Hi folks. Here is my new market report for Poinciana FL. I decided to lump January and February 2008 together and compare it to the same period for 2007.

This report is specific to Poinciana zip codes 34758, 34759 and only includes homes in the Poinciana Neighborhoods. That means Solivita, Cypress Woods and Lake Marion Golf Resort are not included. It's also limited to residential properties. 

OK let's get started. There are currently 1,166 properties on the market (active) as of today, 3/12/2008. The average property is 1,802 sq ft living area and is priced at $179,759. The median price is $175,000. That means 50% of the properties are priced lower than $175,000 and 50% are priced higher. Remember these are ASKING prices not sales prices. 

There are currently 91 properties under contract (pending). These properties have been sold but have not closed. The average property is 1,892 sq ft living area and is priced at $145,800. Now compare that with the average of what is on the market (active). The sq footage is 90 ft larger and the asking price is $34,000 less!! What this tells me is that a large percentage of these pending properties are probably foreclosures (bank owned) and short sale listings. 

It also tells me that values will be dropping another 10% to 15% over the next couple of months. Not good. 

Now let's see how January and February 2008 compare to the same period in 2007. 

There you have it!! Sales are down 46% over the same period last year. Values are down 32%. We are averaging 21 sales a month thus far this year in Poinciana. With 1,166 active listing and 21 month selling that means our absorption rate is 1.8%. In layman terms we have 4.6 years worth of inventory on the market, or 1.8 out of every 100 homes for sale, will sell each month. 

The current market trend for Poinciana Fl is that we are in a rapidly declining market. If your house was worth $200,000 in February 2007 today it is worth $140,000! 

And that's the way it is in Poinciana FL as of March 12, 2008. Hang on folks...we are in for a long rough ride. 

Please feel free to contact me with any questions you may have.

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