Orlando home values and prices have fluctuated greatly over the past few years, with a mostly downward trend. However, it appears as though things are finally turning around. Orlando home values and prices have not only stabilized but they now seem to be going upwards. To anyone looking to buy a home, and who has been waiting for this turnaround before investing their money, the time now seems to be right.
The median price (and value) for all home and condo sales last month in the Orlando area was about $110,000, up 1.8 percent from the previous month, and a 16 percent increase from February 2011, according to a report released in February by the Orlando Regional Realtor Association.
The number of houses on the market continued a steady decline that began in July 2010, when 16,563 properties were listed for sale. Now, with this new trend in Orlando home values and prices, the 9,253 houses listed as ready to sell, should start to go down.
Based on February’s sales pace, the current inventory of houses and condominiums should last about five months, down slightly from January and from a six month supply one year ago. Most experts consider a six-month supply to be a normal market. Also, the average interest rate on a 30-year loan paid by home buyers in February was 3.92 percent — the lowest rate since that number started being tracked in January 1995.
And some experts believe that the Orlando home values and prices will continue to gain at a good pace. A California real estate research firm has forecast that the Orlando home values and prices will lead the nation in 2012 for gains, according to a report released in February by Clear Capital, a California analytics company. They project Orlando home values and prices will increase 11.7 percent during the year, compared with 2.1 percent for the nation overall.
Whatever the future holds, Orlando is a wonderful place to live and invest, and if the Orlando home prices and values continue to go up as expected, this is a great time to buy a home in Orlando and the Central Florida area.
And if you already own a home and are considering selling, you need to know what your home is worth. You can find out the value and price of your home with a Comparative Market Analysis, or CMA – a home value analysis provided by a quality real estate agent. Instant Orlando home values and prices that you get online are only estimates and usually are based on very dated information. It can be fun to track this information but it just is not very accurate. Much more accurate home values and prices for your Orlando home can be provided by a qualified real estate agent. The agent will conduct a CMA using factors such as recent home sale prices in your neighborhood, home type, and the local real estate environment in order to complete the analysis.
For more information on Orlando home values and prices, please contact us today or visit us at YourOrlandoRealty.com.
