Poinciana’s January 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. 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 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: READ MORE>>