Being your Orlando/Central Florida Realtor with a great knowledge for the Lake Nona and Orlando Medical City area, when I saw this information released from the National Association of Realtors I just know that I had to write about it as it is big news for Orlando Medical City and Lake Nona home buyers!
The National Association of Realtors released the latest Metro Area Home Price report which for the last quarter of 2012 shows some very exciting data for home buyers and home sellers. The Metro Area Home Price report measures real estate data in 152 metropolitan statistical areas and in 133 out of the 152 areas based on closings in the 4th quarter compared to the same period in 2011 there were increases in home prices! Price increases that were STRONGEST IN SEVEN YEARS! Only in 19 areas were there price decreases.
The third quarter report showed interesting data too, showing that 120 areas that had increased prices, while 2011 it was just 29. The national median existing single family home price was up 10% in the fourth quarter over the same time in 2011, which is the strongest year over year price increase since the fourth quarter of 2005 when the median price jumped 13.6%, which was at the height of the real estate boom. Regionally in the South of the US, figures are looking great with existing home sales rising 5.0% in the fourth quarter and are 13.2% above the same quarter of 2011.
In Lake Nona and Orlando’s Medical Citythere have been a lot of movement in new construction developments in the area. Some developments are even running out of homes to sell! Inventory across the nation is at the lowest level since January 2001 when there were just 1.78 million homes for sale, now there are 1.82 million which is 21.6% less than the same time in 2011.
Buyers looking for foreclosures and short sales should note that even those types of sales are becoming a rarity, making up just 23% of sales in the quarter, down from 30% a year ago.
Clearly the market nationally and locally has turned a corner. Buyers need to get buying before they miss the boat. This is probably the last chance to pick up a great Central Florida home at a fantastic price, particularly with high levels of affordability thanks to low mortgage rates. Sellers looking to sell their home can take advantage of the market and list their home for sale for more than they could just a couple of years ago.
Thinking of moving to Orlando’s Medical City or the Lake Nona area? Or any other part of the Orlando/Central Florida area? Click here to search the Orlando Multiple Listing Service. You can also view our fantastic range of featured properties! Selling your home? Contact us for comprehensive home valuation services! Email Steve Glose here at steve@thefloridalivingteam.com. Or you can call direct on 407-616-7286.
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