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Poinciana Florida Real Estate is Flying Off the Shelves!!!!

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?

POINCIANA FLORIDA REAL ESTATE SHORT SALE INFORMATION

POINCIANA FLORIDA REAL ESTATE MARKET REPORTS

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MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE

Posted by Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc on 10/26/2008 05:16 PM

Comments (22)

Market Report in the Real Estate Market Channel

market data, poinciana florida

Originally posted at: Selling Poinciana One Property at a Time.: Poinciana Florida Real Estate is Flying Off the Shelves!!!!

This post has been included in Florida Information Osceola County, FL Information Poinciana, FL Information

22 Comments on Poinciana Florida Real Estate is Flying Off the Shelves!!!!

OCT

2008

Reserved Parking For "The Lovely Wife"...TLW...ROAR!

Blog Boy...

Hard Market Data and on a Sunday no less. I'm outta here :)

TLW...ROAR!

This is the first good news I've seen about Poinciana in ages. Folks are getting an absolute steal. I hope they know it. That's a lot of hard work for that price range though.

I think we are seeing something similar in our corner of Los Angeles. During the price boom years, home prices just simply got totally beyond the reach of average working folks.

Now that prices are dropping, average folks are venturing back into the market.

On the other hand, it is very, very painful for folks who did buy during the boom years.

Broker Bryant, Doesn't your great observation indicate that real estate is local?

Hey Bryant, those are some big swings in numbers...from sales to values...sending your a referral on a local looking for East Coast...thought you would be a great match for them.

BB,

Your numbers are very interesting. Seems to me like you'd have more buyers looking for retirement homes at those prices! Sure sounds like a buy to me in the fifty-dollar per. sq. ft.

This change has to start somewhere we have yet to see a big change but I am seeing signs of buyers. Lets all hope this is a bad memory in a few months.

We've had similar results. But now the inventory is increasing again. I want it to stop ASAP. And that's an order!

You think I'll have any luck with that? Don't you wish we could just order the industry to do what we want it to do.

Our market is tooling along, mainly because of REO's. They're selling like hotcakes.

OCT

2008

Bryant - Thanks for sharing the good positive news. We Floridians need all of it whereever we may find it! With our Winter season coming, let's keep the hope, focus and positive news flowing! Thanks for sharing and greetings from Paradise.

Morning BB,

The activity of your area is like in many parts of Florida. The percentages may be a little higher or lower, but the trends are close. Our inventory is down some and DOM are falling, but so are the prices.

A home orginally valued and listed at $270k just went under contract for $110k with an tax office replacement value of $169k. The sad news for homeowners, the forecast is for continued price decline into 2010.

Good news, for sure. The inventory shrinks because of lower prices and, eventually, things swing the other way.

Sales going up usually means that prices are going down. Challenges for sellers, opportunities for buyers!

Average selling price in Idaho is going down too.....just not as dramatically.

Hey guys, Aren't these declines drastic? I spent the afternoon looking at properties with one of my investors and it was just incredible the quality of house you can find for high 60s!!! I'm talking 2 to 3 years old and in move in condition. I believe we are making offers on 3 or 4 of them tomorrow. Let me know if you have some cash to spend. 35% down plus closing costs is less than 25k.

OCT

2008

Thanks Bryant! Your always top on your numbers with your blogs. So what was the all time market high there? 2005-6? Think 2009 should bottom out and a slow rise forward. just a thought on my part.

Bryant,

Thanks for the post. certainly those looking for retirement or getaway properties, should be in the market. The buys are tremendous!

OCT

2008

BB It is good to hear that your market is getting a little better. Lets hope that the psychology changes a little bit after the election and all of our markets fair better.

OCT

2008

Sounds like you guys are following our trends here! No wonder why you were curled up on the couch in fetal position! Very interesting market, yet draining!

NOV

2008

Always read your blogs Bryant we are always trying to stay on top of the Poinciana market. Thanks as always.

NOV

2008

Very nice. I like the way you interpret your data for the client. It means nothing if there is no comparison. And, in many markets there are surprizes and I liked your method of pointing them out.

NOV

2008

Hi Bryant, Cool report. I liked the way you relate to the reader...you tell it like it is. Very genuine.

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