2008 Market Report for Poinciana Florida.

Florida Real Estate Broker 407-873-2747

OK folks, here’s my year end market report for 2008. You read the papers and you watch the news. You hear all of the predictions and how bad things are. It’s very depressing!!! BUT….Real Estate is very very local. This report is very specific to Poinciana Florida. It has nothing to do with real estate in other areas. Some areas are better and some areas are….well….let’s just say some areas are better. If there are any that are worse please let me know. OK here goes………..

(INFO COMPILED FROM THE MID-FLORIDA REGIONAL MLS
SEARCH CRITERIA: ACTIVE 34758,34759 SUBDIVISION POIN) 

2008

MONTH

NUMBER

OF CLOSINGS

AVERAGE

SALES PRICE

MEDIAN

SALES PRICE

2007 MEDIAN

SALES PRICE

JANUARY

20

$141,847

$137,000

$225,000

FEBRUARY

26

$154,094

$152,000

$202,900

MARCH

35

$137,403

$131,230

$196,000

APRIL

31

$122,938

$120,000

$200,450

MAY

50

$131,519

$126,750

$189,500

JUNE

56

$122,597

$117,750

$199,000

JULY

64

$119,091

$119,500

$172,951

AUGUST

55

$106,455

$105,600

$179,250

SEPTEMBER

66

$108,986

$105,000

$188,159

OCTOBER

85

$94,721

$90,000

$187,548

NOVEMBER

77

$91,627

$85,000

$182,450

DECEMBER

107

$85,023

$82,900

$150,750

JAN-DEC

MARKET

TREND

AVERAGE

56 MONTH

MARKET

TREND

INCREASING

DOWN 41%

MARKET

TREND

RAPIDLY

DECLINING

DOWN 40%

MARKET TREND

RAPIDLY DECLINING

24 MONTH CHANGE

DOWN 63%

MARKET TREND

DECLINING

 

 Commentary from Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
 

I broke this analysis down to month by month in order to give you a true picture of what is going on in Poinciana Fl. Yearly averages will not work in a declining market. As you can see, the market in Poinciana is in dire straights. Properties ARE selling. In fact sales are increasing but…… 

There were 672 sales in 2008 compared with 420 in 2007. That’s an increase of 38%. However, 519 of these closings, for 2008, were distressed sales(either bank owned REOs or short sales). That’s 77%!!! 

There are currently 1,051 active listings (single family homes) in the Poinciana neighborhoods. This time last year there were 1,065. Not much movement there. 

The last 4 months we have averaged 87 closings. Using that figure there is currently 12.5 months of inventory on the market. That’s pretty good since last year this time there were 25 months of inventory. Prices are low enough that properties ARE selling. 

I find it incredible that the median price for homes sold in January of 2007 was $225,000 and 24 months later it’s $82,900. That just boggles my mind. What’s even worse is that the median price for houses that are under contract (pending) is $79,900. That means that prices are still declining. 

What can you buy in Poinciana Florida for $79,900 today?

 Cheap florida foreclosures 407-873-2747

 

How about this 2113 sq ft banked owned property with 4 bedrooms and 2.5 baths built in 2006?

 

Cheap florida foreclosure 407-873-2747

 

Or this 2093 sq ft REO with 4 bedrooms and 2 baths built in 2003?

 

 

If these won’t work there are 308 more properties for less than $80,000. 

Folks, this about sums it up. 2009 is going to be quite the ride. Foreclosures are going to increase and values are going to continue to decline. Unless you absolutely need to sell you property DON”T!!! If you must sell….call me. 

If you are a buyer, you need to be buying. Prices are awesome and rates are low. If you are waiting on the bottom you may very well miss it. The only way we will know we have hit bottom is when it is in our rear view mirror. 

So there you have it…. Broker Bryant’s year end market report for Poinciana Florida. I showed you mine will you show me yours? 

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