The Poinciana Crane

July Home Market – Sales Up Again

The market value for homes in Poinciana continues to decline but total sales increased for the second month in a row.  Although sales have increased, market values continue to fall, likely due to excessive inventory.

The number of homes sold increased from April to May and remained above 40 in June.  In July 2008, 72,465 people called Poinciana home in an area of 20,303 homes. 

The least expensive of these sells today for $41 per square foot.  The least expensive single family home in Poinciana has an asking price of $50,000.

Absorption rate for Osceola County stood at 4.04%, which reflects a steady increase from a low of 2.00% in January 2008, but inventory remained excessively high at over 1,100 homes on the market for sale. 

 

A total of 208 homes have been sold in Poinciana so far in 2008 reflecting average sales of slightly over one per day.  Solivita and Crescent Lakes maintain higher average sales and values than Poinciana-proper.  (Poinciana-proper refers to communities geographically within the Poinciana area but without "Poinciana" in their legal descriptions, areas such as Solivita, Crescent Lakes, Cypress Woods, and Bellalago.)

Lock Rate Recommendation

Friday's bond market opened down sharply following the release of stronger than expected employment figures. The stock markets are showing gains with the Dow up 66 points and the Nasdaq up 2 points. The bond market is currently down 23/32, which will likely push this morning's mortgage rates higher by approximately .250 - .375 of a discount point.

The Labor Department brought us today's big news with the release of April's Employment report. They said that the unemployment rate fell to 5.0% when it was expected to rise to 5.2%. The payrolls number was also bad news for bonds with a 20,000 job decline compared to the forecasted 75,000 drop. Those readings indicate that the employment sector may not be as bad as many had thought. This has hurt bond prices and led to this morning's increase in mortgage rates.

Housing Crisis Deepens Slightly

Poinciana real estate continues to behave like a house of cards.  While price per square foot decreased once again, and list prices did not fall below last month’s low of $69,900, sales have decreased and inventory is once again on the rise. 

A total of 98 homes have been sold in Poinciana so far in 2008.  The least expensive of these sells today for $44 per square foot, a decrease of $4/SF from March 2008.

Inventory continues to rise in Poinciana while sales dipped slightly in April.   It is expected that May will show a new low for home values, as  sales continue to lag behind the now-increasing inventory in the area.

Market Update – Sales Increase But So Does Inventory

In March 2008 there were 70,578 people who called Poinciana home and 18,918 homes. The least expensive of these sells today for $48 per square foot, an increase of $6/SF from February 2008. While price per square foot increased, list prices fell again from a minimum of over $87,000 to a new low of $69,900, which represents the least expensive single family home in Poinciana. A total of 77 homes have been sold in Poinciana through March 31st.

While for most of 2007, homes sold at about one per day, in January and February, the daily average had dropped to about one sale every two days. March showed improvement with an average once again of one home per day. (Normal is about four homes sold per day.)

Previous reports on absorption rates reflected rates throughout Osceola County, a method that has been improved to focus on the Poinciana area only. Absorption rate for Poinciana as of April 9 was 3.24%.

During the first two months of 2008, inventory numbers appeared to have stabilized at slightly above the 1,000-home mark for Poinciana-proper; however March-April numbers are showing a renewed increase in inventory of existing family homes for sale. On April 9, the inventory for all of Poinciana was 1,636.

Between excessive inventory and low sales, the market value for homes in Poinciana continues to decline. Sales continue to lag behind the now-increasing inventory.

# # #

Numbers referred to as Poinciana-proper do not include the communities of Poinciana, such as Solivita, Crescent Lakes, Cypress Woods, Bellalago, etc. ©Apr.2008, Darhlene E. Zeanwick. All rights reserved. Graph may not be duplicated or copied without permission.

March Market Report – Values Drop, Sales Slightly Up

POINCIANA (PHN) | In February of 2008 there were 70,476 people who called Poinciana home and 18,893 homes. The least expensive of these sells today for $42 per square foot, a drop of $17 from January 2008. The least expensive single family home in Poinciana is listed with an asking price of $87,500.

Absorption rate for Osceola County stood at 2.2% in January, a drop of 0.6% from December 2007. From, January to February inventory numbers appear to be stablizing at slightly above the 1,000-home mark. Inventory of existing homes on March 1^st stood at 1,060.

While for most of 2007, homes sold at about one per day, since January 1^st the daily average dropped to one about one sale every two days. A total of 28 homes have been sold in Poinciana-proper so far in 2008.

