Housing Inventory Surge in Davenport

Key Points:

• Inventory Surge in Kissimmee: Inventory in zip code 34747 has increased 52% to 116% year-over-year, leading to intense competition and price cuts among sellers.

• Overvaluation Concerns: Areas like Buena Ventura Lakes are showing overvaluation up to 52.5%, making affordability increasingly challenging for locals.

• Record Price Reductions: Sellers in Kissimmee have reduced listing prices by as much as $50,000, and many homes remain unsold even after multiple price cuts.

• Months of Supply Increasing: With supply levels reaching nine years high in some zip codes, buyers now have more options, and sellers are under pressure to reduce prices.

• Impact on Airbnb: The slow demand for short-term rentals is forcing price corrections in vacation home markets near Celebration, showing a shift from peak Airbnb profitability.

Kissimmee Housing Market Update: Key Trends, Price Shifts, and Buyer Insights

Hey friends, welcome back to the channel. We have major changes unfolding in the Osceola County housing market today. We are going to dive into what is one of the busiest, most traded cities in the entire Orlando metro area, which is Kissimmee, Florida.

Kissimmee, if you’re aware, has a history of being a marketplace where people that want to be in the country, they have options. If people want to have more affordability, Osceola County tends to have a little bit lower price than most anywhere else in the Orlando metro area for what you get in terms of its housing costs. And I know a lot of you watching this channel saying, Jared, Kissimmee is not for me, or I live here now and it’s no longer as cheap as it used to be and I don’t understand where the buyers are. And I have sellers I know that are tuning in that are saying, man, I’ve been on the market for a long time and I’ve reduced the price 50 grand. I don’t know what’s up next and honestly, there’s going to be some major changes unfolding and you need to know about them. So today, one thing you can rely on this channel is you’re going to get a very granular, detailed analysis of exactly what’s going on the market now so that you can plan accordingly. Whether you’re going to buy, whether you’re going to sell, whether you’re just curious if your Zestimate on Zillow is going to break records next year.

You’re going to be armed with what you need to know right here on this update. So if you appreciate the detailed analysis, help me get this to as many people as possible. Jump down below, smash the thumbs up, and let’s dive into the update.

All right, let’s move over to the data. Look at this. This is the Orlando marketplace. We are going to spend our time down here in Kissimmee. What you’re looking at right now is a price forecast report. When it’s blue, that means the market is soft. That is price down is what it’s projecting. Now, how do you get a price down? This forecast is blending how much new inventory there is, how many price cuts are taking place, how long it’s taking to sell, it’s taking the potential for overvaluation, how much do people make in these areas versus the mortgage interest rates currently, things of that nature, and kind of blend it together. And then this is what you get.

So in this marketplace, Westside, Celebration, and majority of the Airbnb market in 34747, that is 31. So it’s well into a buyer favored market. When you say 31, think of it this way. The 50 yard line is dead even between buyer and seller favored. When it drops below 50, the buyer is in control according to the data. Okay.

You have this tiny little pocket. There’s not much real estate in here to speak of, but down south, 3, 4, 7, 5, 8 is a 29 solid buyer strength, 3, 4, 7, 4, 6, same thing buyer favored in a big way. Now this area right here is where you start to see the marketplace still buyer strength, buyer favored, listings are outnumbering, you know, sellers are disadvantaged in the marketplace just because of the sheer level of competition and other factors but this is the area right beneath Hunter’s Creek to the north. So 34741 is a 35. So it’s faring a little bit better than those markets out to the West. You have a 37 here in 34744, which is like the downtown area. And then up here, BVL is at 37.

Got a lot to talk about with BVL today. And then 3, 4, 7, 4, 1, I’m sorry, 3, 4, 7, 4, 4, still again. So let’s back off. Now I want to take a look at a couple of their metrics here. Let’s look at home values year over year. Okay.

So take a look out West down home values are off by almost 4%. Now you got to understand some of these areas out here, they are trading well below 5% even. So they’re off 5, 6, 7, 8% in some cases year over year. I’m going to show you some listings in that area and how things are changing 3, 3, 8, 4, 8, which is not a huge market, but it’s down 3, 3, 7, 4, 6 is down by 1.1%. And then again, this is one month against last year. And again, this is in moving season.

