The Orlando property market continues full-steam ahead with single family homes and foreclosures at the helm in price increases. The surge in activity and prices has prompted property professionals to predict that now is the time to buy.
According to the latest figures from the Orlando market issued by the Orlando Regional Realtor Association, November last year showed particularly buoyant activity. The median house price reached US$165,000, a 10.14 per cent increase on November 2013. Most importantly, the average house price for November was 6.45 per cent higher than a month earlier, reflecting a big increase in interest in property in Orlando.
Prices for single family homes in the area rose by 5.22 per cent in the year to November 2014 with condo properties showing a lower increase of 4.14 per cent. Exceeding all expectations were foreclosures in Orlando – prices for these properties rose by a massive 21.01 per cent in the 12 months to last November.
Hand in hand with price increases were rises in the number of sales. The number of single family homes sold during November went up by 10.12 per cent compared with the previous year. And once again, the highlight was foreclosures where sales experienced a hike of 44.21 per cent.
In terms of inventory, more properties entered the Orlando market. November’s supply stood at just over 12,100, 26 per cent higher than 12 months earlier. However, despite this increase, the supply only stands at 5.4 months.
The figures for November have led property professionals to predict that now is the time to buy in Orlando. One real estate agent Zola Szerencses quoted by the Orlando Regional Realtor Association points out that interest rates are currently very favourable and at their lowest point in 18 months. He believes that the Orlando “winter housing market has many gifts to offer buyers” and that buyers with “their home search on hold may want to rethink their strategy”.