What’s going on in Poinciana Real Estate?
Inventory is way down. For the first time in about 2 years we have less than 1,000 properties on the market in the Poinciana Neighborhood. We broke the 1,000 barrier about 2 weeks ago. Today there are 932 properties for sale. This is down from 1,100 to 1,200 that we have been averaging for about the last year.
Closings are way up. February of 2008 we had 21 closings. This February there were 109!! That’s an increase of 500%.
BUT……values are still declining. The median sales price in December 2008 was $82,000. For February 2009 it is $67,000. That’s almost a 20% decline in values in the last 60 days!!!
So what gives? Here’s my opinion.
The properties that are selling are REOs (foreclosures) and short sales. In fact more than 85% of the closings are distressed properties.
Sales have increased drastically because the prices are so low.
Inventory is declining due to all the moratoriums that have been placed on foreclosures.
Banks are NOT foreclosing right now. Which is a good thing because I deal in Short Sales. I listed five in the last week and Buyers are knocking the doors down to see them. Less REOs is a very good thing for me and my Sellers.
I STILL NEED HELP!!!!!
I hired a new agent yesterday. I gave her five Buyers right away with four that are coming into town over the next 2 weeks to buy. All are Europeans and all have cash.
I still have 185 Buyers I need to find agents for. We have more Buyers coming in everyday. I just opened a new website to try and accomodate them all. So if you want to make money AND you don’t mind working……give me a call. I need agents for Buyers looking in Kissimmee, Davenport, Poinciana, St Cloud and S. Orlando. I’m hiring not referring.
OK that’s what’s on my mind today. What’s on yours?
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