This is when you’re supposed to be gaining over last year. You shouldn’t be grappling with narrowly, you know, matching price against last year. 3, 4, 7, 5, 8 is break even 0% didn’t lose, didn’t gain across the board.You got to understand you’ve got losers and gainers in that same marketplace though. You have a 3% and 3, 4, 7, 4, 1. You’ve got a 2.5 positive and 3, 4, 7, 4, 4 wrapping all the way and then the hottest of the bunch is good old Buena Vista lakes. I’m sorry, Buena Ventura lakes 4.95% up. That’s crazy. There’s obviously reasons for that.

Overvaluation Concerns and Shifting Market Dynamics

We’re going to come back to that in a second. Let’s take a look at overvalued. Market fundamentals are really what get kind of stretched here. People kind of scratch their head and say, you know what, how can the locals keep affording this? How can property values keep trading at where they’re at? If affordability kind of comes into the mix. So let’s take a look at that. 34747 is at 20% overvalued 74%. Again, this is a tiny marketplace. There’s nothing really see there. 758 is 37% overvalued, 34% overvalued in 746, look at 34741 56%. Take a look at BVL. Buena Ventura lakes is up 52.5% over valued. Again, this is taking a standard level of income for the area and saying, based on what property values are at or where they should be based on what people here make. Cause if the fundamentals, you know, people cannot pay for the pay for the house, the fundamentals break and ultimately that’s what happens when even we’re seeing these reports now of buyers going, I’m not getting in this. I’m not buying sentiments down, even in the face of interest rate optimism, interest rates are, are, are down themselves, but buyers are still kind of checked out. Now, why is that the case? Because if you do the math on Buena Ventura lakes, take a look at this mortgage payment, salary to afford a house.

Look at this salary to afford a house in Buena Ventura lakes is $93,000 based on today’s market fundamentals. If you know Buena Ventura lakes, and this is not a slight to the people of BVL. Okay. This is not, this is, this is not the regular income level for household and BVL. Okay. $93,000 in three, four, seven, four, four salary to afford a house in seven, four, four is $106,000 salary to afford seven, four, one is sorry. I came off screen $80,000. And then it just gets worse. If you go back this was 34747, $118,000 again, far West Kissimmee and that’s ultimately the fundamentals are kind of the question mark is how much more will we see from this market? How much more trading at elevated rates? Can it, can the market sustain it? Okay. Take a look at this. This is inventory level one year to the next.

How many homes are for sale in these areas against last year? And this kind of tells the about how buyers are going a sticker shock because the amount of unsold homes, for instance, and three, four, seven, four, seven is up 52% down here in seven, five, eight, 64% more homes than last year, three, four, seven, four, six, 82% more inventory than prior year. Look up here. Now this is the interesting thing.

The ones, the markets that have been blowing up in price kind of without abandoned, they’ve not slowed down on price. Look at the inventory levels now. So if you’re in three, four, seven, four, three, 116% double the amount of sitting homes and this is where the anomaly gets interesting is if we pull the data, there’s more three to $400,000 homes, which debatably is the most affordable single family you’re going to buy here. They’re anywhere in the Orlando metro.

There’s more way more than in the entire Orlando metro. I’ve done this in a separate video. I think it was around like seven, 800 homes in the entire metro area last year from three to 400,000 this year.

It’s like 1700 active listings, almost 2000 homes now for sale from three to 400, which means the segment is growing. A lot of those homes were probably 400 plus last year. They’re dropping down into the three to 400 and again, that’s where a lot of the price points for this, this particular area is. Okay. For example, right here, BVL last year, this exact same time, if you’re trying to sell in BVL, you are one of 37 unsold homes this year. There’s 79 homes for sale. So this is an interesting thing is like you could have a house last year and you only had four or five competitors and your exact same class this year, you might have 20 and that’s where you’re going to start to see price jockeying. I’m going to show you some of that in a second. All right.

