Speculators are looking closely at the current real estate growth rate in the Orlando market, which is comprised primarily of Orange and Seminole counties. Central Florida title insurance company, RECS=, is happy to report that the current upswing in market prices is extremely positive and will continue this upward trend. Below are a few facts they used to determine their outlook.

  • Pre-owned home sales in March set a record, selling more homes during the month – 3,067 – than in any previous month in the past ten years, according to the Orlando Regional Realtor Association.

With this in mind, Realtors recognize the strongest regional months for Florida are June and July, which differs from most of the remainder of the United States, where brisk sales occur in the spring months. In other words, while March was a banner month, many more months are expected to follow.

  • Median prices increased 25% to $177,500 from last March, and 8% from February.
  • Diminished inventory is driving up home prices in the Orlando area; the market has a 3.7-month supply of home listings, down half a month from last year.
  • Half of March’s real estate sales were distress homes. A 42% increase in foreclosed homes gave buyers an opportunity to purchase real estate at a greatly reduced rate. Traditional sales were up 27% from last year.
  • Homes sold after an average of 79 days under contract during March, and final sales prices reflected 96.3% of the seller’s asking price.
  • Skepticism does exist since the earning potential in the Orlando area increased a scant 1%, far from the 25% increase in available property, reports Stan Smith, University of Central Florida Finance Professor.
  • Smith believes the real estate growth stems from three separate factors:
    • retirees moving south
    • international buyers
    • distress home sales

Low interest rates and escalating prices motivated buyers to purchase real estate.

Keep up to date with the latest in Central Florida title insurance, real estate buying, selling, and financing information by reading our Real Estate Closing Solutions blog. We look forward to meeting your real estate needs.