The property market in Orlando over the last decade has mirrored the rollercoasters the city is famed for; having vertically dropped in 2007, the market has ascended steadily ever-since. Despite this, housing prices have not yet reached the heights of the pre-bust years, where they peaked at an average median property price of $264,436 in July 2007.
This has ensured that investors have been able to secure the best deals available, while prices are still at a level which will allow a sizable return. Savvy investors who have already taken this course of action are now beginning to see ripe returns, with house prices surging by almost 23% in the last twelve months, according to a report released by the Orlando Regional Realtors Association.
The upward flow of house prices has not caused sales in the sunshine state to ebb; as jetsetters refuse to have their dreams of an ideal holiday home shattered. In fact, housing is being snapped up at an increasingly fast rate, with the average home on the market being sold within 68 days of listing in May, compared to an average listing time of 76 days, a month earlier. This has resulted in a surge in housing sales, up 15.63% on a year-by-year basis and, with villa sales increasing by 21.08% and condominium unit sales rising by 7.85%; this is proving to be a time where many see Orlando as a destination ripe for investment.
Orlando has also recently become the USA’s prime tourist attraction with Visit Orlando, the tourism agency for the city, reporting that Orlando drew 55.1 million visitors in 2011, 4.5 million more tourists than those who visited New York throughout the course of the year. The tourism agency expects statistics from 2012, which will be released later this year, to report that the visitor count increased to top 56 million.
The market in Florida and especially Orlando is definitely moving in a positive direction
International Business Development Manager, Matthew Lavin is Knight Knox International’s expert in the Florida property market and has only this week, returned from a business trip to the state where he looked to source new products, whilst at the same time refresh his understanding and view point on the current market conditions.
Lavin commented: “The market in Florida and especially Orlando is definitely moving in a positive direction; prices are on the up now, and this is set to continue as the number of foreclosures drop and the inventory being offloaded by banks and financial institutions are turned over to new buyers. A leading home builder has this month increased entry prices by $12,000 per home in Florida, which is a further sign of the market recovering and three bed homes are now selling at $250k and upwards in the local market.”
Lavin continues: “Whilst in Florida, I took the time out to go and visit our developments, including the Villas at La Cita our fastest selling property of 2013, and was really impressed with the location, price and quality of the project. I genuinely believe that this is still the best opportunity on the market at this time.”
The positive results of the property market in Orlando are indicative of a nationwide property boom in the US, with sales of existing homes topping five million in May 2013; determining that sales have reached their highest level since 2009. As a result, values have climbed for 15 consecutive months, to reach an average of $208,000 last month, 15.4 per cent higher than they were in May 2012.