Poinciana Florida Real Estate Market Report. YIKES!!

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OK it’s time to rumble!!! I didn’t do a Poinciana market report for May, so instead of going backwards, this month, I decided to do a report for the first 6 months of 2008 compared to the same period last year. First let’s start with a little chart then I’ll add my commentary. 

This data was pulled from the Mid-Florida Regional Multiple Listing Service and is deemed to be reliable. I’m using the data for zip codes 34758 and 34759, Poinciana Neighborhoods. It does not include Solivita, Cypress Woods, Crescent Lakes or Lake Marion. Jan 1-June 30. 

 

Number

Of Sales

REOs

And SSs

Average

Price

Price Per

Sq Ft

Current

Inventory

2007

241

17(7%)

$202,408

$119.82

na

2008

205

143(70%)

$132,796

$ 74.25

1182

Change

-15%

+ 88%

– 34%

– 38%

 

So what does this all mean? Well, the first thing, that stuck out like a sore thumb, is that 70% of the sales this year were either REOs(bank owned) or short sale (SSs) properties. Compared with only 7% for last year. Now the 7% figure may be a little low since our MLS did not have a field to reflect short sales last year. So lets just double it for the sake of this post. The fact remains that the REOs and SSs are WAY up and are now making up the bulk of the real estate market in Poinciana Fl. 

Now according to this chart prices are only down 34% BUT let’s adjust that one too. In January of 2007 the average sales price was $221,968. In June of this year it was $123,720. That means that in the last 18 months values have plummeted 45%!! That sounds about right. 

At the peak of the market, late 2006, properties were selling on average for $130 per sq ft. Now they are at $67 for a decline of 48%. I was a little surprised by this as I actually thought we were down about 55%. But hey, in this case, I’m glad I was wrong. 

Inventory has been about the same all year. There were 50 sales in May and 49 in June so sales are up about 20% for the last couple of months. 

Yikes!!!

 

Here’s the lowest recent sale. A 2078 sq ft home with a pool built in 1983 sold on May 16th for……..$83,800. It was a REO.

 

Help!!

 

Here’s a 2818 sq ft home built in 2006 that sold May 23rd for $136,500. This was also a REO and was purchased new in 2006 for $256,400.

 

Send $$$$$$

 

How about a 3008 sq ft home built in 2005 that just sold May 23rd for $150,000? That’s $48 per sq ft if you are counting.

 

My opinion, for the future, is that we still have a ways to go until things start leveling out a little. Price per sq ft is going to have to hit $55, maybe even $50. Out of the last 100 sales, 17 were at less than $55 per sq ft. YIKES!! 

So there you have it, Broker Bryant’s Poinciana Market Report. Any questions? 

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