So going out towards Lake Nona, it’s up 65%. There are 129 units on the market this year, 213. Let me show you a few more things.

Median list price. This is a fascinating thing. This is going to show you where your price is going in a lot of these areas, because this is the asking price against last year, the exact same price in August this year versus a year ago.

If you watch my channel, you know that over time, we rarely ever see this number negative ever. It’s usually never negative. But now in the past three months, we’re starting to see it all over Orlando, meaning homes that are on the market now, instead of asking a little more than they were the same time, we’re seeing that metric falling.

So that means people are bringing their homes to the market. When they call the agent, they look around, they say, there’s enough competition. Now it’s a little dicey out there.

I’m going to have to lower below what it was even we’re asking last year in order to sell it in the current market. Just a picture of what people believe about demand in the current market. So for instance, 34747 the West is the asking price is down 3.4. Okay.

That means remember too, they’re now starting in the market three and a half percent below a year ago. They’re also going to give away another 3% on the way to going under contract. So the actual close price for a lot of these listings is going to be six, 7% negative to last year.

So this is a leading indicator that tells you what will possibly happen in the future with your home prices. This again, this is a tiny little pocket. This is the intercession city.

I almost don’t like talking about this in the, in the update, but maybe five of you live there. Negative 6%. Look at three, three, four, seven, five, eight negative, almost 3%, 2.7, 7% negative.

Look at this. Remember a second ago, we had like 85% more homes in this market. Three, four, seven, four, six is negative.

Almost 8% to last year in terms of its ask in terms of its median asking price. Look, what’s happening here. South of hunters Creek, negative 2.3. Look, what’s happening in BVL.

Not long. So you can see right here, it looks like what coming in. It was this March, April, bear with me folks. This is March. So March, then April, it spent one month beneath the line and shot back out of the negative territory. So here we are in August negative.

Leading the way right now, year over year, because apparently summer might’ve been somewhat nice, somewhat helpful to some of the owners there, but it’s found itself negative. Look how many times three, four, this is BVL.

Look how many times in the past five years that it’s been below the zero line. It’s look how often people ask less than a year prior than this is zero. So this is the total months. So one, two, three months this year, it’s been negative. Before that you have to go 23, 22, 21, 20 February of the pandemic year opening year. That was last time it happened. Okay. So I’m telling you, this is a rare sign and this tells you that people in BVL, at least the ones that are watching and they go, Oh my gosh, there’s way more supply and I have to sell like they’re, they’re getting it. Like I can’t go to the moon with the price. Otherwise I’m going to be last one to sell and it’s going to be bad for my home value when I, when I eventually do look at this three, four, seven, four, four. This is again, this is out there. Look at that fallen off a cliff. So it is negative 5.83. All right. We’ll see what happens. Don’t, don’t bless me out in the comments. That’s not what I’m here to do.

Inventory Trends and Pending Sales Analysis

let’s take a look at closing pendings and months of supply. Now to show you this, I can’t even, I would love to have pulled this up on this ReVenture map for you, but I can’t. So I’m going to show you here.

All right. So we’re going to start in 34744. This is the against Lake Nona.

This is closed sales. You can see it’s, it’s been in a healthy stride for four months straight, but look, let’s look at the actual below. How are we doing in LA against last year? They’re up 12% in July.

So they made some gains, but June, they were down 19%. May was up six, down six in April, down 14 in March, up 17 down. On the whole, maybe the average all the months out, maybe they’re, I would say probably pretty close to what it’s selling kind of even with last year, which is good.

Let’s go to three, four, seven, four there. So this is BVL. BVL’s sell-off, you would expect to remain healthy because it’s such a popular area.

In January, it was up a hundred. They had double the sales. 23 sales of the zip code in January was twice as bitty as a year prior, down 21, down three, down 33, up three, up 10, up 25.

All right. So Kissimmee’s trucking along, BVL particularly is trucking along. However, I have a, if I have to look, I imagine your active inventory is just through the roof.

Yeah. So your active inventory is now going straight up. So even though your sell-off is good against last year, you’re not pending them fast enough as they’re hitting the market.

