2013 was a record breaking year for Central Florida’s real estate market.  Home prices in the Orlando area rose by 24 percent, which is the greatest increase on record since the market’s downturn.  Median home prices in Orlando rested at $149,625, compared to 2012’s $121,625; the last time the market has shown that magnitude of growth was in 2005.

 

Additionally, sales increased by 6.5 percent from 2012.  Fewer foreclosures and short sales were closed, leading to the increase in median prices.  In December alone, real estate agents in the Orlando area sold 2,367 homes, an increase of over 200 closings from November.  Many buyers and investors alike competed for properties and drove up the appeal of the Central Florida real estate market.

 

Experts believe that the increases will level out during 2014, with sales resting at about 5 percent.  As distress-level prices begin to lose their influence on market prices, home costs will continue to rise.  Overall, 2013 presented a number of great opportunities for homebuyers.

At Real Estate Closing Solutions, our expert team has extensive knowledge and experience in Central Florida real estate trends and predictions.  An experienced member of our staff can facilitate the process from beginning to end and help relieve some of the stress associated the closing process.  To learn more, visit our website, or call us at (407) 615-8550 today.