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How Do Home Price Hold Up In Cities Around Greater Orlando?
Orlando Real Estate Market Update 08/17/07
Gitta Urbainczyk, P.A.
Current housing news is as bleak as ever! Most can’t help but notice all of the negativity regarding the housing market. It literally seems to be coming in daily doses from all around the globe. While it is easy to become distracted the constant onslaught of bad news, we must make sure to keep our focus on our housing market right here in the greater Orlando area. Sure, there are some trouble spots all over, but my focus is on the bright side of the housing bubble. Yes, we all like to see things go up all of the time. But let’s face it, this is simply not possible. In today’s market, having housing prices stay at last year’s level is not that bad at all, considering there are many markets, like Sarasota and Fort Myers, which are in real trouble. However, here in the Orlando area, the glass is half full vs. half empty.
For instance, the city of Orlando, which includes all of the areas consisting of an Orlando address, home sales for the first 7.5 months of the year are 40% below last year’s level. However, home prices are above last year by 3%! Prices have gone up from $276,569 last year to $286,006 this year. We are trading sales for prices and the sellers seem to be getting their price.
Lake Mary seems to be doing very well, with home prices increasing by 16% from $381,516 to $443,001. As well, there is a 16% decline of homes sold. This is much better compared to other areas. Lake Mary was also just named as one of the 4th most desirable cities to live in by CNN Money.
Heathrow, the premiere gated golf community here in Lake Mary is breaking records with price increases of 32% above last year and only 2% decline in sales! Undoubtedly, this is a great showing compared to many other places around Florida. The strong increase in the average home price may reflect an increase in higher priced homes being sold.
Longwood has a 1% decline in average sales price for the first 8 months of the year, trickling down from $419,417 last year to $416,872. Longwood also has had a 25% decline in sold homes, from 480 units to 359 units.
Oviedo, located on the East side of Orlando, is known for the university of Florida campus. This area is recording a 9% decline in the average home price, sliding from $359,269 to $328,568. Plus, there has been a 16% decline in sold homes for the first 7.5 months of 2007, from 610 units to 513 units.
Clermont, located on the west side of Orlando, has a decline of 7% in the average selling price, dropping from $316,921 to $295,875. The area has also experienced a 36% decline in units sold, from 918 units to 591 units. Clermont also has a huge supply of unsold inventory.
Winter Park is also showing a 2% decline in the average price of a home for the first 7.5 months of the year, falling from $447,398 to $438,878. There has also been a 32% decline in actual homes sold from 708 units to 481 units.
In Volusia County, Debary is actually showing an increase in the average price of a home for the first 7.5 months of the year, rising from $258,278 to $273,113. There has been a 31% decline in homes sold for the same time period from 270 units to 186 units.
Kissimmee, known for Disney theme parks and many other attractions, shows a 3% home price decline for the first 7.5 months of the year. It has dropped from $252,831 to $244,745, with a 55% decline in home sales from 3078 units to 1381 units. This area is especially hard hit due to the vacation villas which were bought mainly by investors. These same investors are now having a hard time reselling these units.
Windermere, located in the southwest side of Orlando, has the highest average price per home in the greater Orlando area. That price is $879,789 for the first 7.5 months of the year, and this reflects a 4% price drop over prior years. Overall sales have dropped by 5%, and Windermere is also suffering from a huge over supply of unsold homes.
Considering the huge problem that the national housing market is facing, the Orlando area is not fairing too bad after all. What makes things look so bad is the huge inventory of unsold homes. A lot of people are suffering under mortgages they cannot afford. They want to get rid of their homes, but are simply stuck.
We have a strong business base which is going to grow over the next years. This is a good sign for the greater Orlando housing market. While the whole state will be severely affected by the up-and-coming housing market, we will have a lot of good things to look forward to. Please read the embedded article from the Orlando Sentinel about the new city park which is going to be developed in the Lake Nona area. The impact of this move, along with additional spin-off business, will give this city a boost for many years to come.
Gitta
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[…] pretty bleak. Gitta ran the numbers late last week on the Orlando area (in another post) and it was a mixed bag. Only a few neighborhoods, like Heathrow and Lake Mary, continue to see […]