So the amount of unsold net homes that are just sitting there is going up. And again, so right now there’s 66 in active inventory here. You had, you peaked at that.

You hit 66 in October of 2022, and then it corrected, but you’re adding them back up again. Okay. But before that you have to go clear back to March of 2019 to find 67 units.

Here’s the other interesting thing. Look at this. This is going vertical during moving season. So something to watch.

Let’s look at closed sales in three, four, seven, four, six, starting in January, up 31, up 23, down seven, down three, down 5.8. I mean, you ran like four months straight negative to last year, and then you’re up 26% in July, which represents a down month, like you’re trending down. So again, this is why you see closed sales piling on. Hopefully you make, nope, you didn’t make a dent. You’re up 25%, but you still had your active inventory peaked to new highs. Look at this. So 34746 folks right now has more inventory going back on a nine year history.

So there’s no point since January of 2015, the three, four, seven, four, six has had this many active homes for sale. Interesting. All right.

Let’s look at closed sales for 34747. Look, look how low sell-off has been going back a year versus the pandemic era. Look at this.

It was 125 to 140 units every month. And now they’re half that and it hasn’t recovered. And a lot of what is happening here, this is Airbnb and somewhere back in here, Fannie Mae and Freddie Mac and the entities that dole out the mortgages changed the rules and made it a lot more expensive to get mortgages.

Now that’s not across every single product, but most of the products that these people need to sell these properties. And you’re having also some headwinds in these areas with income. So Airbnb, we just saw last month, the reports came out, the Airbnb lost like 14% of its value in a single day because the earnings got blasted.

So this is what we’re hearing. We’re hearing that the earnings went up during this era and now the earnings that they’re pulling in today aren’t tracking with what they were when they were selling at these enormous prices. So think about it.

If you’re selling a property as a business and your business revenues are changing and then your cost to finance said business gets jacked way up. So the cost of to own it goes up, your revenues go down. It just creates a lot of headaches.

So there’s, there’s turmoil there. Let’s look at the active inventory for the same zip code. And again, same here.

You can see it’s at least it’s flatline, but it’s way up. I mean, this marketplace, when they started raising interest rates, had 149 listings in it. Now it’s got 562 homes for sale.

Look, look at the trend. It just stays elevated. April up 65, April, May 61, 64, 60, 57% over last year, which most of the year it’s been on a climb.

So hopefully it’s, it’s, it’s down, but again, it’s just like three, four, seven, four, six. We saw a few moments ago, the same zip code has the highest amount of inventory in a nine year run. All right.

Months of Supply and Price Pressure Analysis

Let’s look at one more. I want to look at the months of supply. Months of supply takes in consideration how much homes are for sale and how badly they’re selling. Okay. So if you stop listing homes, you just factor how fast they’re selling last month and say, how long will it take for us to sell all the homes in the market? If all we did was just sell off what exists, this is the true health of a market.

It’s actually one of my favorite data points because this shows you where things really are. Okay. So right now we’re in three, four, seven, four, four. This is up against, I imagine this is going to be one of the better numbers. This is, it would take 3.1 months to sell off everything in supply liquids. The trend has been though up 72%. So that means last year it must’ve been around two or something like that. 106%, 140% over prior year four. Again, this number gets steep because buyers back off and unsold inventory climbs. Okay. And again, look at it.

You have these, you know, three plus percent months. You have to go back. The marketplace didn’t run that way, except kind of at the end of 2016. So the point is the feel of the market is different. It affects the feel. Okay. My contention too, is when you see this stuff run north, this is what really precipitates price reductions. Most people will just look at inventory and say, all right, inventory is high. There should be price reductions or prices in danger.

This, my friends is the single metric of all metrics that when this gets out of hand, I’m telling you, you go back. I wish we had more data for the GFC back in 2008. We just don’t have it. Like, I don’t know why you have stock markets and, and the stock exchanges, things of that nature had way better data than we had accumulated back in those days. But look at this vertical, this is BVL when I’m in trail lakes straight up. And again, look how hot it was like in February even.

