A Guest Post by Paige Taylor
While the end of summer and early fall months can often bring a bump to some local businesses through an increased amount of part time residents and tourists, the real estate industry is no exception. There are often more people available to show off properties and when that’s the case, usually numbers see the same positive influence. When you take a look at the recent real estate activity, it’s easy to see that Orlando could be in for a steady growth in trends in the area.
Through August and early September, the trends have been somewhat encouraging. The city and surrounding suburban areas are continuing to experience an active real estate market as it’s still a top 20 location for property acquisition. The Orlando Regional Realtor Association has pointed out that the average interest rates are at a low, while sale prices have gone up over 10 percent. The 4.26 rating for late August points out a .17 drop since the July figures were released.
Right now, the average sale price is $115,000. This price in itself shows about a 15 percent increase from last year, as well as a 21 percent increase from the beginning of 2011. There’s also been lower numbers of available properties in comparison to just a year ago. Orlando apartments and condominium sales look to be at the forefront of the numbers as there are 52 percent less openings this year. Contract sales have also seen an increase as there are nearly 1,000 more than there were in August 2010.
Even though buyers may be paying more, the income categories have also gone up in the past few months. The Florida Board of Realtors statistics from August 2011 show that while Orlando’s percentage of sales fails in comparison to other cities, the sale price continues to be significantly lower. Through this increase in marked sales and median costs, the Orlando market continues to reap some of the advantages of the lower interest rates throughout other areas of the United States.
The Orlando area is also experiencing a .3 percent increase in available inventory, as many other cities go through negative percentages. The percentage is the highest of all the cities in the state of Florida. Even thought the area and nation continues to climb back from hits to different markets, the steady gains in real estate are a telling sign of encouragement. The short term statistics may provide a great window into the future for the Orlando area, as it continues to be a prized destination for future residents.