Orlando housing affordability may advance the market in upcoming months
Real estate in Orlando is experiencing marked improvements, attracting more potential homebuyers to property in the metro.
According to the Department of Numbers, there were about 11,100 homes on the MLS listings for Orlando as of July 23, 2012. This is a .4 percent decrease in a month-over-month comparison and a reduction of 17.5 percent from the same time last year. As the housing inventory depletes itself, other market indicators will also improve. The tightening inventory signifies renewed housing demand.
In addition, the median asking price was $166,567 as of July 23, 2012. This is a .4 percent increase compared to June 2012 and a 4.1 percent increase in a year-over-year comparison. The 25th percentile asking price was $94,500, while the 75th percentile median asking price was $274,900, according to the source. As the economy continues to improve, home values should see an even greater uptick.
The median asking price for homes in Orlando peaked in April 2006 at $315,166. While that figure has decreased 47.3 percent to $149,174, it is still a 15 percent increase from the metro’s record low of $144,340 in January 2011.
In contrast to these figures, ALTOS Research reports the median single-family home price in Orlando was $175,738 as of July 20, 2012. While median asking prices and the closing costs received are usually substantially different, in this market, they remained remarkably similar – potentially because home sellers are competitively pricing their properties to make the most out of the current local economy.
When determining the affordability of a home, it is sometimes a smart choice to figure out the price of the property per square foot and compare it to local metro figures. As of July 20, 2012, the median price paid per square foot in Orlando was approximately $91, claims the source. A property that costs more than that may be in a sought-after neighborhood, have excellent finishes or be over priced.
Potential homebuyers looking to move into a property with more square footage may want to consider the affordable Orlando housing market. Check out the MLS listings in Orlando to determine if the right home is out there.