So in February, it was a month and a half of supply. Now it’s almost double that to 2.7. It’s almost, it’s pushing a three month transition. And again, this was one of the hottest months of supply in the entire Kissimmee marketplace. This one stayed low and it’s always traded around two. Okay. So for this area, it’s elevated. That means that’s why you see reports saying that buyers have control because that is going to cause sellers to stress. And we just saw three, four, seven, four, six, super high active inventory. As you can imagine, six months of supply.

Holy cow. If this goes seven, eight months, you are going to see potential for discounts in the zip code. Now the last chart in the highest levels we have in the entire Kissimmee area is three, four, seven, four, seven, the Airbnb.

This is the far West area that kind of wraps it towards celebration. Look at this at July of 2024, it hit 8.8 months of supply, which is actually below the month prior. So it made up some ground. I have a feeling as we go into the fall, you’re going to see this slip and it’s, Ooh, I would not be surprised if we’re at nine months by even a month from now. Okay. It’s going to be interesting to see, but look at this. So you’re up 80% up 89% up 78%. It’s just big numbers. You have to go all the way back towards the end of 2017 to see a marketplace like this and honestly, this isn’t bad. You can go into some neighborhoods in three, four, seven, four, seven, and find 18 months of supply, 19 months of supply in certain communities. There’s literally streets full of homes for sale in those neighborhoods, a good looking property.

This is 7778 Indian Ridge trail. This property is a four bedroom, two bath, beautiful in-ground pool probably has a good size lot as well. It says here in the comments that the owner just put on a new roof, which was probably $13,000 improvement on this particular house.

Take a look at what is going on down here. You can see right down below that the current owner bought this property in April of 2022 for $415,000. Now I just told you earlier this year, they put on a $13,000 roof. I’m sure many of you are going to jump on the call and say, yeah, but their insurance paid for it. You’re probably not wrong, but take a look at this. They went from $415,000 of what they paid for it and they relisted it in January of this year for $500,000, 85,000 more than they paid. Now they reduced the price because it didn’t sell about three months later to 485,000. So they took a 3% reduction and it still didn’t sell for about two or three weeks later, they reduced 485,000 down to $470,000 and then from $470,000 to $460,000 and then from $460,000, they actually went under contract and then they came back on the market in July after it didn’t close, which happens all the time.

Oftentimes that is the kiss of death because people think they can get that number again and they can’t. But this person decided, you know what? Enough’s enough. We’re going to reduce the price and about two weeks ago, they reduced to $420,000. Now on my math, their closing costs and what they paid for it. They’re probably going to come out with about $380,000.

Price Drops, Short Sales, and Market Corrections

Now I’ll remind you that that’s if they sell at the asking price, they’re asking a $420,000, they’re going to walk away with around three 80, maybe three 90, but you also have to take in consideration that paid 415,000 for it. And when they closed the first time, they undoubtedly, they did financing. They undoubtedly had probably at least 10 or $12,000 in closing costs on the way in.

So there’s definitely a decent size net loss. And again, that just gives you an example that people that purchased a couple of years ago are obviously facing the reality that they’re not breaking even, that they’re taking losses in order to sell. All right.

House number two, this one is $485,000. It is a five bedroom, three bath, 3,248 square foot house. This is in that section of three, four, seven, four, six that I was telling you about.

It’s on a third acre lot. So it’s got a pretty good size piece of property that it’s sitting on. Also, you’ll see down here in the comments that the seller is offering $10,000 towards buyer closing costs.

So effectively, you might as well just look at this like the asking price is $475,000. So reminding you, $475,000 is the net asking price. So look where they started about a month and a half ago, July 22, they hit the market for $525,000 and then about a week and a half later, they went to $510,000. And then a couple of weeks after that, they went to $485,000. They actually went pending for a day. Actually, they went pending and went under home inspections, but they went under contract at $485,000. And then it fell out. That’s a big problem that home sellers are having right now.

Sellers in Orlando are finding out that they’ll put a home under contract. You’ve seen it now, I think two different times through these properties I’m showing you where they go under contract and the buyer wiggles out. The buyer goes and gets their insurance priced.

