Orlando real estate price rise almost twice Florida average
For the second year in a row, average Orlando area property prices have outperformed Florida values, rising almost twice as fast.
In 2014, Metro Orlando’s average annual median price rose 9% year-on-year to $180,000, while values in other Florida metro areas grew 5.3% to $178,000, according to data from Florida Realtors.
And the Florida real estate market still has the potential to increase much further, boosted by growing tourism numbers, says local property developer and owner of a Central Florida Century 21 franchise, Garrett Kenny.
“Considering the fact that in some cases we’re not even at 50% of boom prices, the property market still has a long way to go, we believe. Orlando now attracts more than 60million tourists. That’s up significantly on recent years and it has now overtaken New York as the most visited metropolitan area in the United States.
“Central Florida is fast becoming the engine of the Florida economy and a strong real estate market also promotes growth in other industries including aerospace, life sciences, digital technologies and general business services. Orlando is on its way to being call center central for the United States.”
During 2013, real estate prices in Orange, Seminole, Lake, and Osceola counties in Orlando rose 20% from 2012 to 2013 and 16.6% in other Florida metros.
Florida Realtors says there is "sustainable" growth of the housing market throughout the state.
Its Chief Economist, John Tuccillo, says, "We are seeing the steady and sustainable growth that has characterized the market the entire year continuing as the year ends.
"Of particular note is the inventory levels in the balanced market range: We're keeping a close eye on the lack of inventory in the lower price ranges, but by and large, the market is in very good shape."
Speaking at the recent Florida Realtors 2015 Economic Summit, Jesse Panuccio, Florida Department of Economic Opportunity Executive Director Jesse Panuccio says Florida’s economy and housing sector are both prospering.
"Things have changed quite remarkably for this state. The US Census recently announced that Florida has officially become the third most populous state… about 800 people move to the state each day now. Why are they moving here? We're a destination state again – people feel they can make a future here, and that's good for Florida, the economy and the real estate industry."
Over the past year, Florida's private sector growth rate was 3.4%, second to Texas among the largest states, says Mr Panuccio. The economic recovery has been broad-based across all industries, and job growth has been consistent across every region.