So the big news in real estate this week is…. “The National Association of Realtors reported that sales of existing homes rose by 5.5 percent from August to September to a seasonally adjusted annual rate of 5.18 million units – far better than the flat results analysts had expected. On an unadjusted basis, sales were up 7.8 percent from September last year. But even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.” (From Newsweek)
Let’s see how this applies to real estate in my market Poinciana Florida.
In August there were 55 sales in Poinciana Florida. In September there were 66. That’s an increase of 17%. Compared to 5.5% Nationwide. OK so Poinciana beat the National average. That’s a good thing.
Now let’s compare the other stats. Nationwide sales were up 7.8% compared to same time last year. Poinciana had 26 sales September of 2007 and 66 this September for an increase of 61%. Holy crap!!!!!
The median price nationwide is $191,600, down 9% from a year ago. The median house price in Poinciana Florida is $105,000 down from $188,000 last September. That’s a decrease of 44%!!! That’s a 44% decline in value in the last 12 months.
Let’s go back a little further. In January of 2007 the median sales price for a house in Poinciana Florida was $225,000. Today it’s $105,000. That’s a decrease of 53%.
Here’s another comparison. The median price per sq footage living area right now is $59. The last time it was this low in Poinciana Florida was in 2002.
There are currently 217 properties under contract (pending) in Poinciana Florida with a median price per sq ft of $55. This means values are still declining. And to top it off…inventory is going up!!! We have 1217 houses on the market right now up from about 1150 30 days ago.
The increase in inventory is actually interesting since values are down and sales are up. This is a direct indicator of increased foreclosures hitting the market.
Folks, it’s been a rough ride for Poinciana real estate. It does look like things are getting a little better though. Values are still declining BUT at least properties are starting to sell. This means values are more in line with what the market will bare.
Of course, if you bought your house in the last 5 years chances are you have NO equity and may even owe more than your house is worth. So my suggestion is to just sit back and enjoy your home.
If you MUST sell then give me a call. Together we can figure out a plan to get you out from under your house. Do NOT just walk away or let your house get foreclosed on. Talk to me first so we can discuss your options. I want to help. OK?
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