They get all the other things they have to get priced out of the purchase. And then they find that, you know what, there’s more hidden cost here than I can actually deal with. And they bail.

In fact, Orlando’s Metro was the number one marketplace for this in the entire country when it spiked. And I think this spiked in July. And we had something like 20% of all of our contracts would go under, bail, be back on the market for sale.

Now this one is a doozy. This is Margaritaville. So this is actually an Airbnb fully furnished community, $425,000 asking, 8103 Coconut Place.

Now pay close attention, especially if you own one of these already, because this was built in 2023, 1,307 square foot listed as a townhouse. And you are not going to believe this. It says short sale. What that means is whoever bought this property actually owes more than this. So they might’ve bought it at $500,000 and they have it back on the market for sale.

Now, fascinatingly enough, let me show you. Now, this is the Zestimate. This is Zillow’s algorithm running the averages of this neighborhood.

Look what it’s saying. It says Zestimate history, price down 34% in one year. So look what the chart is doing and in all likelihood, why is it saying that? Because there’s probably some average sale of this particular property or something in that square footage range. That’s plus 500, maybe even plus 550. And now you have this particular owner. Look what the price history has done. They listed for sale for 480. Didn’t sell. They come down to 475. Didn’t sell. They come down to 448. Didn’t sell. A month later, they’re at $425,000. And now they’re in the red.

Now they have to negotiate with the lien holder to accept less than the mortgage amount. We’re back here again. You guys remember all this? This is symptoms of another era. Let’s put it that way. All right, next property we have. This is also another investment property.

It looks like $499,000. This is 2908 Banana Palm Drive. It’s a five bedroom, five bath, 3,100 square foot property. It’s listed as a turnkey luxury vacation home. So this is, in all likelihood, fully furnished with a lot of local amenities. Now this is a fascinating one to see because we have a sold sale here.

So this lets us see what is the market doing in relation to the past. So July, 2021. By the way, July, 2021 was insane for this person that bought this property, unless they bought it brand new.

If they bought this in the open market, they were in competition with other buyers. They probably had to waive appraisal contingencies and do all kinds of things to get this property. $469,000 is what this current owner paid.

Well, here they go. They’re back on the market. And what did they start at? They raised the price 17% over what they paid almost three years prior because they relisted May 30 for $549,000.

Now folks, take a look at this. Three months go by, they listed at $529,000. And then folks, look at this.

Three months go by, it does not sell. They reduce the price to $529,000. And then eight days after that, they say, what the heck, let’s reduce it again to $499,000 and you say, Jared, why is this aggressive price movement? Because more than likely, the agent may have told them all along, hey, you need to be at $500,000. And then they did a half measure. And more than likely, they may not have seen any buyers come through in that amount of time or maybe they had very few. And reckoning comes and then they change their mind and then they’re out. But look at this.

You got to understand, $499,000, how much will their closing costs be? Probably $30,000. So by the time, if they even sell at asking price, which how many of you think this property and this zip code at this time is selling at asking price? Probably not. I mean, maybe it’s $480,000nd then they’re paying $28,000 in closing costs. They’re going to net like $455,000, $460,000, something like that. They paid $469,000 for it.

So that’s the interesting part. A lot of people are scratching their heads, wondering what is going on with the buyers. And this is what is going on with the buyers.

The buyer is looking at the equation and saying, you know, because the longest time it’s been, I have to buy now because it will get so expensive two years from now or next year that I will not be able to do it. Now it’s the opposite. The buyer is saying, if I buy now and I hold it a year and get relocated from my job or even two years down the road, maybe I am paying to sell.

So the equation is shifting and again, I’m not trying to dissuade anybody from buying or selling.

People are going to buy no matter what people are going to watch this exact video, still decide they need to buy next month. And I’m happy to help you buy, but I’m going to tell you eyes wide open, which you can expect and I’m going to tell the sellers. This is why we help people buy and sell even in this market. All right. I have another property here.

