My Florida Property Store is a leading real estate group for foreign nationals and out-of-state clients in Central Florida, and it’s recently confirmed findings from the Orlando Regional Realtor Association’s February Housing Report. According to the report released last Friday, median home prices in the Orlando region have increased by 20% since February 2012.
My Florida Property Store CEO, Garry Walmsley commented on these findings, saying:
“With the recent 20% price increase year on year, we have now seen Orlando home values reach the halfway point from their peak values in 2007, now with a median value of $133,000 in February 2013 against the peak value of $264,436 in July 2007. Despite the marked increase of 4% from a month ago, this figure details how far the market had dropped since its peak and what tremendous value still exists within Central Florida real estate. All indicators show a continuing growth for the next few years, in a market that has the world’s eyes upon it.”
Orlando Regional Realtor Association thinks these higher median home prices can be largely attributed to record low interest rates which are giving homebuyers a little more room to maneuver when purchasing. Traditional sales in the region have increased considerably over the last few months. Members of the Association reported 2,203 sales in February this year, an increase of 11.54% compared to February 2012. Sales of single-family homes have seen a large increase of 16.68%, but in contrast sales of condos have decreased by 6.69%. Most buyers are looking for single-family homes for traditional sale, and normal sales saw a 51.07% increase, while the number of short sales dropped by 24.73%, and foreclosures by 6.69%.
The affordability index for the Orlando region is currently pretty high at 248.38%, guaranteeing that buyers on a median income of $54,929 will qualify for homes listed at $330,346 or less. Although affordability is up, inventory levels are down as buying demand is exceeding supply. Buyers will find plenty of homes on My Florida Property Store which has a wealth of listings in the area.
My Florida Property Store specializes in representing out-of-state clients and foreign nationals who are interested in buying and selling investment properties for long or short term rentals. It has an extensive database of villa style homes, condos and townhomes in central Florida. My Florida Property Store team is also familiar with local customs in multiple countries, and is able to communicate purchase information in a way that can be easily understood by people located outside the region.