Orlando home prices have reached the halfway mark of their July 2007 peak values, with a 20% annual increase having been reported by the Orlando Regional Realtor Association.
The median home price for Orlando property, mostly taken from Orange County and Seminole County, reached $133,000 in February 2013. This is an increase of 20% from the same period of the previous year and 4% from January, according to the report compiled by the association. This compares with values of $264,436 during the July 2007 peak.
The rise in house values as seen in Orlando and indeed across the state of Florida is much welcomed news to homeowners in the area who, not so long ago, found themselves surrounded by homes forced into foreclosure during the housing crash.
The chairman of Orlando Realtors and broker-owner of Global Realty International, Steve Merchant, said: "We are in a solid seller's market with minimal inventory and huge demand from buyers seeking to take advantage of interest rates." He went further to explain: "Those conditions are encouraging more owners to make their homes available for purchase, and normal homes are generally priced higher than foreclosures and short sales. In addition, that same buyer demand is really driving up the price of foreclosures and short sales, for which heated bidding wars are now routine."
Members of the Orlando Realtor association reported 2,203 home sales during February, accounting for an increase of 9% from January and 11.5% from February 2012.
Those who have already purchased investment properties in Florida are set to reap the rewards of the rising house prices, with returns on investments looking to be almost guaranteed.