This is 465,000 R property. This is in off of the Oaks Boulevard in Kissimmee. This is in that three, four, seven, four, six area and I wish, I don’t know why Zillow is not populating the square footage, but this is a golf course community resale property. And again, look at this. This is a sale June 18 of 2021. They paid 378,000 for this property. So folks watching the channel as luck would have it, what do you think we should play the prices? Right? What do you think this property will sell for? Oh my gosh, this is crazy. All right, folks, we’ve got some sketchy stuff.

Let me show you. Take a, take a look at this history, folks. This property was sold for $378,501 in June of 2021. Then it goes back on the market for $514,000 like two months later. Oh my gosh. Oh my gosh. I feel so bad for the next person that bought this house two months ago. So remember 2021 was pandemonium. So 515, it doesn’t sell in the hottest market in the country. It gets reduced 509, 505, 499. And then someone ended up buying this for $489,000. Well, then that someone relisted on a prayer for $575,000. Nothing happens. They’re at $525,000. Nothing happens. $499,000. Nothing happens. They’re at 465, 465. They’re going to sell this property. Probably walk away with, if they got lists, they’re walking away with 435, something like that. They paid $490,000 for a property that they’re probably going to walk away at 435. It’s a $65,000 net loss. If they’re lucky, if they’re lucky, hopefully the current marketplace doesn’t roll back to 400. Then their net is like 380.

Kissimmee Market Shifts: Price Cuts, New Construction Deals, and Buyer-Seller Trends

Hey, Jared, it’s just the big properties. It’s just the big price points. No, it’s not. Take a look at this. This is $355,000 property asking price, four bedroom, two bath, 1,836 square feet. It looks like a nice little entry there.

This is built in 2018. So it’s not that old of a house, 7,500 square foot lot under a one story house. Take a look at our price history.

Now we’ll show you at the bottom, this particular person bought before all the pandemic. 2018, they paid 258,000, which was a long time ago, folks. That is a bygones market, but 258,000 may not be too far from 355,000, which is what they’re currently asking but where did they start? They put this on the market for 424,000 reduced to 409, reduced 399, 389, 379. And now they’re at 355. Let’s look at what Zillow’s history shows again, this is not accurate for actual pricing a house. This is just for funsies. This is an algorithm, but look what it said.

It said a house like this in this area peaked and the peak is accurate. So Zillow and it calls the peak here. This is going to be like June of 2022.

It said the peak here was $420,000, but look what it did after it fell. Look where it is now. It’s down here.

The current asking price is down here. And the peak was up here at 420. That’s a difference of $70,000 or 20%.

So we saw some big houses. We saw some small houses. We saw some vacation houses. Look at new construction, new construction, buildable plan for four bedroom, four bath, 2,748 square feet, $474,990 right here. You can see at the bottom, they listed this for sale and we’re selling it with a base asking price of $520,000. The builder is now down 45 grand.

Same subdivision, by the way, look at this $445,000 four bedroom, four bath, 25, 13 square feet. If you go down here, by the way, I think I’ve got emails from this same builder saying that this property at this square footage was like 495 just five months ago. Okay.

I went and looked. I was like, do I have anything on this particular subdivision? They’ve been emailing me because they promote their stuff to us. Look where it’s at now.

Four bedroom, four bath, 2,513 square feet from 445,000. They’re from X price started at 489,000 in February. And it went down to 475 and now down 444, nine.

Look at what you now get for 495. The from four 95 is now a five bedroom, three bath, 3,200 square feet. And as I told you just five or six short months ago, this is what the 2,500 square foot was being marketed at this one right here and just like I told you, that’s what this home was being marketed at. What this one is now asking, which is a much bigger house.

That’s it for this update. I tried to be very level across the board, black and white, no punches pulled. If you appreciate that Thumbs up the video because there’s gonna be a lot of people in the marketplace that do not want this kind of update getting out, drop down the comments.

If you’re in the Kissimmee market now, tell me what you’re seeing and also drop in the comments and let me know which area of central Florida I should cover next on these market updates. And as I said in the video, there’s still buyers. There’s still sellers looking in this market and all around the central Florida area, put my team and eyes 20 plus years, nearly 4,000 homes sold experience behind your next purchase.

There’s multiple ways to reach out to us. We’d love to be of service. Once again, smash the thumbs up.

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