The article below was written over two years ago. This infographic below is an update as of May 5, 2016
The article below was written in 2013. As you can see we’ve had a steady increase in prices and number of homes sold since then.
[font name=”Special Elite” size=”15″]Orlando’s housing market is back on the rise. With low interest rates and prices quickly on the rise buyers are back in the market ready and eager to buy. Earlier this month CNN stated that “Orlando Florida is up 63% for real estate and one of the TOP cities where real estate is being flipped and making huge profits. Home values and prices are expected to go up 3.3% annually until around 2017 when they are expected to begin to level back out”. Here are some of the market highlights and our predictions for the rest of 2013:
- Continued signs of Orlando real estate market rebounding
- More Orlando vacation homes being purchased at higher prices
- April 2013 Orlando home sales up 10% from last April with 2689 homes sold
- Median Orlando home price up 24% from April 2012 and up to $145,000
- Orlando homes selling quicker – April 2012 homes spent an average of 87 days on the market compared to this April 2013 of 76 days on the market – lowest days on market since 2006!
- Orlando inventory remains very low – this April 7202 homes for sale available (Orange & Seminole counties)
- Inventory has been on a steady decline since July 2010 when there were 16,563 homes on the market.
- Interest rates still low and near record low, this April an average of 3.49%
- New Build housing starts up since last year
This is exciting for homeowners as well with some seeing a decrease in their homes values over the past several years they are ready to see the market not only return to normal but do so rapidly. Many homeowners that bought back when the market was at the bottom are now thinking that now may be the time to sell. And they could be right. As local agents we see homes come on the market and then under contracts in days and weeks compared to months (as long as it’s priced right). Bidding wars are beginning to reemerge again as the fight for the best and least expensive house starts again. This leaves a great opportunity for builders and buyers alike to emerge in a market where demand is so high and inventory is decreasing fast.
Everywhere you turn there are new communities and houses being built. This transition became very noticeable about 7 months ago. In communities where at one point there were hundreds of homes for sale now there are fewer than 10 homes for sale in some cases and with inventory being low and the demand on the rise builders understand that now is the time. Just taking a drive down US 27 near Disney you can miss all the new construction taking place and if you even take that a step further you will notice that in most of these communities there are between 50-100 already sold and there isn’t even a stink in the dirt yet. With new builders pricing being so competitively, new energy efficient features and huge buyer incentives it almost doesn’t make sense to spend the same amount of money on a resale for an older home when you can have a brand new home built to your specifications. Lisa Arica states “with new construction being so high in demand and with investors keeping a close eye on the market we are having a huge response of buyers who are buying these new homes sight unseen”. So if you are like many of our clients who have been searching and researching the market over the past years with plans or ideas to invest now is the time to make that leap before the market continues to climb.
We hope to earn the opportunity of helping you achieve your investment property goals this year. To set up a free, no obligation investment property consultation with us please use our scheduling tool or contact us directly at 866-422-6191 and if you have enjoyed this article please consider subscribing to our blog and stay updated on future information.