing on a Poinciana home--but it's a Short Sale and a real headache. The first mortgage has given written approval and the second mortgage has their thumb up their... Uh, I mean, I cannot get the negotiator on the phone b/c they are "not accepting calls at this time. Please give us the phone number that is easiest to reach you and we'll E-MAIL them (the Negotiator) and hopefully they'll see the email and call you." WHAT??!! I have a written approval from the first with a very specific time frame (mid-December) to close and get them their money and the second is about killing me with their lack of communication. I hope that this transaction will be in your December totals. I really hope so. :) I like your post. Good news is music to our ears.
Those numbers are staggering to me. Out here only 2.2% of my local MLS listings are listed as being a short sale or foreclosure.
Back to 2001!?? OMG! That is a huge drop in values! And LOL at TLW's "x". She got her first place position! LOL
Bryant- We are back to 2003 prices in Port St Lucie and 2005 prices in Wellington. Still going down, down, down.
BB, don't faint we are back to 1998 prices in Michigan. It is sad but we have headed the country in this mess. Now they are going to bail out Detroit again, not good in my opinion. It is only going to slow the bleed not stop it. They have had years to change things, the darn unions.
Bryant--Sounds like the perfect time to buy a Florida home! Bet you are nice and warm down there too...We had our first snow. Your prices will be appealing to all those wouldbe MN snowbirds!
My market sucks!!!
So does my new allowance :)
I'm going to be quoting from this post on BlogTalkRadio tomorrow at 10:30AM - just a 15 minute Real Estate Matters bit.