One of the best summer housing markets we have seen since 2006 is about to come to an end here in Orlando, with above average price appreciation. With interest rates still historically low, a strong demand for more inventory and a record number of jobs created and continually growing, coupled with consumer confidence, the Orlando real estate market is showing strong signs of healthy continual growth. Here are some statistics about the growing Orlando real estate market…
In June the number of Orlando home sales skyrocketed to the highest recorded sales in the area in last 27 years. Buyers are being drawn to the market by low interest rates and higher inventory of quality homes. The median price for homes sold in June in the Orlando area was up 8%, compared to this time last year, to $181,500. The average price per square foot for Orlando homes for sale is $107, an increase of 1.9% compared to the same period last year (read more). The number of actual home sales is up 21% from this time last year as well with a total of 3,435 homes. Number like these have caused many home owners to to put their homes for sale on the market in an effort to take advantage of the current market trends and giving buyers more inventory to choose from. The available homes currently on the market for sale in the Orlando area has increased 5% since last year to 12,058 (read more).
The summer sales bonanza continued in July with an increase in home sales of 33%, with the area’s median price rising again for the 48th consecutive month. The July 2015 median price is now 59% higher than in July 2011, according to the recent reports from the Orlando Regional Realtor Association. The Orlando area median price for the month of July is $183,875, a 7.56% increase compared to the median price in July 2014, and the median price is up 2.15% compared to June 2015 (read more).
Orlando has seen substantial economic recovery in recent years, but it remains relatively affordable. The Tech Industry is growing in Orlando (read more), the hospitality industry is growing with explosive amounts of people visiting Orlando (read more), and the area employment rate is a healthy 3.6% (read more).
In August, the Orlando market continued to show signs of being a Hot market. Closing of existing homes increased by 21%+ compared to the same time last year. Low inventory of homes, about 11%, and high demand is slowly increasing the average price for homes in Orlando for the 49th consecutive month in a row. The average price of a home is up 11% from the same time last year (read more). Affordability and strong growth ahead should drive substantial population and household growth in the Orlando area and home values in the year ahead. With interest rates still at historically low levels, this is the time to contact your Realtor and get in the game.