Bottom Bouncing

A recent report by the Florida Association of Realtors® (FAR) agrees, we may have finally landed at the bottom of our housing crisis. Actually, bouncing is a more accurate description.

The market value for homes in Poinciana appears to be making some attempt to stabilize. Like skipping a stone in one of Poinciana’s many ponds, sales are bouncing between about 40 and 60 sales per month.

While some home values have declined, particularly in the Bellalago area, home sales have stayed steady in areas like Solivita and Crescent Lakes. Overall, property inventory has not increased much over the past year, staying below 1,200.

While sales have increased slightly, helping to keep home values from the downward spiral that the Poinciana area has been experiencing, the area’s absorption rate has been declining from a summer-time high of about five percent. Absorption rate for Osceola County stood at 3.98%, which reflects a one percent decrease in sales since late July. A total of 314 homes have been sold in Poinciana so far in 2008.

Overall in Florida, FAR recently reported that sales for single-family existing home sales rose for the first time in more than two years. While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida's housing sector.  That's according to FAR.  We can't say that six extra sales makes a trend but agree with FAR's assessment that the bottom may be here.