Home Prices at Historical lows

0

Home Prices at Historical lows – Statistically speaking, there’s an enormous probability that an Orlando REALTOR® is going to help an international client buy a home in Orlando in the coming year.

In fact, according to the 2011 Profile of international homebuyers in florida, 77 percent of the florida’s reAltors® worked with an international client last year (up from the 65 percent reported in the 2010 survey).

“The international real estate market is crucial to Florida and to Orlando,” explains Rosana Almeida, an Orlando Realtor® and member of the Orlando regional international council. “Approximately 25 percent of all sales in Florida are to foreigners. if you apply that percentage to Orlando, it would mean 6,925 of the 27,703 orlando homes sold in 2011 went to foreign buyers.”

Orlando is the second most desired destination of foreign homebuyers, garnering 14 percent of the state’s market share. only the Miami, Fort lauderdale, Miami beach area, which drew a whopping 30 percent of all international transactions, ranked higher.

Just who finds orlando attractive? While you can certainly take your pick of potential clients from a king-sized pool of national origins, by a large margin it’s buyers from Canada, Brazil, and the United Kingdom that flock to Orlando. those from Canada alone make up 38 percent of Orlando’s international buyers, while those from Brazil and the United Kingdom make up 16 percent and 14 percent, respectively.

Brazilian buyers tend to prefer condo-style homes (53 percent) located in central city and urban areas (also 53 percent). other popular options include single-family homes (34 percent) and suburban areas (26 percent). As you would expect, homes of all types located in Orlando’s many resort areas attract Brazilians buyers.

Nearly all Brazilians use their homes in orlando for a mix of vacation and rental-income purposes; the typical brazilian personally spends three to six months in the property. they also overwhelmingly use cash to purchase their properties.

The favorable exchange rate and its current housing market conditions (see sidebar) are only a few reasons why brazilians flock to orlando.

Carmenza Gonzalez, president of international business development firm CZA, inc., recently told Orlando Realtor® magazine that brazilians favor Orlando because of its lovely neighborhoods and wide variety of housing types. “in addition orlando is both safe and spacious, two factors that are of particular concern to those from brazil.”

And, of course, you can’t overlook Orlando’s top notch family attractions. Who in the world wouldn’t want to own a vacation home in orlando?

The overall median price of Orlando homes has increased 12.75 percent over march 2011’s median price of $102,000, to $115,000. in addition, the march 2012 overall median price is 3.60 percent higher than that recorded in february 2012 ($111,000).

Inventory

The number of existing homes available for purchase in Orlando is continuing a steady decline that began in back in July 2010 at 16,563 and now rests at 8,666. In march 2012, inventory was 30.85 percent less than it was in march 2011.

The inventories of single-family homes and condos are both down: single-family by 31.95 percent and condo by 20.78 percent.

The current inventory combined with the current pace of sales equates to a 3.72-month supply of homes in orlando, a pace not seen since December of 2005 when it was a 3.58-month supply.

Condos and town homes/Duplexes/villas

The sales of condos in the Orlando area decreased by 23.20 percent in march when compared to march of 2011 (384 to 500).

The most (155) condos in a single price category that changed hands in march were yet again in the $1 – $50,000 price range and account for 40.36 percent of all condo sales.

Orlando homebuyers purchased 232 duplexes, town homes, and villas in march 2012, which is a 4.53 percent decrease compared to march 2011. most (44) fell within the $100,000 – $120,000 price range; another 33 properties sold for less than $50,000.

Share.

About Author

Leave A Reply