Orlando property sales up a quarter in last year

DAVENPORT, Fla. - April 24, 2015 - PRLog -- Orlando real estate sales are taking off, with more than a quarter more homes sold in March 2015 than at the same time last year.

Annual March sales in the Metro region were up 26% to a five-year high of 3,067, according to the latest figures from the Orlando Regional Realtor Association.

And there was more good news with median prices of all sales and home types rising nearly 11% year-on-year to $177,500 – the highest total since October 2008.

Orlando Regional Realtor Association President Sharon Voss, says the health of Central Florida’s economy, housing market and consumer confidence are all contributing.

Garrett Kenny, Chief Executive Officer of leading Central Florida developer and agent, the Feltrim Group, says Orlando is not only attracting strong demand from US buyers but from investors from around the world.

“International buyers know that they are buying in a rising market and that with record tourism figures, those looking to rent out their property know that Orlando, with its world-class theme parks, malls, golf courses and warm weather, will always be in demand from tourists.

“Some wealthy Asian buyers have purchased several properties at Feltrim Group’s projects at a time, while interest from Canada, Latin America and the UK in our developments, including Tuscany Preserve and the pre-launch of luxury homes at Balmoral at Water’s Edge, remains strong.

“Even though the value of the US dollar has been increasing against some currencies, the rising Orlando housing market has a stronger pull on international buyers.”

Orlando Metro’s year-to-year median property price has increased for 44 consecutive months and is now more than half (53.68%) higher than the $115,500 in July 2011.

Each individual sale type and home type all enjoyed year-to-year median price rises in March. Foreclosures led the way at 18.58% with normal sales up 6.28%and short sales rising 7.77%.

The median price of single-family homes rose 8.33% in the last year, while the median price of condos was up 1.88%.

Annual single-family home sales increased 29.94% in March 2015 and condo sales were up 8.59%.

In March 2015, Orlando area homes of all types spent an average of 79 days on the market before coming under contract, three more than last March, and sold for 96.27% of their listing price, around 0.6% lower than last year.

The number of existing homes of all types combined available for purchase in March is 11.47% higher than in March 2014 at 11,529 and rose by 83 properties over February.

The sales of condos in the Orlando area rose 8.59% in March to 354 sales. Orlando homebuyers purchased 287 duplexes, town homes, and villas in March 2015, up 18.6% on March 2014.