Poinciana Florida Market Report for July 2008

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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). 

Buy me!! MLS o4842211

 

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.

 

Reduce me!! MLS o4717297

 

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?

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