Between excessive inventory and low sales, the market value for homes in Poinciana continues to decline but only slightly as compared to previous months. Conclusion: If a buyer is looking to move to the Central Florida area, now is the time to buy in Poinciana.

# # #

Numbers in this report reflect an area referred to as Poinciana-proper. These numbers do not include its communities, such as Solivita, Crescent Lakes, Cypress Woods, Bellalago, etc.

©Jan.2008, Darhlene E. Zeanwick. All rights reserved. Graph may not be duplicated or copied without permission.

February Home Market Report–Continued Decline

POINCIANA (PHN) | In January 2008 there were 69,548 people who called Poinciana home and 18,683 homes. The least expensive of these sells today for $60 per square foot, a drop of $1 from December 2007. The least expensive single family home in Poinciana is listed with an asking price of $93,900.

Absorption rate, the rate at which properties are sold, for Osceola County stood at 2.8% in December, a drop of 0.2% from November 2007. A similar decline of 0.2% also occurred in Poinciana for a rate of 2.6% in December.

Although inventory dipped to just below 1,000 in December 2007, it rose again during the following month and stood at 1,059 on January 31.

While for most of 2007, homes sold at about one per day, since January 1^st the daily average dropped to one about one sale every two days. A total of 14 homes have been sold in Poinciana-proper so far in 2008.

Between excessive inventory and an absence of adequate buyers on the market, the value of homes in Poinciana continues to decline. Conclusion: If a buyer is looking to move to the Central Florida area, now is the time to buy in Poinciana.

# # #

Numbers in this report reflect an area referred to as Poinciana-proper. These numbers do not include its communities, such as Solivita, Crescent Lakes, Cypress Woods, Bellalago, etc.  ©Jan.2008, Darhlene E. Zeanwick. All rights reserved. Graph may not be duplicated or copied without permission.

Poinciana Sales Since 2002

POINCIANA (PHN) | Our year starts with a chart of interest to Poinciana homeowners, showing sales of existing single family homes in Poinciana-proper.

Notes on Chart . . . 1. September 2004 fluctuation: Hurricanes hit through Central Florida for the first time in almost five decades bearing a direct inland blow on Poinciana. 2. June 2004 and April 2005 showed sales equal at 107 homes sold. Highest number of homes sold in one month was in June 2005 with a total of 129. The lowest number of homes sold was recently in November 2007 with a low of only 23 homes sold in a one-month period.

©Jan.2008, Darhlene E. Zeanwick. All rights reserved. Data was compiled from the MidFlorida Multiple Listing Service. This graph may not be duplicated or copied without permission.

The Poinciana Crane™ local blog. La Caballera de Poinciana™ blog en español. Poinciana @ Home™ Realtor.^®

Poinciana’s Threshold

Poinciana, Florida, started day one of 2008 with some exciting news. Inventory, the number of houses on its existing home market, dropped below 1,000, just in time to turn this number into a Poinciana 2008 countdown to normal, normal being an inventory of 800. Why 800?

For starters, 400 homes sold last year in this market. There're other reasons too, but this number is a solid indicator of a normal absorption rate for the area. Normal!

The MidFlorida MLS, showed 976 homes actively on the market in Poinciana-proper as of January 1, 2008. Happy new year!

And – when things do get back to normal – remember, you read it here – first – from Poinciana @ Home.

Poinciana’s February Home Market Report–Continued Decline

Poinciana (PHN) | In January of 2008 there were 69,548 people who called Poinciana home and 18,683 homes. The least expensive of these sells today for $60 per square foot, a drop of $1 from December 2007. 

Absorption rate, the rate at which properties are sold, for Osceola County stood at 2.8% in December, a drop of 0.2% from November 2007. A similar 0.2% decline also occurred in Poinciana to rate of 2.6% in December.

Although inventory dipped to just below 1,000 in December 2007, it rose again during the following month and stood at 1,059 on January 31.

While for most of 2007, homes sold at about one per day, since January 1^st the daily average dropped to one about one sale every two days. A total of 14 homes have been sold in Poinciana-proper so far in 2008.

Between excessive inventory and low sales, the market value for homes in Poinciana continues to decline. Conclusion: If a buyer is looking to move to the Central Florida area, now is the time to buy in Poinciana.

# # #

Numbers in this report reflect an area referred to as Poinciana-proper. These numbers do not include its communities, such as Solivita, Crescent Lakes, Cypress Woods, Bellalago, etc.

©Jan.2008, Darhlene E. Zeanwick. All rights reserved. Graph may not be duplicated or copied without permission.