Poinciana Florida Real Estate…..Back to 2001 Prices!!!

Poinciana Florida Real Estate 407-873-2747

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

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